KATHMANDU: The Department of Cooperatives has stated that one person cannot be the director of two or more cooperative institutions at the same time.    

The department issued a notice on Wednesday instructing the directors of all the cooperatives to maintain a single position by abandoning dual role.    

Section 41 (5) of the Cooperatives Act 2074 BS states that a person can be the director of only one cooperative at a time. The department also said that the implementation of this directive will be monitored and action will be taken according to the law against those violating it, said department’s registrar.    

The department issued a circular on Wednesday to reschedule the loans of cooperative borrowers for three months.

For debtors unable to regularize their loans due to difficulties, 50% of the interest payment will be waived. This waiver applies only to borrowers who were not listed as bad debtors last year and have not previously received this facility. The decision will be made based on an evaluation of the debtor's circumstances, including the impact on the member, and considering the demand, need, and justification provided by the member, reads the notice. -- RSS