- Four copies of proposed Bye-Laws ;
- List of contributors to the share capital including List of contributors to the share capital including details of the amount contributed by each member;
How do I register a Multipurpose Cooperative Society in Nigeria?
- A certified copy of the Resolution passed at the first meeting of the group with the Province Cooperative Officer (PCO).
- Feasibility study report on how the Society operates.
- Four copies of proposed by-laws of the Society.
- Letter of intent (to join the society) from prospective members.
What is multi-state cooperative?
The term Multi-State Cooperative Society has been defined under Section 3(p) of MSCS Act 2002. The definition states that multi-State co-operative society is
a society which is registered or is deemed to be registered under this act
.
Who controls multi-state cooperative society?
Administrative and financial control of these societies is with
the central registrar
, with the law making it clear that no state government official can wield any control on them. Since the law was enacted, 1,479 such societies have been registered, of which 9 have been deregistered since.
What are the 3 types of cooperatives?
- 1) Retail Cooperatives. Retail Cooperatives are a type of “consumer cooperative” which help create retail stores to benefit the consumers making the retail “our store”. …
- 2) Worker Cooperatives. …
- 3) Producer Cooperatives. …
- 4) Service Cooperatives. …
- 5) Housing Cooperatives.
How do I start a co op bank?
- Ten Individuals together who are desirous of forming a Society. …
- Formation of a Provisional Committee in order to select Chief Promoter. …
- A Name for the Society has to be selected. …
- Application has to be made to the Registration Authority. …
- Entrance fees and share capital. …
- Bank Account. …
- Application for registration.
How much does it cost to register a cooperative society in Nigeria?
How much does it cost to register a cooperative? It costs
Ten Thousand Naira (N10,000)
to register a cooperative in Nigeria. After payment, you get a letter of recognition as a license for three years before you get a certificate of registration as a legal entity.
What is the minimum number of members required to form a cooperative society?
A minimum of
ten members
are required to form a cooperative society. The Co operative societies Act do not specify the maximum number of members for any co-operative society.
Where can I register a cooperative?
For registration of primary cooperatives, this power has been delegated to
the Regional or Extension Offices
. Prospective cooperatives must submit their application to the CDA Extension Office where the principal office of the cooperative is located.
What are the benefits of a multi state cooperative society?
The advantage of registering under the MSCS Act is similar to the benefits acquired by registering a company. A registered multi-state cooperative society has the
privileges of limited liability, separate legal identity, and the ability of members to transfer their membership
.
What are the bylaws of a cooperative society?
Bye-laws include
the objects of the society
and completely define and restrict the society’s activities, but the rights and liabilities of members are determined by the Act and not by the bye-laws as such. The bye-laws are the basic structure of the society and are binding on the members.
Is Iccsl registered under RBI?
The society is
registered under Government of India, Multi-States Cooperative Societies Act 2002
with registration No. … ICCSL follows all existing parameters of fund sufficiency and is bound to pursue those formed by Government of India.
Is Multi State Co-operative society safe?
Yes
, because Government of India has framed the laws/rules to ensure the security and safety of deposits and United Multi State Credit Co-Operative Society strictly abides by the rules and regulations framed by State Government.
What is surcharge in cooperative society?
Surcharge – Surcharge is
12% of income-tax if net income exceeds Rs
. … It is subject to marginal relief (in the case of a co-operative society having a net income of exceeding Rs. 1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs.
What are the disadvantages of cooperative society?
- Limited Resources: The financial strength of cooperative societies is low due to limited supply of capital. …
- Incapable Management: …
- Lack of Motivation: …
- Rigid Business Practices: …
- Limited Consideration: …
- High Interest Rate: …
- Lack of Secrecy: …
- Undue Government Intervention:
Who owns a cooperative?
Most simply put, a cooperative is a business 1)
voluntarily owned by the people who use it
, and 2) operated for the benefit of its members. Regardless of the goods and services provided, co-ops aim to meet their member’s needs.
How do coops make money?
Like commercial concerns, cooperatives are financed in a variety of ways. They may get their
operating funds from membership fees, common or preferred stocks, bonds
, by borrowing from banks, or from other sources.
Do cooperative societies pay tax in Nigeria?
Taxes.
Cooperative Societies are exempt from payment of company income tax
on the profit or income generated from its activities including shares or interest held in other entities.
What is the difference between Cooperative Society and Cooperative Bank?
In the first, the members of the bank are the co-operative societies only. However, in the second, the members
can be co
-operative societies as well as individuals. The central co-operative banks lend money mainly to the affiliated primary societies with typical loan tenure lending between 1 to 3 years.
Under which act cooperative banks are registered?
CO OPERATIVE BANKS IN INDIA ARE REGISTERED UNDER
THE CO- OPERATIVE SOCIETIES ACT
. THE COOPERATIVE BANK IS ALSO REGULATED BY THE RBI.
What are the qualifications to be a member of cooperative?
Qualification for Membership – The membership of this Cooperative is
open to all natural persons, Filipino citizen, of legal age, with capacity to contract
and, within the common bond and field of membership as described in R.A. 9520.
How long does it take to register a cooperative?
On average it takes
2 to 4 weeks
for the registration process to be completed, if all forms and the constitution is completed correctly. When the co-operative is registered, the Secretary will receive the certificate of registration and the registered constitution, through the post.
What if society is not registered?
In the absence of registration, all the trustees in charge of the fund have alone a legal status and the society has no legal status, and, therefore,
it cannot sue and be sued
. A non-registered society may exist in fact but not in law. … An unregistered society cannot claim benefits under the Income-tax act.
What is the maximum number of members that can be in cooperative societies?
Co-operative society is a voluntary group of people formed in order to meet the common goal and hence the business is managed as well as services are used by same group of people. the minimum number of member is 10 for co-operative society while
there is no limit on the maximum number of members
.
How many members can a cooperative have?
– A cooperative may be organized and registered by
at least fifteen (15) persons
for any or all of the following purposes: aisa dc (1) To encourage thrift and savings mobilization among the members: (2) To generate funds and extend credit to the members for productive and provident purposes; (3) To encourage among …
What is the certificate of registration of a cooperative?
The prospective cooperative acquires its juridical personality upon issuance of a Certificate of Registration . A Certificate of Authority shall be issued by
CDA
to cooperatives applying for the establishment of a branch office upon compliance with the requirements.
What are the types of cooperative society?
- 1] Producer Cooperative.
- 2] Consumer Cooperative.
- 3] Credit Unions.
- 4] Marketing Cooperative Society.
- 5] Housing Cooperative Society.
Which article reveals about the formation of multistate cooperatives?
While
Article 19(1)(c)
guarantees freedom to form association or unions or cooperative societies subject to certain restrictions, Article 43 B says that states shall endeavour to promote voluntary formation, autonomous functioning, democratic control and professional management of cooperative societies.
Which is the best cooperative society in India?
- Amul.
- Horticultural Producers’ Cooperative Marketing and Processing Society (HOPCOMS)
- Indian Coffee House.
- Indian Farmers Fertilizer Cooperative Limited (IFFCO)
- Kerala Dinesh Beedi workers’ Central Co-op Society.
- Karnataka Milk Federation(KMF)
Do cooperatives pay tax?
Cooperatives are usually subject to all other taxes on the same basis of other businesses.
Cooperatives pay sales tax, payroll taxes, license, property and excise tax
. In some states cooperatives are exempt from corporate franchise taxes which are taxes on the net worth of corporations.
What is CDA registration?
Registration with the Cooperative Development Authority (CDA) … The Cooperative Development Authority (CDA) is
a government agency which registers all types of cooperatives in the Philippines
. In order to qualify, you must have at-least 15 members in your proposed cooperative.
Who is the present Registrar of Cooperative Societies of Kerala?
Sri. P. B. Nooh IAS
Registrar of Co-operative Society – KERALA CO-OPERATIVE DEVELOPMENT & WELFARE BOARD FUND.
Are cooperative societies covered under RTI?
(h) (a) of RTI Act, any cooperative society has become an ‘authority’ or ‘body’ or “institution of self-government” established or constituted by or under the Constitution and hence it comes under the ambit of the RTI Act. … Correspondingly,
cooperative societies have come under the RTI Act
.
Can family members be members of co-operative society?
Sir please clarify whether at the time of registration or after registration of a cooperative society,
2 or more member of same family can be member in one cooperative society
. … Sir no other provisions of the above Regulations restrict or disqualifies member of same family for admission in any cooperative society.
Can a cooperative society be a bank?
Accordingly, co-operative societies cannot use the words “bank”, “banker” or “banking” as part of their names,
except as permitted under the provisions of BR Act, 1949
or by the RBI,” the RBI said.
Can a cooperative society become a banker?
Co-operative
Societies do not possess banking license
and are formed with the object of promotion of economic interests of its members. Hence, co-operative societies can maintain accounts and accept deposits from its members only.
Is it safe to deposit in Iccsl?
HIGH INTEREST SAVINGS DEPOSIT
Being one of the most accepted credit co-operative societies in India, ICCSL renders the best financial products to their members. Starting from basic products to the exclusive ones, ICCSL ensure that our members get secure investments along with high interest on their investments.
