Cooperatives Act 2074

Chapter-1 Preliminary

Section 2: Definitions
Unless the subject or context requires otherwise, in this Act, –
a) “Internal Procedures” means the Internal Procedures framed by a Co-operative Organization pursuant to Section 28.
b) “Offence” means an offence referred to in Section 122.
c) “Prescribed” or “as prescribed” means prescribed or as prescribed in the Rules framed under this Act.
d) “Family” means the husband or wife, son, daughter-in-law, daughter, adopted son, adopted daughter, father, mother, stepmother of a member and elder brother, elder sister-in-law, younger brother, younger sister-in-law, elder sister or younger sister to whom the member has to take care of.
Provided that this term does not include a member of the family who has been living separately either upon partition of family property or carrying out his or her own profession or business.
e) “Primary Capital Fund” means the share capital and reserve fund.
f) “Savings” means an amount deposited by a member in a Cooperative Organisation.g) “Ministry” means the Ministry of Government of Nepal looking after cooperative affairs.
h) “Main transaction” means a transaction having 30% or more share in liability of savings mobilised in the commercial activities or in purchase or sales transactions of members until the latest fiscal year.
i) “Registrar” means the Registrar designated pursuant to Section 92,
j) “Accounts Supervision Committee” means the Accounts Supervision Committee referred to in Section 48.
k) “Byelaws” means the Byelaws framed by the concerned Cooperative Organisation pursuant to Section 27.
l) “Department” means the Department of Cooperatives.
m) “Share” means a divided portion of the share capital of a Cooperative Organization.
n) “Local Level” means a Rural Municipality or a Municipality, and the words also include Sub-Municipal Corporation and Municipal Corporation as well.
o) “Director” means a member of the Board of Directors, and the word also includes an official of the Board.
p) “Member” means the person who has obtained membership in a Cooperative Organization.
q) “Board” means the Board of Directors referred to in sub-Section (1) of Section 41.
r) “Cooperative Bank” means a Cooperative Bank Registered pursuant to Section 12.
s) “Cooperative values” means internationally recognised cooperative values, including self-reliance, self-responsibility, democracy, equality, equity, solidarity, integrity, openness, social responsibility, and care for others.
t) “Cooperative business” means commercial activities operated as provided for in the Byelaws of the Cooperative.
u) “Cooperative principles” means internationally recognised cooperative principles, including voluntary and open membership; democratic control by members; financial participation of members; autonomy and independence; education, training and information; mutual cooperation amongst cooperatives and concerns towards the community.
v) “Cooperative Organization” means an organisation or association, and the word also includes a cooperative bank.
w) “Association” means the District Sectoral Cooperative Association, District Cooperative Association, Province Sectoral Cooperative Association, Central Sectoral Cooperative Association and Specialized Cooperative Association and the word also includes the National Cooperative Association formed under the same Section.
x) “Organization” means a Sectoral or Multipurpose Organization formed pursuant to Section 3 and Registered pursuant to Section 15.
y) “General Meeting” means a General Meeting of a Cooperative Organisation.