A cooperative society is not a new concept. It prevails in all the countries; this is almost a universal concept. The cooperative society is active in all countries worldwide and is represented in all the sectors including agriculture, food, finance, healthcare etc.
To protect the interest of weaker sections, the co-operative society is formed. It is a voluntary association of persons; whose motive is the welfare of the members.
Features of a Cooperative Society
Types of Cooperative Society
Step 1: Ten Individuals together who are desirous of forming a Society
To form a society, law mandates that 10 members minimum must show intention to be part of the society having same aim and objective to be achieved through the society for their mutual benefit and thereby be desirous to be part of it.
Step 2: Provisional Committee to select Chief Promoter
Once a group of individuals have a desire to form a society the next step should be there must be a provisional committee of which everyone is part of and all of them should by mutual consent or by majority whichever their prefer must choose a person who will be a chief promoter of the society which is going to be formed by them.
Step 3: A Name for the Society has to be selected
Thereafter once a chief promoter is selected by set of individuals among them, they have to select a name for the co-operative society which they wish to form.
Step 4: Application has to be made to the Registration Authority
Once the name of the society is selected by the members then they have to make a application to the registration authority stating that they have a intention to form a society and the name of the society has to be given to the authority for its approval and registering authority has to confirm that name is in conformity with laws and issue a confirmation certificate to the members. Then when the members get their name approval from the authority it is valid for 3 months from the date of approval.
Step 5: entrance fees and share capital
Thereafter once name approval comes from the concerned authority, the entrance fee and the share capital must be collected from the concerned prospective members to meet the statutory requirements under law and it can be prescribed by the members themselves or society act mandates certain fees to be paid by them.
Step 6: Bank Account
Thereafter once the prescribed fee and share capital is collect from the prospective members, then as per the directions of the registering authority promoter has to open a bank account in the name of the society and deposit the said fees and share capital in that account and a certificate has to be obtained from the bank to that effect.
Step 7: Application for registration
Once the bank formalities are completed then the promoter has to apply for the society formation to the registration authority and it has to be accompanied with set of documents, they are
Form No. A in quadruplicate signed by 90% of the promoter members
A multi-state Cooperative Society means a society registered or deemed to be registered under the Multi-State Cooperative Societies Act, 2002 and includes a national Cooperative society or a Federal Cooperative.
National Cooperative Union of India (NCUI) and National Cooperative Development Corporation (NCDC) are the important agencies working for promotion of cooperative movement in India.
Laws regulating Cooperative Societies in India are: (a) State Cooperative Societies Acts of individual states (b) Multi-State Cooperative Societies Act, 2002 for the multi-state Cooperative societies with Area of operation in more than one State.
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