How to register a single-purpose co-operative in Lagos State

How to register a single-purpose co-operative in Lagos State

September 19, 2019

A Single purpose Co-operative as the name implies is established to conduct a singlefunction. They are established for operating a singleobjective and as such, they are only allowed to do savings and grant loans, and are not allowed to diversify or act as an Investment organization. The procedures for registering a single purpose co-operative in Lagos State are as follows:

  1. The first requirement is to choose a name; this name will undergo a name search to ascertain whether or not a similar name has already been registered. The proposed address also has to be stated to determine the place of registration because co-operatives are registered in the Zone in which it is to be located.
  2. Fill the application form; this form is usually gotten from the office in charge of registering co-operatives in a particular zone. The Form must carry the name of three nominated executives, most likely the chairman, secretary, treasurer and all members, listing their particulars which includes names, addresses, phone numbers, valid identification card and emails. Also, the objectives of the co-operative must be clearly outlined and four passport photographs of the president, secretary and treasurer respectively must be attached to the application form.
  3. Fix a date for the inauguration: The date fixed must be a day when the co-operative usually holds their meetings. This inauguration will also coincide with the election of the executives of the co-operative; the chairman, secretary and treasurer.
  4. Upon registration/inauguration of a co-operative, it is required that the three executives elected; the chairman, secretary and treasurer undergo a day’s training at the co-operative college.
  5. Another important procedure to be followed when registering a single purpose co-operative is the payment of fees which can be broken down into; registration fee, co-operative college fee, Purchase of books of account fee and the inauguration fee.
  6. Upon satisfying all requirements stated above, a certificate is issued by the Lagos State Ministry of Commerce and industry on the recommendation of the zone in which it was registered.

NB: A compulsory meeting of at least three times must be carried out by the members of the co-operative and this will be supervised by an official of the zone under which it would be registered. Also, elections in a single co-operative are conducted once every year.

For further information or any assistance you may require concerning the above registration process, log on to our website on www.618bees.com or call us on 09017190079. We are available to render fast, reliable and affordable service to assist you with the process.

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached

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