CO-OPERATIVE SOCIETY
A co-operative society is often a voluntary association of individuals who come together with the intention to work together and to promote their economic interest. These societies work on the principle of self-help as well as mutual help. The primary goal is to provide support to the members. Nobody leaves a co-operative society without earning a profit. People of the same interest come forward as a group, pool their resources, utilize these resources in the best possible manner and derive a common benefit out of it. It is an association of persons who voluntarily share their resources for using them for the mutual welfare of its members itself. A co-operative society is formed for the promotion of thrift, self-help and mutual assistance of the members.
Objectives of Co-operative Societies
- Promotion of cooperative movement.
- To encourage and promote the growth of co-operative societies.
- Render services, not for profit.
- Mutual help, not competition.
- Self-help, not dependence.
Eligibility
- An individual competent to contract, attained majority and is of sound mind and belongs to a class of persons if any for whom the society is formed as per its bye-laws.
- A society registered or deemed to be so under the Co-operative Societies Act.
- The Central Government and any State Government, or the Government of a Union Territory
Types of Co-operative societies
- Housing Society
- Producer’s Society
- Agricultural Marketing Society
- Consumers Society
- Co-operative Bank
- Federal Society
Laws Regulating Co-operative Societies
- State Co-operative Societies Acts of individual states.
- Multi-State Co-operative Societies Act, 2002 for the Multi-State Co-operative Societies with an area of operation in more than one state.
Documents Required
Members
- Minimum number of members is 10
- PAN of all the members
- Aadhaar Card of all the members
- Valid Residential proof of all the members via Bank Statement, Driving License, Aadhaar Card, Utility Bill and Passport
- Photograph
- Digital Signature
For Registered Office
- Address Proof of the registered office of the society
- NOC from the owner of the building in which registered office is situated
- List of all the members of the governing body with their signatures
- Declaration by the society’s president that he is willing and competent to hold the stated position
Other Details
- Main Object and Name Options
- Capital Contributed
- Ratio of share between partners
- Email ID
- Member’s Educational Qualifications
- Phone number
- Duties and Responsibilities of Members
*Cost of Stamp paper as per Government rules
Deliverables
- Pre Registration Consultation
- Society by law
- Society Registrations Certificate
- Support for Bank account opening
- PAN card
- TAN card
- Digital Signature of Trustee
- Post Registrations consultation