The Co-operative College Act (Incorporation) Act 1968 (Amendment) Act 2011 [Act A1398] has allocated CIM as an institution which functions to establish and expanding cooperative training and education in the country. The functions of CIM are:
- Provides courses in the field of cooperatives & awarding of diplomas.
- Printing and publishing in the field of cooperatives.
- Equal effort with IPT/ professional bodies inside and outside of the country to run cooperative courses.
- Field Research Cooperatives.
- Consulting services cooperatives.
- Advise the Minister.
- To grant Diploma, Certificate or equivalent to those who have undertaken courses of study approved by the Institute and has fulfilled all requirements as determined or prescribed by the Board.
- To establish and award scholarships, bursaries, medals, prizes, and other forms of credits, awards or assistance within training, education and other activities available in the Institute.
- To provide loans or financial assistance to the students who deserve it, in accordance with any terms and conditions approved by the Board.
- To market and/or commercialize services, research outcomes, and products of the Institute.
- To claim and receive payment of any fee determined by the Board or any assigned matters from time to time, and
- To commit/undertake any action or matter whether incidental or in compliance with such power, made to improve education, training, finance, administration, welfare, and discipline of the Institute.