Credit Co-operative Society
Credit Co-operative Society registration is governed by MSCS Act 2002. This is regulated by Department of Agriculture and its registration process is online on mscs portal.
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Registration of Credit co-operative society is governed by Multi State Cooperative Societies Act, 2002 and is regulated by Department of Agriculture, Cooperation and Farmers Welfare, Ministry of Agriculture and Farmers Welfare, Government of India. All the registration and compliances can be done online on the portal of Multi State Co-operative Societies and can be accessed at mscs.dac.gov.in
Credit co-operative society is formed by the members and its functions are also transacted amongst its members. A group of people carrying same trade can join together a credit co-operative society for the benefit of its members, these credits co-operative societies need to lend money to its members and also impart technology up gradation and skill to its members.
The credit co-operative society can be formed as per the purpose it serves, different types of credit co-operative societies are:
1. Consumer Co-operative Society: The objective is to educate the consumer and to satisfy the need of consumer at reasonable prices. Their service is providing necessary commodities to the consumer.
2. Producer Co-operative Society: Their objective is to safeguard the interest of small producers. The members can be agriculturists, traders or of any other small scale trade or profession. The objective to form together is tapping the market possibilities, imparting information on technology up gradation and providing knowledge to know how and to provide mutual benefit to each member.
3. Marketing Co-operative Society: The objective of this type of co-operative society is to help small producers engaged in the various marketing activities such as warehousing, transportation, packaging etc. It use to provide credit facility to its members and also import knowledge and technical know how to operate economically and efficiently.
4. Housing Co-operative Society: The objective is to provide credit facility to its low income group members to buy affordable houses at reasonable EMI (equated monthly instalments)
5. Credit Co-operative Society: The objective is to accept deposits and provide credit facilities to its members at reasonable rate of interest.
For the purpose of incorporating credit Co-operative society there must be adherence to its requirements such as:
• Identify and finalize the name of your multi state co-operative society, the proposed name of society should not be identical to any existing co-operative society and it does not resemble any State Government or Central Government and it comply with the provisions of Emblem & Names Act, 1950.
• There must be a minimum of 50 members from each state to incorporate multi state co-operative society.
• Application shall be made to the registrar of multi state co-operative society in Form-I along with all annexure, this form need to submit online on portal mscs.dac.gov.in
• The proposed multi state co-operative society must draft its own bye-laws containing the working procedure of the society, its conduct of election, its member duties and responsibilities and various other factors according to the activity of the proposed co-operative society. These by-laws need to be submitted along with application on Form-I.
• The proposed co-operative society must provide a scheme explaining the working structure and grown of the co-operative society, its scheme must depict the viability of proposed co-operative society.
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