cooperative

The societies, whose primary location is to serve the investment in a certain State, are legislated by the Cooperative Societies Act of that particular State. While a society whose concept targets are to serve the diversions of its members in even more than one State, are enacted laws by the Multi State Cooperative Societies Act, 2002.

The Multi State Cooperative Societies Act, 2002 which replacements the previous statute of 1984, encourages the consolidation of valuable members whose capabilities and posts spread over to a few states. The Act accommodates establishment of both important (with both institutional and individual parts) and chosen cooperatives (with just institutional involvement).

Files required for the registration of multi state cooperative society:-.

1. Four copies of the proposed Bye-laws of the Multi-state cooperative society, appropriately signed by each of the individuals who sign the application.

2. Details containing name of the suggested multi-state cooperative society,.

Address of headquarter to be signed up, location of operation and main goals.

3. A list of individuals who have contributed to the share capital, together with the quantity contributed by each of them, and the admission cost paid by them.

4. A certificate from the Bank specifying credit balance in favor of the recommended multi state cooperative society.

5. A scheme revealing the information describing how the working of the multi-State co-operative society will certainly be financially sound and the registration of such multi-State co-operative society will be useful for social and economic improvement of its members with self-help and mutual aid in accordance with the co-operative concepts.

6. The certified copy of the resolution of the promoters which shall specify the name and address of among the applicants to whom the Central Registrar could attend to correspondence under the rules prior to registration and send off or hand over registration files.

It normally takes 4-5 months for the registration of a cooperative society under MSCS Act 2002. If any objections happens in the file, we are given a date for hearing. If the worried promoter member is able to justify the deficiencies in his file, the proposition is authorized otherwise, we need to resubmit the proposal.

Liability:.

1) Liability of the members will be restricted to the share capital subscribed by them;.

2). Liabili