multi state cooperative society

Till today, there are 900-950 Multi State Cooperative Societies from which optimum are credit. The governing body members participate in yearly general body meetings, unique basic body conferences, resolutions, notice, quorums and so on . 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 special scheme, 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 conducted. If the quorum is one-fifth of the total members present and voting during the resolution, the meeting can just happen. The signatures of the governing body members in addition to normal members present and voting are taken in the minutes book and maintained for future records. The special general body meeting can be carried out by offering a notice of a minimum of 7 days. A society must carr...

The elections of the cooperative society is held first time within six months from the date of its registration. After that the elections are carried out at every 5 years. A President can stay as a Head of state for two successive times however the 3rd time, the President needs to change. No part of the funds, other than net profits of a multi state cooperative society will be divided by way of perk or dividend or otherwise distributed among its members. The net profits of the multi mention society should be calculated by deducting from the gross revenue for the year, all interest accrued, and building up in relation to quantities which are past due, establishment charges, interest payable on loans and deposits, audit fees, working expenditures consisting of repair works, rent, taxes and depreciation, perk payable to workers under the law relating to repayment of incentive for the time being in force, and equalization fund for such bonus, provision for repayment of income-tax and ...

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 upto 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 act . of the same type. Management of a Multi State Cooperative Society : -. No part of the funds, other than net profits of a multi state cooperative society 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 cap...