Discuss in detail the conditions for Registration of Cooperative Society.
Discuss in detail the conditions for Registration of Cooperative Society.
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The registration of a cooperative society in India is governed by the respective state's Cooperative Societies Act, which outlines the conditions and procedures for forming and registering a cooperative society. While specific requirements may vary slightly between states, certain fundamental conditions are typically common across all jurisdictions:
Minimum Number of Members: Generally, a minimum number of individuals are required to come together to form a cooperative society. This number varies depending on the type of cooperative and the state's regulations but typically ranges from 10 to 20 members.
Eligibility Criteria: Members intending to form a cooperative society must meet certain eligibility criteria, which may include being of legal age, of sound mind, and not disqualified by law from being a member of a cooperative society. Additionally, some states may have specific requirements related to residency or occupation.
Common Objective: The members must share a common objective or purpose for forming the cooperative society. This objective could be to collectively address socio-economic needs, promote mutual aid and cooperation, or undertake a specific business activity for the benefit of the members.
Registration Application: The promoters of the cooperative society must prepare and submit an application for registration to the Registrar of Cooperative Societies, along with the required documents and fees. The application typically includes details such as the proposed name of the society, its objectives, proposed bylaws or rules, and a list of members.
Bylaws or Rules: The cooperative society must have a set of bylaws or rules that govern its internal operations, management structure, rights and duties of members, procedures for decision-making, and other relevant matters. These bylaws must comply with the provisions of the Cooperative Societies Act and any guidelines issued by the Registrar.
Name Approval: The proposed name of the cooperative society must be unique and not similar to the names of existing registered societies or other entities. The Registrar may require the promoters to propose alternative names if the proposed name is found to be already in use.
Approval by Registrar: Upon receipt of the registration application and necessary documents, the Registrar scrutinizes the application to ensure compliance with legal requirements. If satisfied, the Registrar grants registration to the cooperative society and issues a Certificate of Registration.
Capital Contribution: Members are usually required to contribute a certain amount of capital to the cooperative society as a condition of membership. This contribution may vary depending on the type and size of the cooperative society and is often specified in the bylaws.
Overall, the registration process for a cooperative society entails fulfilling various legal requirements, submitting the necessary documents, and obtaining approval from the Registrar of Cooperative Societies, thereby laying the foundation for the lawful existence and operation of the cooperative.