The co-operative society can be considered as a type of business organization but is also quite different from the other types of organization. The word Co-operative has its origins in Latin, and it means to work together. A society can be formed by those who, with some common economic goals want to work together and that is known as a cooperative society. The main principle is of mutual help and self-help. The members of the group do not join it for the purpose of earning profit but for utilisation of their resources in the best manner with a goal of common benefit out of it.
The procedure for the registration of the cooperative society
- The minimum criterion is to bring 10 members together who wants to form a society.
- Formation of a provisional committee should be done, and amongst them, a chief promoter is to be elected.
- The name of the society has to be decided for the new cooperative society registration, and an application has to be sent to the Registration authority for the reservation of the name. On the terms of that, a letter is obtained stating the confirmation of the reservation of the name.
- The reserved name is valid only for 3 months.
- The collection of share capital and entrance fees is to be done by the prospective members.
- According to the directions of the registration authority, it is mandatory to open a bank account in the name of the proposed society. The entrance fees and the money that is collected from the members have to be deposited in the bank account, and the certificate of the same is to be obtained from the bank.
- The registration fee has to be deposited with Reserve bank of India, and the receipted challan of it is to be collected.
- It is mandatory that the application for the registration of the cooperative society is submitted to the Registrar of societies for the municipal ward in concern.
- Once it is registered, the registration of society will be notified by the Registrar in Official Gazette and will issue Registration Certificate.
Documents to be submitted for the registration process
It is mandatory for the cooperative society registration in india to provide certain documents for the successful registration of the society.
- Form No. A in quadruplicate is to be submitted which has to be signed by 90% of the promoter members.
- The complete list of the members of the society has to be submitted.
- Bank Certificate
- The working of the society has to be thoroughly
- 4 copies have to be submitted of the proposed bye-laws of the society.
- Certain documents like indemnity bonds, affidavits, or any documents specified by the Registrar have to be submitted.
- Proof of payment has to be submitted of registration charges.
Once all the above requirements are fulfilled, and the documents are successfully verified, then a certificate of registration is issued in favour of the society. That way, the status of the society is elevated to a registered cooperative society.
