Multi State Cooperative Society In Mumbai

Posted by multistate on February 13th, 2020

Duty of Governing Body Members of Multi-State:-

As far as the interim management committee list is concerned who is accountable for the management and handling of the society, the society may want to a minimum of 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 women 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 out of which maximum are credit. The governing body members participate in annual general body meetings, special basic body conferences, resolutions, notification, quorums and so on
. Just for example in a credit cooperative society, if the society wants to make any scheme like gold loan, car loan, fixed deposit loan, double deposit strategy, triple deposit strategy or any special scheme, the society has to offer a prior 15 days discover to all its members by speed post, paper publication, etc. After 15 days, the general body meeting is carried out. If the quorum is one-fifth of the total members present and voting during the resolution, the conference can only take place. The signatures of the governing body members as well as average members present and voting are taken in the minutes book and preserved for future records. The unique general body conference can be conducted by giving a notice of at least 7 days. Society needs to carry out a minimum of 4 general body meetings in every monetary year. In every financial year, the society may want to employ 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 returns. The societies accept Credit, Housing and Multi-Function can collect 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 regulations of the MSCS Act 2002, an individual already being a member of a society can not be a member of a multi-state cooperative society of the exact same type.

Management of a Multi-State Cooperative Society: -

No part of the funds, other than net revenues of a multi-state cooperative society shall be divided by means of incentive or dividend or otherwise dispersed amongst its members. In the case of multi-state cooperative societies that do not have a share capital, the surplus of earnings over expense will not be dealt with as net earnings and such surplus shall be dealt with in accordance with the bye-laws. A multi-state cooperative society shall, out of its net revenues in any year transfer an amount not less than twenty-five percent to the reserve fund, credit one percent to cooperative education fund maintained by the National Co-operative Union of India Limited, New Delhi or move a quantity not less than ten percent to a reserve fund for conference unexpected losses.

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