multi state cooperative society registration

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 carry out a minimum of 4 basic body conferences in every monetary year. In every financial year, the society should work with a chartered accountant in a general body meeting by passing a resolution. This CA takes care of the accounts of the society and files the balance sheets and tax return. The societies except Credit, Housing and Multi Purpose can collect money from its members on the basis of shared allocation and advance. They can offer dividends to their members on shares and commissions on advance. In addition 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 of the exact same kind.

Management of a Multi State Cooperative Society: -.

The elections of the cooperative society is held first time within six months from the date of its registration. Thereafter the elections are conducted at every five years. A President can stay as a Head of state for 2 consecutive times however the 3rd time, the President has to change. No part of the funds, besides net profits of a multi state cooperative society will be divided by method of incentive or dividend or otherwise distributed amongst its members. The net earnings of the multi state society should be determined by deducting from the gross profit for the year, all interest accrued, and building up in relation to quantities which are past due, establishment charges, interest payable on deposits and loans, audit costs, working expenses consisting of repairs, rent, taxes and depreciation, perk payable to staff members under the law connecting to payment of bonus for the time being in force, and equalization fund for such bonus, provision for payment of income-tax and making approved donations under the Earnings Tax Act 1961, development discount, provision for development fund, bad financial obligation fund, cost variation fund, dividend equalization fund, share capital redemption fund, financial investment change fund, share capital, multi state cooperative society registration