FORMATION OF CO-OPERATIVES UNDER KARNATAKA SOUHARDA SAHAKRI ACT, 1997
· There should be at least ten persons.
· These persons should be from different families.
· These persons should be competent to enter into a contract under the Indian contracts Act 1872.
· He should reside in the area of operation of the Cooperative.
· He should be eligible as per the bye-laws of the proposed Cooperative.
· Any individual, firm, company or any other body corporate can become member of the Cooperative.
· Any Cooperative registered under this Act (For Union cooperative) or Societies registration Act 1860.
· The object of the Cooperative should be promotion of economic interests or general welfare of the members or the public, in accordance with the co-operative principles.
· It should be economically sound, its registration should not affect adversely on the development of the co-operative movement.
· Its registration should not be contrary to the policy directives of the State government.
PROCEDURE OF FORMATION OF A CO-OPERATIVE
The basic guidelines for the formation of Co-operatives under Karnataka Souharda Sahakri Act, 1997 are as follows:`
· Promoters meeting : Willing , eligible persons should come together and conduct a meeting, which is called as promoters' meeting. This meeting will decide the name of the proposed Cooperative, its object and bye-laws and then elect a Chief Promoter authorizing him to sign the necessary documents on behalf of the promoter members.
· Collecting initial share capital : The Chief Promoter will apply to the Registrar of the concerned area for requesting to authorize to collect share-capital. The application shall consist of:
o Prescribed application
o Resolution of promoters' meeting
o Proposed byelaw
o Details of promoters
Registrar will authorize the Chief promoter to collect the share and direct him to deposit the collected share capital in a particular Bank.
· Registration : After collection of the necessary share capital, the chief promoter shall apply for registration of the cooperative along with:
o Prescribed application
o 5 copies of proposed byelaws
o List of persons who have contributed to the share-capital and the entrance fee of the proposed Cooperative
o Bank documents having been deposited share capital
o Registration fees : 1% of the authorized share capital, subject to minimum of Rs.500/- and maximum of Rs. 5000/-
o After scrutinizing the documents Registrar will register the cooperative
· Election to first Board : After Registration the chief promoter shall call first General Body of the newly formed cooperative to elect its first board.
· Beginning of activities : After election of first board, the President and Secretary can open the Bank account and may start activities of the cooperative.
Comments
Post a Comment