Function of Governing Body Members of Multi State:-.

As far the interim management committee list is concerned who are responsible for the management and handling of the society, the society needs to minimum 7 members and this list can go upto 21 members. Simply for example in a credit cooperative society, if the society desires to make any scheme like gold loan, auto loan, fixed deposit loan, double deposit strategy, triple deposit plan or any unique plan, the society has to give a prior 15 days observe to all its members by rate post, newspaper publication etc. As per the rules of MSCS Act 2002, an individual currently being a member of a society can not be a member of a multi state cooperative society of the exact same kind.

Management of a Multi State Cooperative Society: -.

No part of the funds, other than net profits of a multi state cooperative society shall be divided by method of reward or dividend or otherwise dispersed amongst its members. In case of multi state cooperative societies which do not have share capital, the surplus of income over expense will not be treated as net earnings and such surplus should be dealt with in accordance with the bye-laws. A multi state cooperative society shall, out of its net revenues in any year move an amount not less than twenty-five percent to the reserve fund, credit one percent to cooperative education fund preserved by the National Co-operative Union of India Limited, New Delhi or transfer an amount not less than ten percent to a reserve fund for conference unpredicted losses.

Time Taken for registration: -.

Usually, the maximum time period for a multi state cooperative society registration is 4 months. In case, the application gets an objection, in that case, the application can be filed again and in specific scenarios, the society registration can be done earlier also on the basis of earlier rejections or on political pressures. Registration, the amendment proposal is likewise filed in the Ministry of Farming. It takes typically three to four months. It is really unusual that change proposal is rejected. If we desire to increase our area of operation i.e. number of states or increase our authorized share capital or change our name or change our workplace address, we can submit change. The documents submitted along with change proposition are bank statement, audited account providing net earnings and turnover. The ministry needs justification and correct reasons why a society proposal ought to be changed.

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