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Page 1 of 12 Annex B Summary Table on Proposed Amendments to the Co-operative Societies Act S/N Proposed Legislative Changes Remarks Relevant Sections in Proposed Amended Co-operative Societies Act A. Raise Governance Standards 1) Conversion from non-credit co-op to credit co-op Provide clarification that a co-op is not allowed to provide new non-credit service after registration as a credit co-op. It may continue to provide non-credit service/s that was/were started before the registration. Section 16A(7A) 2) Audit committee Members of the audit committee need not be from the committee of management; At least one member of the audit committee must meet the required competency requirements* (to be prescribed in the subsidiary legislation). Section 36(2) 3) Statement of Accounts to Members A credit co-op must provide statement of accounts to each individual member within 6 months from the close of the financial year, and within 5 working days at the request of any member. Section 42(A) ...