JAKARTA (Yosefardi) – The establishment of new cooperatives is now referred back to the 1992 law as the revision, the 2012 law, has been rejected by the Constitutional Court, an official said.
Setyo Heriyanto, deputy at the ministry of cooperatives and small and medium enterprises, as reported by Bisnis.com, said the existing cooperatives should also adjust their charters (budget basic) and bylaws, to comply with the 1992 cooperatives law.
The adjustment must be approved by the government if those are related to the merger issue and the change of business.
The Constitutional casino Court had on May 28, 2014 dropped the regulation number 17, year 2012 concerning the cooperatives.
So, the 1992 Cooperatives Law is now implemented until the new law is formulated.
Indonesia’s House of Representatives endorsed the revision of the 1992 cooperatives law earlier 2012, expected to provide more protection to cooperatives and their members and eradicate loan shark practices among cooperatives, among other developments.