multi state cooperative societyA 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.
Time Taken for registration: -.
Usually, the optimal time period for a multi state cooperative society registration is 4 months. In case, the application gets an objection, because case, the application can be submitted once more and in specific conditions, the society registration can be done earlier also on the basis of earlier rejections or on political pressures.
Registration, the change proposal is also submitted in the Ministry of Agriculture. We can submit amendment if we want to increase our area of operation i.e. number of states or increase our authorized share capital or alter our name or change our office address.
The papers filed along with amendment proposal are bank statement, audited account showing net profit and turnover. The ministry demands justification and appropriate reasons why a society proposal need to be amended.
Benefits of a multi state cooperative society: -.
Generally, a multi state cooperative society is a beneficial option for all realty business, public restricted, exclusive restricted and chit fund business where nearly saturation has actually reached. This Centre Act has been gone by the parliament in the year 2002. The mission of the multi mention society is to help with the voluntary formation and democratic functioning of cooperatives as individuals institutions based on self help and mutual help and enable them to advertise their social and economic improvement and to offer useful autonomy.
Posted by: , Posted on 2019-6-8 15:06