Cooperatives Should Hold General Meeting By Poush: KMC

November 9, 2020 | Investopaper

Kathmandu Metropolitan City has urged all its subordinate cooperatives to hold a general meeting by Poush. The KMC Cooperative Department has requested to hold a general meeting by that date and bring a report within 15 days.

The cooperatives have been requested to hold the general meeting following the health standards while many cooperatives are yet to hold the general assembly due to the corona virus. Cooperatives will have to hold the general meeting only after reaching the quorum as per the general meeting (Working System Directive, 2076).

Kathmandu Metropolitan City (KMC) aims to reduce the number of currently operating cooperatives from 1,856 to 700. Thus, a general meeting is needed to unify the cooperatives. According to the Cooperatives Act, 2074 BS and the Cooperatives Act of KMC, 2074 BS, there is a provision to be legally merge the cooperative. To merge the cooperatives, the two cooperatives must be ready to integrate with each other and should approve from their respective general meeting.

Both the cooperatives who want to be integrated should submit an application to the Cooperatives Department of the KMC. Cooperatives of similar nature can be merged. IN KMC, there are the largest number of savings and credit cooperatives equal to 1,644, multi-purpose 156 and thematic cooperatives including consumer, dairy, agriculture, education and communication.

Suggested Readings:

Cooperatives Not Allowed To Charge More Than 14.75 Percent Interest


Investopaper is a financial website which provides news, articles, data, and reports related to business, finance and economics.

Leave a Reply

Your email address will not be published. Required fields are marked *

error: Content is protected !!