Credit Co-operative society
Incorporation & Registration, NGO Registration, Company Compliances, Corporate Contract Drafting, Manage Finance & Accounting, Taxation, Government Mandatory Registration
3000 +
Happy clients
300 +
Advocate, CA, CS
10 +
Associates Offices
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Credit Co-operative society
A Credit or Multi-state Co-operative Society is basically a society that is registered or deemed to be registered under the “Multi-State Co-operative Societies Act, 2002. Any application for the registration of a multi-state cooperative society, of which all the members are individuals, should be signed by at least fifty persons from each of the states concerned. In the case of a society of which the members are cooperative societies, it should be signed by duly authorized representations of at least five such societies registered in different states (Sec.6). Their main objects shall be serving the interests of members in more than one state and their by-laws shall provide for social and economic betterment of their members through self-help and mutual aid in accordance with co-operative principles (Sec. 7).
Otherwise, they are ineligible for registration. A multi-state co-operative society is a body corporate with limited liability (Sec.9). In order to ensure financial discipline, extensive provisions have been enacted. No part of the fund other than net profit shall be distributed among members (Sec.62). Investment of society’s fund only in recognized securities is permissible (Sec.64). Contribution to political parties or loans to non-members or borrowing from external sources are prohibited. Annual auditing by recognized auditors is mandatory (Sec.65). Central Government may direct for special audit if it is of the opinion that the society’s affairs are not being managed in accordance with the co-operative principles or prudent commercial practices (Sec.77).
A Multi-state co-operative society can accept deposits not more than the ten times of the paid-up share capital and net reserves in a financial year. And a multi-State co-operative society can issue non-convertible debentures to the extent of twenty-five per cent of its paid-up share capital and can used to raise fund thru allotment of equity shares.
There are various forms of societies are available
1. Thrift and Urban Credit Cooperative Societies; 2. Agricultural Credit Co-operative Society; 3. Agricultural Non-Credit Co-operative Society; 4. Multi-purpose Co-operative Society; 5. Cooperative Banks; 6. Industrial Producers Co-operative Society; 7. Weavers Co-operative Society; 8. Labour and Construction Cooperative Society; 9. Industrial Processing Co-operative Society; 10. Motor Transport Co-operative Society; | 11. Industrial Service Co-operative Society; 12. Housing Finance Co-operative Society; 13. Consumers Co-operative Store; 14. Co-operative House Building Society; 15. Co-operative Group-Housing Society; 16. Co-operative Processing Society; 17. Marketing Co-operative Society; 18. Cooperative Union; 19. Cooperative Federation; 20. Cooperative Industrial Estate. 21. New Multipurpose Co-operative Society
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Our services for establish your Credit Co-operative Society:
- Company Name reservation.
- Proposed name of your multi-state cooperative society.
- Trademark search for business.
- Drafting MOA & AOA & Filling.
- MCA Government Fees & Filling.
- Corporate Identification Number (CIN).
- Model Bye-Laws
- A certificate from the Bank stating the credit balance in favor of the proposed multi-state co-operative society.
- A detailed plan that how co-operative society will be beneficial for the social and economic betterment of its members and community as a whole.
- PAN No. of company.
- NOC from the State
- Guaranteed licensing
- buy-laws
Required documents and criteria:
- Minimum 50 members.
- Minimum share capital to be raised Rs.2,00,000/-
- Copy of pre-registration meetings resolution (about board, Capital, members, operations, i.e.).Model Bye Laws (four copies)
- Intensive inquiry Performa
- List of Promoter members
- Copy of promotional meetings resolution, wherein resolving name of the Society, value of share money, admission fees, liabilities, total number of members of managing committee, annual submission fees etc.
- Certified copy of Incorporation Certificate.
- Certified copy of Memorandum of Association of the Company.
- Intensive inquiry letters for NOC.
- List of Promoter members.
- Head office address to be registered.
- Certified copy of Article of Association of the Company.
- Banker’s Report.
- PAN No. of company
- NOC from the State
- Guaranteed licensing
- Buy-laws
- Auditors report about receipt of minimum net owned fund.
A certificate of Chartered Accountant regarding details of group/associate/subsidiary/holding companies along with details of investments in other NBFCs as shown in the Performa Balance Sheet.
In Delhi, the present norms for formation of different kinds of societies are as under :-
Sl. No.
Category of Society
No. of minimum membership
Minimum share capital to be raised (in Rs.)
Area of operation
1.
Urban Bank
3000
4 crores
N.C.T. of Delhi
2.
Urban Credit Societies
(a) Salary Earner T/C Society
50
50000/-
Office/Establishment
(b) Urban credit (General)
50
Rs. Two Lakh
N.C.T. of Delhi
3.
Consumer Store
100
Rs. One Lakh
District
4.
Industrial (P) Cooperative Society
15
Rs. One Lakh
District
Handloom Coop. Industrial Society
15
25000/-
District
Leather Coop. Industrial Society
15
-do-
District
Women Coop. Industrial Society
15
-do-
District
Other weaker sections society
15
-do-
District
5.
Industrial Services society
15
50000/-
District
6.
Group Housing/ House Building Society
60
60000/-
N.C.T. of Delhi
7.
Agriculture service/credit society
50
25000/-
Rural villages
8.
Dairy, poultry, piggery society
15
25000/-
Rural villages
9.
Transport society
15
1,50,000/-
N.C.T. of Delhi
10.
Labour
15
50,000/-
N.C.T. of Delhi
11.
Security Service Society,
tourism society, Health Care, Water Harvesting
society, Environment Protection Society
15
50000/-
N.C.T. of Delhi
12.
Integrated Development Society
15
50000/-
N.C.T. of Delhi
13.
Multi-purpose Society for slum dwellers
30
3000/-
N.C.T. of Delhi
Source: Notification No.: F.37/(Policy)/RCS/142-150 dt. 19-10-2007
