Jan 1 2024 |MP Fares Al-Otaibi proposed an amendment to Cooperative Societies Law No. 24/1979, aiming to increase penalties for violations. The proposed amendment would raise the maximum fine for violations from KD 500 to KD 5,000.
The bill includes a provision to add a clause in Article 12, allowing the chairman or board members of cooperatives to take full or partial leave from their public sector jobs, as determined by a decision from the Social Affairs minister. Additionally, a new article proposes the formation of a joint committee by the Social Affairs minister to investigate complaints involving cooperatives.
The bill looks to regulate and limit cooperatives under more purview as the economy has a large collection of cooperatives.
