What are the prerequisites for forming a cooperative society?
A Co-operative Society can be formed as per the provisions of the Co-operative Societies Act, 1912. At least ten persons above of 18 years, having the capacity to enter into a contract with common economic objectives, like farming, weaving, consuming, etc. can form a Co-operative Society.
What is the minimum number of founders required to register a cooperative society?
Registration in the Register of Cooperatives Societies. Partners: if its first degree, a minimum of 3 is required (either natural or legal persons). If it is second degree (formed by Cooperative Societies) the minimum will be two.
What is compulsory for cooperative society?
Yes , registration of a cooperative society is compulsory under the Cooperative Societies Act , 1912.
How is the formation of cooperative society Easy?
Easy Formation: The process of setting up a cooperative society is simple. A voluntary consent of at least ten adult persons is required to form a cooperative society. The capital of a society is raised from its members through the issue of shares. The society acquires a distinct legal identity after its registration.
Who can be a member of a co-operative society?
No company incorporated or registered under the Companies Act (Cap. 486), and no unincorporated body of persons shall be entitled to become member of a co-operative society, except with a written authorisation through a resolution by a general meeting of that co-operative society.
What is the procedure of cooperative society?
Procedure for Registration The list of members classified state-wise, along with the name, address and date of birth of each member (The registration will be allowed if there are at least fifty members for every state.) Copies of Aadhar Card and PAN Card for all members, attested by the promoter of the society.
Who govern the cooperative society?
3. The Registrar. —The 3 [State Government] may appoint a person to be Registrar of co-operative Societies for the 4 [State] or any portion of it, and may appoint persons to assist such Registrar, and may, by general or special order, confer on any such persons all or any of the powers of a Registrar under this Act.
What are the legal status of cooperative society?
LEGAL STATUS: A co-operative Society is a body corporate registered under the applicable state Act with perpetual succession having a common seal. It can acquire, hold and dispose of properties, enter into contracts and it can sue and it can be sued.
How do you form a society?
A Society can be created by a minimum of 7 or more persons. Apart from persons from India, companies, foreigners, as well as other registered societies can also register for the Memorandum of association of the society. Similar to Partnership firms, society can also be either unregistered or registered.
What are the laws of the Co-operative Society?
The laws governing the societies are “THE co-operative societies act, 1912 [1] ” which is a central Act formed by the Union with the liberty to the concerned states to form their State Act governing the societies to suit their local conditions but the condition being that it should not be in derogation to the central Act.
What are the requirements for forming a co-operative?
The requirements for forming a Co-operative are: 1. The minimum number of persons required to form a Co-operative is ten (10). 2. The Group should elect a Steering Committee from its members. The Steering Committee should be an odd number of persons (i.e. five (5), seven (7) or nine (9).
What are the advantages and disadvantages of a cooperative society?
Societies like any other business structure come with certain advantages and disadvantages, they are: Cooperative stores supply quality goods unlike other shops wherein adulterated foods maybe given to its consumers and thus saved them from adulteration and other malpractices.
How many members do you need to register a society?
Along with the form type of the society they want to register, proposed bylaws of that society, number of members, chief promoters name and address. The application must be signed by not less than 10 persons or by a number of members depends upon nature of the Societies.
