multi state cooperative society registration
Posted by cooperative society on June 8th, 2019
Management of a Multi State Cooperative Society: -.
The elections of the cooperative society is held first time within 6 months from the date of its registration. After that the elections are carried out at every five years. A President can continue to be as a Head of state for two successive times but the third time, the President needs to change. No part of the funds, aside from net profits of a multi state cooperative society will be divided by way of benefit or dividend or otherwise dispersed among its members. The net revenues of the multi provide society shall be determined by subtracting from the gross revenue for the year, multi state cooperative society registration all interest built up, and accumulating in relation to quantities which are overdue, establishment charges, interest payable on deposits and loans, audit costs, working expenditures consisting of repair works, rent, taxes and depreciation, incentive payable to workers under the law associating with payment of perk for the time being in force, and equalization fund for such bonus, provision for payment of income-tax and making approved donations under the Income Tax Act 1961, development refund, arrangement for development fund, bad financial obligation fund, rate fluctuation fund, dividend equalization fund, share capital redemption fund, investment variation fund, share capital redemption fund, investment variation fund, provision for retirement perks to workers and after providing for or crossing out bad debts and losses not adjusted versus any fund developed from profit. The condition is that such society may contribute to the net revenues for the year interest accumulated in the preceding years, however recovered throughout the year. In case of multi state cooperative societies which do not have share capital, the surplus of income over expenditure shall not be treated as net earnings and such surplus should be handled in accordance with the bye-laws. A multi state cooperative society shall, from its net profits in any year move a quantity not less than twenty-five percent to the reserve fund, credit one percent to cooperative education fund preserved by the National Co-operative Union of India Limited, New Delhi or move an amount not less than ten percent to a reserve fund for meeting unpredicted losses. No multi state cooperative society shall make a contribution either in money or in kind, whether straight or indirectly, to an institution which has an object of furtherance of the interest of a political party. There is a restriction on loan. No cooperative society aside from cooperative bank shall make a loan to a member on the protection of this share or on the safety of a non-member. The society can make a loan to a depositor on the protection of this deposit. The multi mention society my get deposits, raise loans and receive grants from external sources to such degree and under such conditions as could be pointed out in the memorandum provided that the total quantity of loans and deposits received throughout any financial year shall not go beyond ten times of the amount of subscribed share capital and accumulated reserves. The net collected reserves is determined by subtracting gathered losses from built up reserves.
About the Authorcooperative society
Joined: June 8th, 2019
Articles Posted: 4
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