Co-operative Societies (Amendment) Bill

The Co-operative Societies (Amendment) Bill 2024 proposes amendments to the Co-operative Societies Act 1979, allowing co-operative societies to pay dividends and honoraria from their reserves with Registrar approval. It redefines "reserves" and incorporates several procedural changes, such as reducing the number of signatories needed for by-law amendments and removing specific auditing deadlines. The Bill also clarifies that contributions to certain funds are not required from capital gains or government grants, and outlines the process for distributing reserves during annual general meetings. Finally, it allows for the payment of bonuses to authorized individuals in cases of member death or insolvency.