The Multi-State Co-operative Societies Amendment Bill, 2022

The proposed step is in the right direction to not only aid in their functional autonomy but also advancement of the economic and social well-being of its members. Sugar industry experts spoke of a mill in Sangli, which was registered under the central Act and then privatised after the then board of directors passed a resolution. This mill was among the 68 sold off by the Maharashtra State Cooperative Bank for defaulting on loans. Taking advantage of the multistate status, the mill declared itself as a sick unit before it was auctioned off.

After this, entrance fees and share money has to be deposited in the bank account and the Certificate from the bank has to be obtained in this respect. Co-operative Housing Society Co-operative Housing Society is mainly formed to provide residential houses to the members. Under this, they purchase land, develop it and construct houses or flats and allot the same to the members.

There have been instances across the country when credit societies have launched ponzi schemes taking advantage of these loopholes. Such schemes mostly target small and medium holders with the lure of high returns. Fly-by-night operators get people to invest and, after a few instalments, wind up their operations. In Maharashtra, the state commissioner used to get multiple complaints of this nature but could not take any action, given the lack of ground staff necessary for verifying the antecedents of such societies. Four copies of the proposed bye-laws of the multi-State co-operative society. In the case of a multi-state Cooperative society of which all the members are individuals, by at least fifty persons from each of the states concerned.

Drishti Specials

A Co-operative Rehabilitation, Reconstruction and Development Fund will be established for the revival of sick multi-state co-operative societies. The Fund will be financed through contributions by profitable multi-state co-operative societies. A certificate to the effect that the credentials of the Chief Promoter/Promoters have been verified by the Registrar of Co-operative Societies of the state where the head office is proposed to be located.

FORMATION AND REGISTRATION OF A MULTI-STATE CO-OPERATIVE SOCIETY

The Multi-State Co-operative Societies Act of 2002 Act requires cooperatives from multiple states to register. It is expected that the Ministry of Cooperation will have a larger development role as compared to the regulatory role. Full name, Designation, Address, Contact details of a person who presides the Special General Meeting and General Meeting. Full name, Designation, Address, sbi fastag kyc Contact details of an authorized signatory to be depicted while attesting the documents of the Society. Name, address, contact details of the Chief Executive Officer/ President/ Chairman/ Managing Director, etc. For Multi-State Co-operative Societies, the basic important points for registration of amendments to the Bye Laws are as below with effect from 1st August, 2018.

It establishes the Co-operative Election Authority to conduct and supervise elections to the boards of multi-state co-operative societies. No objection Certificate from the Registrar of Cooperative Societies of the States/U.T. Where the area of operation of the society is proposed to be confined. To organize cooperative education programs for its members, employees, and directors. To remove the plethora of different laws governing the same types of societies. By the cooperatives at various levels, generating more employment. These societies will act as national nodal points for production, procurement, processing, branding, labelling, packaging, storage, marketing and distribution of quality seeds.

Characteristics of Multi State Cooperative Society Registration

As one of the DPSPs, the promotion of cooperative societies was added (Article 43-B). The ability to establish cooperative societies is a part of the right to freedom under the 97th Amendment (Article 19). Societies with operations in multiple states are referred to as multi-state cooperatives.