Formation Process of Cooperative Society
The cooperative society can be formed and registered under the Cooperative Societies Act, 1925. The Registrar of Cooperative Societies has the powers for the registration of a society. Formation Process of Cooperative Society
Conditions for Registration:
A Society can be registered subject some conditions, which are as follows:
1. Object:
The object must be promotion of the economic interest of members. Formation Process of Cooperative Society
• The method of securing this object must be in accordance with cooperative principles
. 2. Liability:
The members have to decide about the liability. The liability may or unlimited depending upon the nature of the objects.
3. Personal:
• Minimum ten persons are required to form cooperative Society. The members must be adult.
• Where the object is the creation of common fund out of which loans may be granted, the members must come from the particular locality.
4.Procedure of Registration:
The following is the procedure of registration:
- An application signed by intending members must be given to the registrar.
- The application for registration must be accompanied by 3 copies of the proposed bye-laws.
- The applicants provide other information required by the registrar.
- Every application for the registration of a society must be in the Form.
- The application shall state the name of the proposed society, its objects and particulars of share capital.
Registration:
If the Registrar is satisfied with the objects and bye-laws of the proposed society, he may register the society
Evidence of Registration:
On registration, the registrar shall issue a certificate of registration, which shall be conclusive evidence that the society is duly registered
Effects of Registration:
Once the society is registered, it becomes an Dfa ho artificial person created by law with permanent life. It gets the right to hold property and to enter into agreement with others. After the registration, it can admit new members and commence its business.
