Multi State Co-operative Society

Posted by Multi State Co-operative Society on September 22nd, 2020

The elections of the cooperative society are held the first time within 6 months from the date of its registration. After that, the elections are carried out every 5 years. A Head of state can remain as a Head of state for two consecutive times however the third time, the President has to change. No part of the funds, other than net profits of a multi-state cooperative society shall be divided by means of benefit or dividend or otherwise distributed among its members. The net earnings of the multi mention society will be calculated by deducting from the gross profit for the year, all interest built up, and accruing in relation to amounts which are past due, facility charges, interest payable on loans and deposits, audit charges, working costs consisting of repair works, rent, taxes and depreciation, bonus payable to workers under the law relating to payment of incentive for the time being in force, and equalization fund for such reward, provision for payment of income-tax and making approved donations under the Earnings Tax Act 1961, development rebate, arrangement for development fund, bad financial obligation fund, cost variation fund, dividend equalization fund, share capital redemption fund, financial investment fluctuation fund, share capital redemption fund, financial investment variation fund, provision for retirement perks to staff members and after providing for or crossing out bad financial obligations and losses not adjusted against any fund created from earnings. The condition is that such co-operative society might add to the net revenues for the year interest accumulated in the preceding years, but recovered throughout the year.

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Multi State Co-operative Society

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Multi State Co-operative Society
Joined: September 22nd, 2020
Articles Posted: 1

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