Lawyers Co-operative Launched

Minister of Small and Medium Enterprise Development Honourable Elias Mubanga has commended the Law Association of Zambia (LAZ) for championing the formation of the Lawyers Multi-Purpose Cooperative Society Limited.
Speaking when he officially launched the Lawyers Multi-Purpose Cooperative Society Limited at LAZ house in Lusaka today Honourable Mubanga said Government is happy to launch the first ever cooperative comprising of members of the legal fraternity.
He said the Ministry of Small and Medium Enterprise Development has been working towards making positive strides in the transformation of the cooperative movement in the country from Agro based cooperatives to cooperatives in all the sectors.
The Minister said his Ministry has embarked on reviewing the Cooperatives Society Act and the Cooperatives policy and would like the Law Association of Zambia to participate in the review of the Act.
Hon. Mubanga added that the launch of the Lawyers Cooperative signifies cooperation, unity and shared success for the future.
And law Association of Zambia (LAZ) President Lungusani Zulu said the Lawyers Multi-Purpose Cooperative Society Limited is the approved special purpose vehicle in furtherance of the welfare of members of the association through collective savings and investment.
Mr. Zulu explained that through the Lawyers Cooperative every member of the Law Association of Zambia will be able to save a minimum of 1000 kwacha monthly, money which will be safely invested in Government Securities and in future in other sectors of the economy.
He added that in case of death a member of the cooperative will be eligible to a 50,000 kwacha funeral grant.
Meanwhile Lawyers Multi-Purpose Cooperative Society Limited Chairperson Dr. Tukiya Kankasa-Mabula said cooperative has so far made about 700,000 Kwacha investments in government securities.
Dr. Mabula observed it is common to witness members fall into financial difficulties especially in old age as a result of calamities or illness while they still wish to continue working.
She added that the formulation of the lawyers cooperative will promote members welfare and offer an opportunity to save and access financial products at reasonable rates and terms.

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