Credit Co-operative society

What is a Multi-State Co-operative Society?

Multi-state co-operative societies are required to be registered under Multi State Cooperative Societies ACT, 2002. With objects of the society must be for serving the interests of members in more than one State. Multi-sate co-operative societies are formed by the group of individuals to promote their economic and social betterment and to provide functional autonomy.

What are the Types of a Multi-State Co-operative Society?

• Credit co-operative society.
• Housing co-operative society.
• Agriculture co-operative society.
• Marketing co-operative society.

How to Register a Multi State Credit Co-operative Society?

• Model Bye-Laws (four copies).
• Intensive inquiry letters for NOC.
• List of Promoter members.
• Min 7 board members and maximum 21 board members.
• Minimum 50 members from each state at least two states.
• Copy of pre-registration meetings resolution (about board, Capital, members, operations, i.e.).
• Proposed name of your multi-state cooperative society.
• Head office address to be registered.
• A certificate from the Bank stating the credit balance in favor of the proposed multi-state credit co-operative society.
• A detailed plan that how credit co-operative society will be beneficial for the social and economic betterment of its members and community as a whole.

Can We Raise Fund in a Multi-State Credit Co-operative Society?

• A Multi-sate co-operative society can accept deposits not more than the ten times of the paid up share capital and net reserves in a financial year.
• A 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 raise fund thru allotment of equity shares.