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SAU-1962-L-32330
Breadcrumb
Title_of_text
Cooperative Law No. 26 [1962].
Main Region
First Region
Country(ies)
Saudi Arabia
Subjects (Classification)
Cooperatives
Adopted on (Date of text)
1962
Scope of text
National
Type of legislation (Type of text)
Law, Act
Second Region
Abstract/Citation
Under the Act, a cooperative is an organization in which persons, living in a defined area, voluntarily associate themselves within the principles of cooperatives, on a basis of equality, for the promotion of their economic and social interests. Conditions for registration include a membership of at least 20 founders members and the approval of the Ministry of Labour and Social Affairs. Provides for an executive body, elected by the general assembly, in charge of the day to day work of the society and its employees and representatives. Specifies that the Ministrer of Labour and Social Affair issues rules regulating the audit system for the society. The general assembly is the supreme authority of the society and sanctions all the matters related to the affairs of the society like- inter alia- the distribution of net surplus. Cooperative Societies are under supervision of the Ministry of Labour and Social Affairs. Other provisions cover the dissolution of cooperatives societies.
Monograph region
Monograph title
Ministry of Labour & Social Affairs
Date
1962-06-25
Page range
p. 8