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:

1. To provide courses in cooperative education and other related courses and to award appropriate certificate or diploma.
2. To publish or assist in publishing materials that is related to cooperative matters or anything related to it.
3. To propose methods deemed necessary to organize and control the payment of any course of study.
4. To conduct research in any cooperative related areas.
5. To provide consultancy services.
6. To conduct training courses, research, advisory services, and knowledge-based services or collaborations or otherwise with any higher educational institution or professionals or any local and international organizations, and 
7. To advise the Minister on all matters relating to cooperative development of human capital.

1. 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.
2. 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.
3. To provide loans or financial assistance to the students who deserve it, in accordance with any terms and conditions approved by the Board.
4. To market and/or commercialize services, research outcomes, and products of the Institute.
5. To claim and receive payment of any fee determined by the Board or any assigned matters from time to time, and
6. 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.