Tashkent, Uzbekistan (UzDaily.com) — The 58th plenary session of the Senate has reviewed the Law "On Agricultural Cooperatives."

The law regulates relationships regarding the establishment of agricultural cooperatives, membership admission, control, external auditing, management, reorganization, and liquidation, as well as relations between the state and cooperatives.

The law defines a cooperative as an independent commercial organization based on shareholding principles, which involves the voluntary association of individuals and/or legal entities to engage in agricultural activities.

It is also stipulated that an agricultural cooperative must consist of at least seven individuals and/or legal entities.

The law establishes specific tasks, powers, rights, and obligations of the governing bodies of agricultural cooperatives, including the general assembly, board, and supervisory council of the cooperative.

The document also outlines norms related to the entry and exit from agricultural cooperatives, the rights and obligations of cooperative members, their reporting, and the payment of share contributions.

Moreover, in addition to providing services in the agricultural sector, cooperatives have the right to grow, store, process, and sell agricultural products, as well as engage in other activities not prohibited by law.

The law stipulates that the state will ensure favorable conditions for the activities of cooperatives through agrarian economic policies, develop targeted programs to stimulate and support their activities, create opportunities to fully utilize the benefits provided to agricultural enterprises, and assist agricultural enterprises in accessing bank loans and other financial resources. Special attention will be given to supporting cooperatives in terms of economic, social, regional, and social development.

The adoption of the law ensures interaction among entities engaged in agriculture, allowing them to independently establish agricultural cooperatives and manage them in a professional and democratic manner, enabling successful operations in agriculture.

Additionally, it will regulate the activities of modern cooperatives developing in the agricultural sector of our country and provide legal guarantees for them.

The law has been approved by the senators.