REGISTERING A COOPERATIVE SOCIETY IN CAMEROON
A Cooperative Society is a voluntary association of individuals united by a common bond, who have come together to pursue their common goals for their benefit. It is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspiration through a jointly owned organization. The procedure for establishing Cooperative Society registration in Cameroon is regulated by legal instruments like OHADA law and COBAC regulations.
TYPES OF COOPERATIVE SOCIETY IN CAMEROON
- Agricultural Cooperative Society (Farmers’ Cooperative)
- Saving and credit cooperative society
HOW TO REGISTER A COOPERATIVE SOCIETY IN CAMEROON
In establishing a cooperative society in Cameroon, the members must furnish certain information to their lawyer to enable him adequately analyze and navigate through the Cooperative Society registration process. Below we shall discuss how to register a cooperative society in Cameroon;
- The proposed name of the cooperative society
- The type of cooperative society
- The objective of the cooperative society
- Membership rules
- Proposed Bylaws of the cooperative society
- Letter of consent of all members of the cooperative society
- Feasibility study on how the cooperative society intends to operate
- The resolution passed at the first meeting of the members
- Initiate cooperative society share capital (for saving & credit)
REGISTERING A COOPERATIVE SOCIETY IN CAMEROON
The steps to register a cooperative society in Cameroon shall entail the following;
- An application for cooperative society registration
- Submit two copies of the Articles of Association
- Submit two copies of the list of members of the management committee or the board of directors of the cooperative
- Payment of prescribed fees
- Approval and certificate to operate the cooperative society shall be issued
The cooperative society shall be registered in a special register for cooperatives and a registration number shall be assigned to the particular cooperative society.
Any cooperative shall enjoy legal personality from the day of its registration in the special register. However, the business shall be subject to rules governing such activity.
CONCLUSION
The procedure of establishing a cooperative society is regulated by laws and as such, it is our recommendation that members who intend to register a cooperative in Cameroon should brief an experienced lawyer to navigate the strict procedure.
Article by MAFANY victor NGANDO
“The content of this article is intended to provide a general guide to the subject matter. Specialist advise should be sought about your specific circumstance”.