Defination of a multi state cooperative society: -
A multi state cooperative society is registered from the center i.e. Delhi. The co-agent social orders, with short articles not kept to one state and serving the hobbies of parts in even more than one state for financial and social improvement of its parts with self enhancement and common assistance as per the co-agent standards are acknowledged as Multi State Cooperative Societies.
Types of multi state cooperative societies and guidelines: -
A multi state cooperative society is of numerous types- Credit, Housing, Agriculture, Transportation, Healthcare facility, Sugar, Stores, Fishery, Handloom, Labor, Customer and Multi Function Co-operative Society. The fundamental formalities for forming this society is to organize a minimum of 50 members from two states each. There can be more than 50 members too however each added state requires a minimum of 50 members from that state. These first fifty members are regular members who have voting right and to whom shares are set aside. The 2nd category of members are nominal members to whom shares are not set aside, who do not have ballot right and who never ever participate in any of the general body meetings.
Duty of Administration Members of MultiState:-.
As far the interim management committee list is worried who are 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 wants to make any plan like gold loan, car loan, fixed deposit loan, double deposit plan, triple deposit strategy or any special plan, the society has to give a prior 15 days see to all its members by rate post, paper publication etc. As per the guidelines of 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 same kind.
Management of a MultiState Cooperative Society: -.
No part of the funds, various other than net profits of a multi state cooperative society should be divided by means of perk or dividend or otherwise distributed among 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 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 an amount not less than twenty-five percent to the reserve fund, credit one percent to cooperative academic training fund maintained 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.
Time Taken for registration: -.
Usually, the maximum 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 again and in certain conditions, the society registration can be done earlier also on the basis of earlier rejections or on political pressures.
Besides registration, the change proposition is also filed in the Ministry of Agriculture. It takes generally 3 to four months. It is really uncommon that change proposition is turned down. We can file change if we wish to increase our location of operation i.e. number of states or increase our authorized share capital or alter our name or alter our office address.
The documents filed in addition to amendment proposal are bank statement, audited account providing net earnings and turnover. The ministry needs justification and proper reasons why a society proposal should be amended.
Advantages of a multi state cooperative society: -.
Overall, a multi state cooperative society is a beneficial option for all realty companies, public restricted, private limited and chit fund companies where almost saturation has reached. This Centre Act has actually been passed by the parliament in the year 2002. The goal of the multi mention society is to help with the voluntary formation and democratic functioning of cooperatives as peoples institutions based on self help and mutual help and enable them to advertise their financial and social betterment and to assuming practical autonomy.
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