Law No. 70 “On cooperatives”.

This Law establishes legal and economic basis for the functioning of cooperatives and associations thereof on the national territory. It establishes that cooperative shall be voluntary association of the producers of commodities. Minimum number of the members of cooperative shall be 7. Land (shares of land) owned by the members of cooperative can be transferred to agricultural production cooperatives in accordance with land lease contract that shall be subject to revision in case of exclusion of a member from cooperative. Agricultural cooperatives can be set for the following purposes: (a) production of agricultural commodities (animal breeding and plant cultivation); (b) processing of agricultural commodities; (c) trade, storage, packaging of agricultural commodities, drainage, veterinary services, application of fertilizers and pesticides; and (d) other activities authorized by the legislation. The Act consists of 5 Sections divided into 35 articles: (1) general provisions; (2) constitution of cooperative; (3) membership in cooperative; (4) managing bodies of cooperatives; and (5) property and assets of cooperative.