multi state cooperative society

Posted by multistate on June 8th, 2019

Types of multi state cooperative societies and guidelines: -

A multi state cooperative society is of various types- Credit, Housing, Farming, Transportation, Hospital, Sugar, Stores, Fishery, Handloom, Labor, Customer and Multi Purpose Co-operative Society. The fundamental formalities for forming this society is to arrange at least 50 members from two states each.

Duty of Governing Body Members of Multi State:-.

As far the interim management committee list is worried who are responsible for the management and handling of the society, the society may want to minimum 7 members and this list can go upto 21 members. After the 97th Constitutional Modification Act 2011 from February 2013, it is obligatory to keep 2 ladies and 1 extra member who belongs to Scheduled Caste or to Scheduled People in the primary governing body list. Till today, there are 900-950 Multi State Cooperative Societies from which optimum are credit. The governing body members take part in annual basic body meetings, unique basic body meetings, resolutions, notification, quorums etc
. Just for example in a credit cooperative society, if the society wants to make any plan like gold loan, automobile loan, dealt with deposit loan, double deposit plan, triple deposit plan or any unique plan, the society has to offer a prior 15 days see to all its members by speed post, paper publication etc. After 15 days, the basic body meeting is carried out. The meeting can only happen if the quorum is one-fifth of the overall members present and ballot during the resolution. The signatures of the governing body members in addition to normal members present and ballot are taken in the minutes book and maintained for future records. The unique basic body conference can be performed by providing a notice of a minimum of seven days. A society ought to carry out at least 4 basic body meetings in every monetary year. In addition, in every financial year, the society ought to hire a chartered accounting professional in a general body conference by passing a resolution. This CA looks after the accounts of the society and submits the balance sheets and tax return. The societies except Credit, Housing and Multi Purpose can gather cash from its members on the basis of shared allotment and advance. They can provide dividends to their members on shares and commissions on advance. As per the guidelines of MSCS Act 2002, a person already being a member of a society can not be a member of a multi state cooperative society of the same type.

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