Formation of co operative society

It is the statutory obligation cast upon the builder, where the builder acts as a friend, philosopher, and guide of the promoters and helps them in forming a Co- operative Housing Society. The builder under the Flat Owners type of co-operative society has the first right to act as the chief promoter.

Formation of co operative society

In relation to officers: The Commissioner and the Registrar are public officers designated by the Minister for that purpose. To enter into contract; B. To institute and defend suits and other legal proceedings brought in the name of or against the society; C. The committee shall ensure that any payment made by cheque has been signed by such officers as the bylaws authorise and the committee shall also be responsible for the custody of all monies belonging to the society.

It is required to hold regular meetings at which the following are done. The minutes of its previous meeting are considered and confirmed; 2. The accounts bank books and cash in hand are scrutinised and checked and its observation thereon recorded in the minutes; 3.

Formation of co operative society

Any loans due and owing to the society are considered and any action considered necessary in respect of such loans is authorised and recorded in the minutes; and 4. Any current business is conducted.

In the conduct of its affairs committee members are required to exercise the prudence and diligence of ordinary men of business and shall be held jointly and severally liable for any losses sustained through any of their acts which are contrary to the Act, the Rules, the Bylaws or the directions of any General Meeting.

It may delegate any of its duties to an officer or officers of the society but such delegation shall not absolve it from its responsibilities of running the affairs of the society in a proper and businesslike manner.FORMATION OF THE COOPERATIVE SOCIETY. 1. In relation to officers: Section 3 of the Cooperative Societies Act provides for officers of cooperative societies: (i)There is a Commissioner for Cooperative Development who is responsible for the growth and development of cooperative societies;.

Formation of a Co-operative Housing Society Posted on February 26, by society Blog 60 % of the Promoters are must be ready to form Co-op. Housing Society. Consumers' co-operatives are enterprises owned by consumers and managed democratically which aim at fulfilling the needs and aspirations of their members.

They operate within the market system, independently of the state, as a form of mutual aid, oriented toward service rather than pecuniary profit.

Consumers' cooperatives often . Part IXB inserted by the Constitution 97 th Amendment Act, talks about the “co-operative societies”. According to Article ZH(c) of the Indian Constitution “co-operative society” means a society registered or deemed to be registered under any law relating to co-operative societies for .

A co-operative society (at the State level) is formed under the special Act – the Co-operative Societies Act, (before that the Co-operative Societies Act, , was in force).

Thus, the co-operative society is formed and worked under the Co-operative Societies Act, The documents that need to be submitted to the Registering Authorities for Housing Co-operative Society Registration are as under: 1.

Formation of co operative society

Application for registration of Housing Co-operative Society in Form A along with Statement A. Enclosure to application for Registration as per Rule 4(1) of Maharashtra Co-operative Societies Rules, 2.

Formation / Registration of Co-operative Housing Societies - Ved Legal