{"id":21218,"date":"2024-07-10T18:45:40","date_gmt":"2024-07-10T18:45:40","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=21218"},"modified":"2024-07-10T18:46:26","modified_gmt":"2024-07-10T18:46:26","slug":"ministry-of-labour-initiates-conversion-of-friendly-societies-into-cooperatives","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/ministry-of-labour-initiates-conversion-of-friendly-societies-into-cooperatives\/","title":{"rendered":"Ministry of Labour Initiates Conversion of Friendly Societies into Cooperatives"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n\n<p><em>By Samuel Gillis<\/em><\/p>\n\n\n\n<p>The Ministry of Labour is actively pursuing the conversion of several friendly societies into cooperatives, citing their engagement in profit-oriented activities as the primary reason for the transition. <\/p>\n\n\n\n<p>According to Chief Co-operative Development Officer Janaknauth Panchu, these friendly societies can no longer operate under the Friendly Societies Act (Chapter 36:04) and must instead fall under the Cooperative Societies Act (Chapter 88:01).<\/p>\n\n\n\n<p>Earlier this year, an agreement was signed with the Guyana Forestry Commission (GFC) to facilitate the conversion of friendly societies that were granted logging concessions. <\/p>\n\n\n\n<p>This initiative is being supported financially through the EU Forest Law Enforcement, Governance, and Trade (FLEGT) initiative.<\/p>\n\n\n\n<p>Explaining the process, Panchu outlined that ministry officers would be assigned to work closely with each group of friendly societies seeking conversion. <\/p>\n\n\n\n<p>These groups must demonstrate the feasibility of operating as cooperatives, which involves conducting thorough assessments of their business models and operational plans.<\/p>\n\n\n\n<p>Unlike the management of friendly societies, members of cooperatives will be subject to security checks and will need to obtain a certificate of good character from the police, aligning with the requirements of the Anti-Money Laundering and Combating the Financing of Terrorism Act.<\/p>\n\n\n\n<p>The Ministry of Labour&#8217;s initiative aims to streamline the governance and operational frameworks of these entities, ensuring compliance with legal standards and promoting sustainable business practices within the cooperative sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Samuel Gillis The Ministry of Labour is actively pursuing the conversion of several friendly societies into cooperatives, citing their engagement in profit-oriented activities as the primary reason for the&hellip;<\/p>\n","protected":false},"author":4,"featured_media":21219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[361,350],"tags":[],"class_list":["post-21218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-and-economy","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/21218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/comments?post=21218"}],"version-history":[{"count":1,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/21218\/revisions"}],"predecessor-version":[{"id":21220,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/21218\/revisions\/21220"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media\/21219"}],"wp:attachment":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media?parent=21218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/categories?post=21218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/tags?post=21218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}