The Senate passed the Agricultural Cooperatives Bill at a meeting on September 30, the press service of the upper house of parliament reported. The document was sent to the president for signing.

The BIll, which is to replace the 1998 Agri-Cooperatives Law, will regulate the relations on the creation of agricultural cooperatives, admission to membership in a cooperative, its control, external audit, management, reorganization and liquidation, as well as relations between the state and cooperatives.

The BIll has defined an agricultural cooperative as an independent commercial organization based on share principles, a voluntary association of individuals and (or) legal entities for the implementation of agricultural activities. The cooperative is subject to state registration as a legal entity.

The BIll has proposed that an agricultural cooperative shall consist of at least seven individuals and (or) legal entities. A joint cooperative may also be created consisting of at least three cooperatives.

Members of the cooperative may be individuals aged 16 years and over, as well as legal entities that meet the requirements of the cooperative charter. A member of this organization may be a member of one or more cooperatives, unless the cooperative charter prohibits such a thing.

The BIll has set specific tasks, powers, rights and obligations of the governing bodies of the agricultural cooperative, including the general meeting, board and supervisory board of the cooperative.

The document also reflects the rules related to joining and leaving the agricultural cooperative, the rights and obligations of cooperative members, maintaining their records, and paying share contributions.

Along with the provision of agricultural services, the cooperative has the right to grow, store, process and sell agricultural products, as well as engage in other activities not prohibited by the future Law.