Which act applicable for the multistate cooperative societies?
Certain Acts not to apply. Section 122. Central Government’s power to give directions to specified multi-State co-operative societies in public interest. Section 123….Language.
| Act ID: | 200239 |
|---|---|
| Act Number: | 39 |
| Enactment Date: | 2002-07-03 |
| Act Year: | 2002 |
| Short Title: | The Multi-State Co-operative Societies Act, 2002 |
How many members are required to start a multistate cooperative society?
Minimum 10 members are required to form a Society. Maximum number of members is not specified under Co-operative Societies Act. However member may specify the maximum number of members after the formation of the Society.
What is Multipurpose Cooperative Society?
Farmers Multipurpose Cooperative Society is one of the types of cooperative that organized by farmers with the objective of providing more than one service to themselves. It promotes integration of economic activities such as mobilizing capital to provide credit and inputs for agricultural production to members.
What are the benefits of multi state cooperative society?
The advantage of registering under the MSCS Act is similar to the benefits acquired by registering a company. A registered multi-state cooperative society has the privileges of limited liability, separate legal identity, and the ability of members to transfer their membership.
What is Multi-State Cooperative Act?
An Act to consolidate and amend the law relating to cooperative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of cooperatives as people’s institutions based on self-help and mutual aid and …
What are the legal status of cooperative society?
LEGAL STATUS: A co-operative Society is a body corporate registered under the applicable state Act with perpetual succession having a common seal. It can acquire, hold and dispose of properties, enter into contracts and it can sue and it can be sued.
How do I register for multistate society?
Form 1: To be submitted in the format annexed with the MSCS Act 2002 along with the documents required under Form I. A certificate from the bank stating credit balance there in favour of the proposed multi-state co-operative society.
What are the bylaws of a cooperative society?
Bye-laws include the objects of the society and completely define and restrict the society’s activities, but the rights and liabilities of members are determined by the Act and not by the bye-laws as such. The bye-laws are the basic structure of the society and are binding on the members.
Who can be member of Multi-State cooperative society?
In the case of a multi-State co-operative society of which the members are co-operative societies or multi-State co-operative societies and individuals, by at least, fifty persons, being individuals, from each of the two states or more; and.
Is it safe to invest in cooperative society?
It is recommended to avoid FDs in co-operative societies or co-operative banks given the recent case of PMC Bank even though they give better FD returns than Larger Banks.