Societies are expected to carry out certain business operations according to their established policies. the purpose of policies is to establish procedures for carrying out certain aspects of the business of the society. the by-law of the society should normally provide and give power to the society officials to formulate such policies as may be necessary from time to time. Some of the policies relevant to co-operative societies include:
The Loan Policy-this is an internal regulation document that guides and regulates loan granting and loan administration. The loan policy should be known, understood and adopted by members, as it affects them.
The Investment Policy-A document that guides that society on areas of investment of society’s and members funds
The Human Resource Policy-this is a document that guides the society on issues of administration of human resource, right from recruitment stages to promotion and exit stage..
The Education and Training Policy-this is a document that guides the society on issues of education to members and training of committee members and members of staff.
The Public Procurement and Disposal Policy-this is an internal document that establishes procedures for procurement and disposal of goods and services. it should be prepared in conformity with the Public Procurement and disposal Act and the regulations made there under.
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