Thursday, February 13, 2020

Multi State Cooperative Societies In Delhi

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 return. 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 in 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.

Tuesday, February 4, 2020

Multi State Cooperative Society

Types of multi-state cooperative societies and requirements: -

A multi-state cooperative society is of different types- Credit, Housing, Farming, Transport, Healthcare facility, Sugar, Stores, Fishery, Handloom, Labor, Consumer, and Multi-Function Co-operative Society. The standard formalities for forming this society is to organize at least 50 members from 2 states each.

The function of Governing Body Members of Multi-State:-.

As far as the interim management committee list is worried who is accountable for the management and handling of the society, the society must minimum 7 members and this list can go upto 21 members. Simply for example in a credit cooperative society, if the society desires to make any scheme like gold loan, auto loan, repaired deposit loan, double deposit strategy, triple deposit plan or any special plan, the society has to give a prior 15 days notice to all its members by rate post, paper publication and so on. As per the guidelines of the MSCS Act 2002, an individual 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: -.

No part of the funds, various other than net profits of a multi-state cooperative society will be divided by way of perk 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 shall not be dealt with as net profits and such surplus shall be dealt with in accordance with the bye-laws. A multi-state cooperative society shall, out of 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 maintained by the National Co-operative Union of India Limited, New Delhi or transfer an amount not less than ten percent to a reserve fund for conference unforeseen losses.