Artha Tatwa Multi State Credit Cooperative Society ltd
Good morning sir, \kindly give the information about safety investment in Artha Tatwa Multi State Credit Cooperative Society ltd
Any investment in a cooperative organisation faces higher risks as compared to a bank, where deposits up to One Lac are guaranteed.
I was elected in XYZ Bank but before election, a question with respect to loans was raised. It said “no loan should exist in the name of Director or his relatives”.
My victory was denied to me as they issued a letter containing names of the borrowers and in that my sister’s husband stood as a guarantor in one of the cases.
They insisted that I should pay the entire loan amount and change the guarantor before Annual General Meeting, otherwise they would disqualify as Director.
Later they carried out there threat and I lost the post. Is this a fair approach? Kindly provide me with the existing rules on the issue?
Ca Razak Jankhwala
The disqualifications are listed out in the Bye Laws of the Society and are binding. So please check it in the Bye Laws
Documents needed for Multi State Cooperative Societies
This is with reference to the registration process of a multistate cooperative society, as I visited your website I felt glad that you will help me in completing documentation part for applying MSCS. A few of my queries are as follows
Why is it necessary for a society to be registered under the Multi-State Co-operative Societies Act, 2002 ?
If yes what certificates are needed?
If you could send the scanned copy of documents it will be of a great help.
Waiting for your cooperation and support
Prasanna Kumar Pattnaik
Amalapada street, Phulbani
Kandhamal, Odisha – 762001
I C Naik
1. Advantage of a registered Society is the registration renders it a body corporate by the name under which it is registered having perpetual succession and a common seal, and with power to acquire, hold and dispose of property, both movable and immovable, enter into contract, institute and defend suits and other legal proceedings and to do all things necessary for the purpose for which it is constituted, and shall, by the said name, sue or be sued.
2. No certificate is intended to be issued for any of Sub-Clauses b, c, and d of Section 7 of The Multi-State Cooperative Societies Act, 2002, though it could be of any person, ready to hold himself accountable to prove the correctness of the content of the certificate to the satisfaction of the Central Registrar to the following effect.
(b) The proposed multi-state cooperative society satisfies the basic criterion that its objects are to serve the interests of members in more than one state;
(c) Its bye-laws provide for social and economic betterment of its members through self-help and mutual aid in accordance with the cooperative principles;
(d) That the proposed bye-laws are not contrary to the provision of this Act and the rules,
3. “How the proposed multi-State co-operative society has reasonable prospects of becoming a viable unit” – should be visible in the purposes for which a society is being registered and is a matter of fact differing in every society from any other.