The Law on Cooperatives regulates the legal status of cooperatives, their establishment, management and bodies of cooperatives, acquisition and termination of the status of cooperatives, book of cooperatives, property and operations of cooperatives, funds, distribution of profits and coverage of losses in cooperatives, termination of cooperatives, alliances of cooperatives, complex cooperatives, cooperative registration, cooperative audit, as well as other issues vital for the position and work of the cooperative.
The provisions of the Law governing the legal status of limited liability companies shall apply accordingly to all matters related to cooperatives, which are not explicitly regulated by the Law on Cooperatives.
The concept of cooperative and cooperative members
A cooperative is a legal entity representing a unique form of organization of natural persons (from now on: cooperative) who realize their economic, social, cultural and other interests by operating on cooperative principles and managing and controlling the cooperative business. Continue reading Establishment of a cooperative