Cooperative Societies Regulations (1997 Revision)

Summary

This is a short set of regulations made under the Cooperative Societies Law that set out the practical registration and reporting requirements for cooperative societies in the Cayman Islands. It is a 1997 revision consolidating earlier regulations dating from 1977. The regulations cover how a cooperative society applies for registration, what must be included in its annual return, when other ad hoc returns may be required, and the registration fee payable.

The document applies to cooperative societies, and those seeking to form one, that fall under the Cooperative Societies Law.

• Registration application: Must be submitted to the Registrar of Cooperative Societies using the prescribed form in the Schedule, signed by at least ten members and the secretary, together with copies of the society's Rules.
• Annual return: Once registered, a society must file annual returns containing specified details such as registered address changes, officer names and designations, member names and shareholdings, outstanding charges, and an audited balance sheet.
• Other returns: The Registrar may also require other returns from time to time in whatever form is approved or prescribed to ensure compliance with the Law.
• Registration fee: A registration fee of one hundred dollars is set as required under section 6(4) of the Law.

Key obligations

• A cooperative society must apply for registration to the Registrar using the form prescribed in the Schedule, signed by at least ten members and the secretary, with copies of its Rules attached.
• Every registered society must file an annual return with the Registrar in the calendar year following its first registration and in each calendar year thereafter.
• The annual return must include: any change to the registered address since registration or the last return; names and designations of officers; names of members and number of shares held by each; details of outstanding charges entered into by the society; and a balance sheet from the date of registration or the last return, supported by accounts complying with the Law and certified by an independent auditor previously approved by the Registrar.
• A society must file any other returns required to comply with the Law, in the form approved or prescribed by the Registrar from time to time.
• A registration fee of one hundred dollars must be paid as prescribed under section 6(4) of the Law.

Applies to

cooperative societies

Deadlines

• in the calendar year following the year of its first registration and thereafter in each calendar year: Annual return must be filed with the Registrar