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1 TRANSLATION OF THE PROCEEDINGS AND ... - APFA News

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The Minister informed the Assembly that the Act has been drafted towards the<br />

service of the Tsa-Wa-Sum with its basis in the traditional values of self-<br />

reliance, which have evolved from the Bhutanese culture. Further, the Act is<br />

also in harmony with universally accepted principles of co-operatives.<br />

The Minister summarized the essence of the nine chapters in the Act and said<br />

that the government’s policy and efforts to encourage and strengthen<br />

cooperatives is in the best interest of the people. His Majesty the King’s wish<br />

and the country’s most important policy is the self-reliance of the people.<br />

Therefore, if the cooperatives to be established can take over the economic<br />

development initiatives of the Royal Government, it would be the actual<br />

realization and fruition of the government policy and it would contribute greatly<br />

to the economic development of the country.<br />

Once the Cooperatives Act is completed, the Home Ministry would be<br />

responsible for its implementation and the main responsibilities to be discharged<br />

would include registration of all cooperatives and requiring all registered<br />

cooperatives to submit annual report including financial reports.<br />

Responsibilities would also include the monitoring and evaluation of the<br />

cooperatives ensuring that they abide by the Act, their Constitutions, By-laws<br />

and Rules.<br />

The Minister pointed out that the Act provides for the following four types of<br />

cooperatives to be organized under it: primary cooperatives, federation of<br />

cooperatives, minor of cooperatives and special types of cooperatives. The Act<br />

has clear provisions covering membership and registration and furthermore<br />

there are provisions for the cooperatives to become Cooperative Banks.<br />

The Minister reported that for its governance, cooperatives would formulate<br />

their own constitution and By-laws and would hold regular general assembly<br />

meetings annually. Further, every cooperative shall have a Board of Directors<br />

and shall elect from its members a chairman, a vice chairman, a secretary and a<br />

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