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Credit Co-operative society

An autonomous group of people belonging to the same class willingly comes together to strive to be common economic, social and cultural objectives and criteria through a business that is jointly owned and democratically controlled by such citizens.

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Credit Co-Operative Society

An autonomous group of people belonging to the same class willingly come together to strive to be common economic, social and cultural objectives and criteria through a business that is jointly owned and democratically controlled by such citizens. It represents the society's willingness to help each other while maintaining the values of social responsibility and collective aid for the good of participants and income-generating is known as a credit cooperative society to be able to operate effectively over the long term.

Advantages of credit co-operative society

 Wellbeing is the primary motive of this group

➲ The credit cooperative societies have been influential in fostering economic welfare and a sense of self-sufficiency among the rural community and the less prosperous sections of society.

➲ Like banks and other financial institutions that strive at income development, cooperative societies align the unit's market longevity with the concept of genuinely helping members maintain financial stability.

Disadvantages

➲ Lengthy process of incorporation.

➲ Higher compliance requirements have to be fulfilled

Types of Co-operative Societies:

➲ Co-operative credit societies

  • Agricultural credit societies
  • Non- Agricultural credit societies

➲ Housing co-operative

➲ Consumer’s co-operative societies

➲ Marketing Co-operative societies

➲ Producer Co-operative

➲ Co-operative Farming societies

Pre-requisites for Registering a Credit Co-Operative Society

➲ Registered office address

➲ Minimum 7 board members

➲ Minimum 50 members

➲ Certificate form bank stating the credit balance in favour of the proposed society

Procedure for Registration of Credit Co-Operative Society

➲ Set the objective of the society

  1. To assure a state of mutual help in the place of competition OR
  2. To render services to your members instead of making profits

➲ Get 10 Individuals together who are desirous of forming a Society.

➲ A chief Promoter should be elected to form the formed provisional committee.

➲ Select a Name for the Society.

➲ Made an application for registration to the Registration Authority for name reservation.  The reserved name is valid for 3 months.

➲ The prospective members shall submit the entrance fee and share capital to proposed society.

➲ The proposed society should open a bank account in the proposed name as per the directions of the registration Authority. Collected entrance fees and share capital should be deposited in open account and the certificate from the bank has to be obtained in that respect.

➲ Fees of registration have to be deposited with the Reserve Bank of India and receipted 1challan thereof is to be obtained.

➲ For registration of the society application should be submitted to the Registrar of Societies of the concerned municipal ward. Following should be annexed with application:

a. The required form A

b. Signed form by 90% of the promoter members (in quadruplicate copies)

c. Promoters and members List

d. Certificate from Bank

e. A detailed explanation of working of the society.

f. Proposed bye-laws of the society (4 copies).

g. Registration charges receipt (proof).

9) Affidavits, indemnity bonds, any other documents specified by the Registrar also have to be submitted.

➲ Once registration is done the Registrar will enter the particulars in the register of application maintained in Form “B” and give the serial number and issue receipt in acknowledgement of the same.

➲ After registration, the Registrar will notify the registration of the Society in the Official Gazette and issue Registration Certificate.

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