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Resolution regarding the Executive Regulations of Law No. 46 of 1971 regarding agricultural cooperative societies.

Country
Type of law
Regulation
Source

Abstract
Comprising 52 articles, these Regulations aim to govern the establishment of agricultural cooperatives in Libya. They outline the process from submitting registration applications to the relevant agricultural directorate in the association's governorate, reviewing documents, registering, publishing summarized bylaws, to finalizing establishment. They include rules concerning the conditions for membership and reasons for its cessation (II); management and the General Assembly (III); the financial system (IV) and their expiration. Membership requirements and termination criteria are outlined for agricultural cooperative societies, with conditions including adherence to bylaws, agricultural engagement, and board approval. Termination occurs upon resignation, failure to meet criteria, or expulsion for misconduct. Former members retain the right to reclaim investments within set limits, respecting the association's financial stability. Refunds can be made within six months of the annual financial statement, with restrictions on dividend payments. Share transfers require board approval. Former members remain liable to the association and third parties for two years post-termination, up to the value of their shares. The financial regulations for associations stipulate a minimum share value and criteria for membership, including complete payment of shares. Associations may subscribe to shares in joint associations and unions. They may establish a savings fund, invest capital, accept donations and bequests, maintain separate financial records, and issue member transaction cards, with the right to administrative seizure for dues.
Date of text
Entry into force notes
These Regulations enter into force on the date of their publication in the Offcial Gazette.
Repealed
No
Source language

English

Legislation Amendment
No
Original title
قرار باللائحة التنفيذية للقانون رقم 46 لسنة 1971 م بشأن الجمعيات التعاونية الزراعية