Multi State Cooperative Society
cooperative society delhi
Types of multi state cooperative societies and guidelines: -
A multi state cooperative society is of numerous types- Credit, Housing, Farming, Transportation, Healthcare facility, Sugar, Stores, Fishery, Hand loom, Labor, Consumer and Multi Function Co-operative Society. The basic formalities for forming this society is to organize at least 50 members from two states each.
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Function of Governing Body Members of Multi State:-.
As far the interim management committee list is worried who are accountable for the management and handling of the society, the society should minimum 7 members and this list can go up to 21 members. Simply for example in a credit cooperative society, if the society wants to make any scheme like gold loan, auto loan, repaired deposit loan, double deposit strategy, triple deposit plan or any special scheme, the society has to offer a prior 15 days see to all its members by rate post, newspaper publication and so on. As per the guidelines of MSCS Act 2002, a person currently being a member of a society can not be a member of a multi state cooperative society of the same type.
multi state cooperative societies
Management of a Multi State Cooperative Society: -.
No part of the funds, other than net profits of a multi state cooperative societies act shall be divided by means of reward or dividend or otherwise distributed among its members. In case of multi state cooperative societies which do not have share capital, the surplus of income over expenditure should not be treated as net revenues and such surplus will be dealt with in accordance with the bye-laws. A multi state cooperative society shall, out of its net earnings in any year move an amount not less than twenty-five percent to the reserve fund, credit one percent to cooperative academic training fund kept by the National Co-operative Union of India Limited, New Delhi or transfer a quantity not less than 10 percent to a reserve fund for conference unanticipated losses.
multi state cooperative society act
Time Taken for registration: -.
Generally, the maximum period for a multi state cooperative society registration is 4 months. In case, the application receives an objection, because case, the application can be submitted again and in particular circumstances, the society registration can be done earlier likewise on the basis of earlier rejections or on political pressures.
Registration, the amendment proposal is also filed in the Ministry of Farming. We can submit modification if we desire to increase our location of operation i.e. number of states or enhance our authorized share capital or change our name or change our office address.
The documents filed along with amendment proposal are bank statement, multi state cooperative societies delhi audited balance sheets showing net earnings and turnover. The ministry demands justification and correct reasons why a society proposal should be changed.