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A multistate credit cooperative society registration is carried out at Delhi. The cooperative society with the mission not kept to one state and serving the interest of members in more than one state for social budgetary enhancement of its members through self-improvement and common aid as per the cooperative standards are recognized as multistate credit cooperative society. Multistate credit co-operative society registration is applied by the group of individuals to promote their economic and social betterment and to provide functional autonomy. A credit co-operative society can be of many types such as housing society registration, Agricultural society, Transport society etc.
Q1. What is a Credit Co-operative society?
Ans. A credit co-operative society is an independent group of people belonging to the same class, come together voluntarily to tend to they are common economic, social and cultural agendas and requirements through an enterprise which is jointly-owned and controlled democratically by such people.
Q2. What are the documents required for the registration of a Credit Co-operative society?
Ans. Following documents are required to your Credit Co-operative society registered: 1. Area of operation 2. Main objectives of Credit Co-operative society 3. Copy of pre-registration meetings resolution 4. A plan showing details explaining the working of credit co-operative society 5. A list of persons contributing to share capital
Q3. What are the advantages of a Credit Co-operative society?
Ans. Following are the advantages of a Credit Co-operative society: 1. Easy to form 2. Limited Liability 3. Economic operations 4. Economic operations
Q4. What are the disadvantages of a Credit Co-operative society?
Ans. Following are the disadvantages of a Credit Co-operative society: 1. Limited Funds 2.Over reliance on Governments Funds 3. Over reliance on government funds
Q5. What are the types of Multi State Credit Co-operative society?
Ans. Following are the types of Multi State Credit Co-operative society: 1. Credit Co-operative 2. Housing society registration 3. Agriculture 4. Marketing 5. Transport 6. Hospital
Q6. How much time does it take to register a Multi-State Credit Co-operative society?
Ans. As of now it takes 5-6 months to register a Co-operative society after the submission of required documents with the ministry.
Q7. What is the quorum for a general meeting in Co-operative society?
Ans. The quorum for any type of general meeting of Co-operative society is 1/5 th of the total number of ordinary members of the society.
Q8. Can a society give a loan?
Ans. No, a Multi-State Co-operative society is not allowed to make loans to its members on the security of shares or on the security of non-member. But a Multi-State Co-operative society may make a loan to a depositor on the security of his deposit.
Q9. Can a society borrow?
Ans. Yes, a society can borrow. It may receive deposits, raise loans and receive grants form external sources as per the by-laws of the society.
Q10. How are the funds of the society can be utilized?
Ans. No part of the funds other than the net profit shall be divided by way of bonus or dividend or in any other way be divided among the members.
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