Kinds of multi state cooperative societies and requirements: -
A
multi state cooperative society is of different kinds- Credit, Housing, Farming, Transportation, Medical facility, Sugar, Stores, Fishery, Handloom, Labor, Customer and Multi Function Co-operative Society. The standard formalities for forming this society is to arrange at least 50 members from two states each.
Role of Governing Body Members of Multi State:-.
As far the interim management committee list is worried who are responsible 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, fixed deposit loan, double deposit plan, triple deposit strategy or any unique scheme, the society has to offer a prior 15 days notice to all its members by rate post, paper publication and so on. As per the regulations of MSCS Act 2002, an individual already being a member of a society can not be a member of a
multi state cooperative society act 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 method of bonus offer or dividend or otherwise dispersed among its members. In case of multi state cooperative societies which do not have share capital, the surplus of income over expense shall not be dealt with as net revenues and such surplus shall be dealt with in accordance with the bye-laws. A
multi state cooperative society shall, out of its net earnings in any year transfer a quantity not less than twenty-five percent to the reserve fund, credit one percent to cooperative academic training fund kept by the National Co-operative Union of India Limited, New Delhi or move a quantity not less than ten percent to a reserve fund for meeting unpredicted losses.
