Decree-Law No. 16/2004, On Cooperatives (Timor-Leste)

The Deree-Law defines cooperatives as autonomous legal persons which are allowed to raise capital for the purpose of satisfying the economic, social, or cultural needs and/or aspirations of its members for non-profit purposes. It enumerates the cooperative principles which shall be complied within the formation and operation of cooperatives, as well as the branches and types of the cooperative sector. 

It further provides for the rules on: 

1. The establishment of cooperatives
2. The share capital, membership fee and investment securities of cooperatives
3. Membership in cooperatives
4. Corporate bodies and management of cooperatives
5. Membership and qualifications of the auditing board, if applicable
6. Liabilities of the corporate bodies
7. Merger or demerger of cooperatives
8. Winding up, liquidation and transformation of cooperatives

Translation

• English