multi state cooperative society

Role of Governing Body Members of Multi State:-.

As far the interim management committee list is concerned who are responsible for the management and handling of the society, the society may want to minimum 7 members and this list can go upto 21 members. After the 97th Constitutional Modification Act 2011 from February 2013, it is mandatory to keep 2 women and 1 extra member who belongs to Scheduled Caste or to Scheduled Tribe in the major governing body list. Till today, there are 900-950 Multi State Cooperative Societies out of which optimum are credit. The governing body members participate in annual general body conferences, special basic body conferences, resolutions, notification, quorums and so on
. Just for example in a credit cooperative society, if the society wishes to make any plan like gold loan, vehicle loan, repaired deposit loan, double deposit strategy, triple deposit strategy or any unique scheme, the society needs to provide a prior 15 days discover to all its members by speed post, newspaper publication etc. After 15 days, the general body conference is performed. The meeting can just take place if the quorum is one-fifth of the overall members present and voting during the resolution. The signatures of the governing body members in addition to common members present and voting are absorbed the minutes book and kept for future records. The special basic body meeting can be performed by giving a notification of a minimum of seven days. A society should perform a minimum of 4 basic body meetings in every financial year. In every financial year, the society may want to employ a chartered accountant in a basic body conference by passing a resolution. This CA looks after the accounts of the society and submits the account and income tax return. The societies except Credit, multi state Housing and Multi Function can accumulate 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. Additionally as per the policies of MSCS Act 2002, an individual already being a member of a society can not belong to 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 earnings of a multi state cooperative society will be divided by means of bonus offer or dividend or otherwise distributed amongst its members. In case of multi state cooperative societies which do not have share capital, the surplus of earnings over expense shall not be treated as net earnings and such surplus will be dealt with in accordance with the bye-laws. A multi state cooperative society shall, out of its net profits in any year move an amount 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 unanticipated losses.

Time Considered registration: -.