Cooperative Societies Act, 2003 (No. 20 of 2003).

This Act provides for the definition of objects of cooperative societies, for the appointment of a Registrar and the registration of cooperative societies, for the formation and organization of cooperative societies, rights and liabilities of members, duties and privileges of cooperative societies, the management of cooperative societies, amalgamation, dissolution and divisions of cooperative societies and the definition of offences.
The Act consists of 134 sections divided into 16 Parts.
A society that may be registered under this Act: a) shall have as its objective the promotion of the economic and social interests of its members by means of common undertaking, based upon mutual aid and which conforms to the cooperative principles; or b) shall be a society that is established for the purpose of facilitating operations of cooperative societies. The Government and the Minister responsible for cooperatives shall create an environment favourable for the development of the cooperative societies and implement measures for this purpose. A registered society that has as one its objectives the disposal of any article which is the produce of agriculture or animal husbandry, shall provide in its by-laws that every such member who produces any such articles has entered into an implied contract to dispose of produce to or through the registered society.