The Department of Small Business Development has urged members of the public and organised formations to submit their comments on the Draft Regulations for the Practical Implementation of Co-operatives Amendment Act No. 6 of 2013 as well as Principles of Good Governance for Co-operatives as published in the Government Gazette (numbers 39019 and 39029, respectively).
The regulations, amongst other, provides for a financial reporting framework for co-operatives; monetary thresholds for the categorisation of primary co-operatives to enable differential financial reporting aimed at lowering the cost of compliance to legislative requirements for small and medium size co-operatives; guidelines for the exemption from labour legislation in respect of employees of worker co-operatives; winding up and judicial management for co-operatives as well as the prescribed fees payable to the Companies and Intellectual Property Commission (CIPC) and new forms that have to be to be completed and submitted to CIPC once the Co-operatives Amendment Act No. 6 of 2013 has been Proclaimed by the President.
The Principles of Good Governance aims to assist co-operatives to put the principles of good governance into practice and to serve the needs of their members. It provides clarity on the roles and responsibilities of members, boards of directors and managers to ensure good governance and compliance to legislative requirements as well as the requirements stipulated in the constitutions of their co-operatives.
Members of the public are invited to send their comments to Mr Jeffrey Ndumo at jndumo@dsbd.gov.za or fax (012) 394 2614 or to submit it by hand to the Co-operatives Development Unit at the Department of Small Business Development, 77 Meintjies Street, Sunnyside, Pretoria within 42 days from 24 July 2015, i.e. by no later than 4 September 2015.
Copies of the two government gazettes, i.e. 39019 and 39029 are available on the Government Printing Works website www.gpwonline.co.za
Enquiries:
Cornelius Tanana Monama
Tel: 012 394 3027
Cell: 082 578 4063
E-mail: cmonama@dsbd.gov.za / cmonama@gmail.com
