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Published On:
July 4, 2024 11:15 AM NPT
By: Republica
Govt mandates one cooperative directorship per person
Imposes 30-day compliance deadline for multiple ownership
KATHMANDU, July 3: The government has issued a stringent directive requiring individuals to hold directorship in only one cooperative at a time. According to a recent circular from the Department of Cooperatives, individuals must adhere strictly to Section 41(5) of the Cooperatives Act, 2074, which limits directors to a single cooperative appointment.
The circular emphasizes that those currently serving as directors in multiple cooperatives must decide on one role within 30 days of the directive's issuance. Any failure to comply will result in legal repercussions, as outlined in the department's letter.
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