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7 March 2020 Business ≈ Business Ideas

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.

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.

Perks of a multi state cooperative society: -.

Generally, a multi state cooperative society is an useful alternative for all real estate companies, public limited, private restricted and chit fund business where practically saturation has reached. This Centre Act has been gone by the parliament in the year 2002. The mission of the multi mention society is to facilitate the voluntary formation and democratic functioning of cooperatives as peoples institutions based upon self help and mutual aid and allow them to promote their financial and social betterment and to offer functional autonomy.

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Types of multi state cooperative societies and requirements: -

A multi-state cooperative society is of different kinds- Credit, Housing, Farming, Transport, Healthcare facility, Sugar, Stores, Fishery, Handloom, Labor, Consumer and Multi Purpose Co-operative Society. The standard formalities for forming this society is to organize at least 50 members from two states each.

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.

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