Co-Operative Business, Cooperative’s Membership, Cooperatives, Cooperative Society

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MULTISTATE CO-OPERATIVE SOCIETYINDIA
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HOW TO FORM?

• The Multi-State Cooperative Societies Act, 2002
  that substitutes the sooner statute of 1984,
  facilitates the incorporation of cooperative
  societies whose objects and functions touch too
  many states.

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HOW TO FORM?

• The Act provides for formation of each primary
  (with each individual and institutional members)
  and federal cooperatives (with solely
  institutional membership).

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HOW TO FORM?

• Any application for the registration of a
  multi-state cooperative society, of that all the
  members square measure people, ought to be signed
  by a minimum of fifty persons from every of the
  states involved.

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HOW TO FORM?

• Within the case of a society of that the members
  square measure cooperative societies, it ought to
  be signed by punctually approved representations
  of a minimum of five such societies registered in
  numerous states (Sec.6).

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HOW TO FORM?

• Their main objects shall be serving the interests
  of members in additional than one state and their
  by-laws shall give for social and economic
  betterment of their members through assistance
  and logistic assistance in accordance with
  co-operative principles (Sec. 7).

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HOW TO FORM?

• Otherwise, they are ineligible for registration.
  A multi-state co-operative society could be a
  body company with financial obligation (Sec.9).

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HOW TO FORM?

• In order to make sure money discipline, in depth
  provisions are enacted.
• No a part of the fund apart from net income shall
  be distributed among members (Sec.62). Investment
  of societys fund solely in recognized securities
  is permissible (Sec.64).

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HOW TO FORM?

• Contribution to political parties or loans to
  non-members or borrowing from external sources
  area unit prohibited.
• Annual auditing by recognized auditors is
  necessary (Sec.65).

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HOW TO FORM?

• Central Government could direct for special audit
  if it is of the opinion that the societys
  affairs are not being managed in accordance with
  the co-operative principles or prudent business
  practices (Sec.77).

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