Multi-State Co-operative Society
Under Multi State Cooperative Societies ACT, 2002, multi-state cooperative societies are required to be registered. It must be for the needs of society to serve members ' interests in more than one State. Group of individuals form multi-state co-operative societies in order to facilitate their economic and social development and to provide functional autonomy.
Types of a Multi-State Co-operative Society
- Credit co-operative society
- Housing co-operative society
- Agriculture co-operative society
- Marketing co-operative society
Register a Multi State Credit Co-operative Society
- Four copies of Model Bye-Laws
- Intensive inquiry letters for NOC
- Promoter members list
- Minimum 7 board members and maximum 21 board members
- Minimum 50 members from each state at least two states.
- Pre-registration meetings resolution copy (about board, capital, members, operations)
- Proposed name of your multi-state cooperative society
- Head office address to be registered
- The Bank's certificate stating the credit balance in favor of the proposed multi-state credit co-operative society
- A detailed plan that will support the credit cooperative society for the social and economic development of its members and the community as a whole.
Raise Fund in a Multi-State Credit Co-operative Society
- In a financial year, a multi-sate cooperative society may accept deposits not exceeding ten times the paid up share capital and net reserves.
- A multi-state cooperative society may issue non-convertible debentures up to 25% of its paid-up share capital. multi-State co-operative society can issue non-convertible debentures to the extent of twenty-five per cent of its paid-up share capital.
- A fund raise through the allotment of equity shares.
Cash Application
We will clarify that for all customer transactions we have a process in place to seek guidance on remittances. We record and apply all payments received in bank via ACH, wire or Check to the related invoices.