Paper
Russia: Federal Law on Citizens' Credit Consumer Co-Operatives
What are the provisions of the law related to consumer credit cooperatives in Russia?
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15 pages
This paper is a federal law on 'citizens credit consumer cooperatives', as legislated by the Russian parliament in 2001. The purview of this law includes:
- The principles and characteristics of credit cooperatives;
- Norms for governance of relationships amongst the members and outside agencies for mutual gain.
In the beginning, the paper:
- Interprets the application of this Act;
- Defines the common terms used;
- Describes the guidelines pertaining to formation, reorganization and liquidation of citizen's credit consumer cooperatives.
The paper further goes on to:
- Elaborate on the activities that such a cooperative may undertake;
- Recommends procedural guidelines for the same.
The next section prescribes the kind of management and control essential for any credit consumer cooperative falling under this law.
The conclusive provision makes it essential for the entities (pursuing the subject activities), formed prior to the enactment of this law, to bring their operations and activities in conformity with this law within one year of its coming into force.
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