Section 71 controls investment by Cooperative Societies and it provides that a society may invest or deposit its funds in several types of institutions
Definition as per Reserve Bank of India Act, 1934 “Scheduled Bank” means a bank included in the Second Schedule; Banking Regulation Act 1949 "Co-operative bank" means a state co-operative bank, a central co-operative bank and a primary co-operative bank; "Co-operative Credit Society" means a co-operative society, the primary object of which is to provide financial accommodation … Continue reading Definitions of Co-operative Societies in Others Acts
Meaning of Related Party Cooperative society does not have definition of Related Party. Section 40A(2) of Income Tax Act 1961 and Companies Act has a definition for the same. In simple terms a related party transaction means: A deal or arrangement made between two parties who are joined by a preexisting business relationship or common … Continue reading Related Party Transaction in Cooperative Society
Definition A quorum is the minimum number of people needed to hold meetings or make decisions during certain meetings Types of Meeting in Cooperative Society Annual General Meeting (AGM) and Special General Meeting (SGM)Committee Meetings Gujarat Cooperative Society Rules Rule 5 is related to Bye-laws and what should be part of it. Further Rule 5.2.m discuss … Continue reading Quorum in Cooperative Society Meetings
1. Tenant Co-partnership Type A 'Tenant Co-partnership Society' is a society where the land is owned by the society and upon which houses / building / office are constructed by the society for the benefit of its members. In such society, the ownership of land and the building in the eye of law vest with … Continue reading Types of Cooperative Societies
Definition As per Gujarat Cooperative Societies Act, 1961 and Amendments "Member" means a person joining in an application for the registration of a cooperative society which is subsequently registered, or a person, duly admitted to membership of a society after registration, and incudes a nominal, associate or sympathiser member. Explanation: Person joining in an Application … Continue reading Types of Members in Cooperative Societies
Sec 12 of Gujarat Cooperative Society Act, 1961 The Registrar may classify all societies in such manners, and into such classes, as he think fit; and the classification of a society under any head of classification by the Registrar shall be final. Rule 4.3 of The Gujarat Cooperative Societies Rules, 1965 The Registrar shall assign … Continue reading Class and Sub-Class of Co-operative Societies
As per Sec 37 of The Gujarat Co-operative Societies Rules-1965, every Housing / Service / Commercial society shall maintain following registers: A Register of Members (Including Person nominated) under Section 39A Register of Shares (Where capital is raised by Shares)A Personal Share Account Register (Where capital is raised by Shares)A Share Transfer Register (Where capital … Continue reading Types of Registers to be Maintained by Cooperative Society
Cooperative Society do not come under the preview of RTI based on Supreme Court Judgment.
Registrar with circular dated 25 Aug 2020, extended AGM upto 31 Mar 2021 and Existing Committee Period Extended upto 31 Dec 2020 or Election date whichever is earlier.
Byelaws and Sec 31 of the Gujarat Cooperative Act 1961, authorises committee to transfer share to person whom it appears to be heir / legal representative where nomination is not available.
Sec 78 of Gujarat Cooperative Society Act, talks about Special General meeting (SGM). A Special General Body Meeting is called for undertaking a particular agenda. Some reasons for calling special general body meetings are redevelopment or repair plans, grave misconduct issues, urgent capital expenditure to be incurred which was not part of AGM, Amalgamation, transfer, … Continue reading Special General Meeting of Cooperative Society
Update: Registrar Extends AGM Date upto 30 Sep 21 and Existing Committee upto 31 Dec 20 What is an Annual General Meeting (AGM)? An Annual General Meeting (AGM) is a yearly event which is compulsory as per the society bye laws and Gujarat Cooperative Society Act 1961, for every cooperative society (housing society/apartment complex/commercial complex/plot … Continue reading Annual General Meeting of Cooperative Society
In the earlier article "Bye-Laws of Cooperative Societies", we discussed about bye-laws of society. From the date of society formation, there can be many reasons why managing committee would want to change the bye laws. Act has a provision, where managing committee can call for Annual General Meeting (AGM) or Special General Meeting (SGM) and … Continue reading How to Amend Bye-laws of Cooperative Society
Gujarat Cooperative Societies Act, 1961 and The Gujarat Cooperative Societies Rules 1965 provide for framework for cooperative society. But there are variety of co-operative societies and it is not possible to cover the requirements of all the types of cooperative societies in a single legislation, i.e. . Therefore, there is a provision for framing bye-laws … Continue reading Bye-Laws of Cooperative Societies
Comprehensive General Development Control Regulations (GDCR) - 2017 are the regulations under which construction and maintenance of buildings are to be carried out. During construction, these regulation are followed by developer. Post construction and sale of residential building, commercial building and plots, management is handed over to the members / owners. Post handover, it is … Continue reading Rules for Maintenance of Structure, Lift and Fire Equipment
The Constitution (97th Amendment) Act, 2011 relates to the cooperative societies working in India. It aims to overcome all the problems faced by these societies and bring about an efficient way to manage them. The 97th Constitution Amendment Act, 2011 provided for amendment of following things: It amended Article 19(I) c by inserting, after the … Continue reading 97th Constitutional Amendment: Cooperative Societies
Management of society is taken care of by Managing Committee. For wider representation in co operative, a clause 74BB was added to Gujarat Co operative Society Act in 1997. As per new clause 74BB, every society will have to reserve seat for women member in their committee as per below. One seat in a committee … Continue reading Reservation of Seats for Women in Managing Committee of Society
International Cooperative Alliance Statement on the Cooperative Identity was adopted in Manchester, United Kingdom on 3.09.1995. This article gives details of definition of cooperative, values and 7 principals of Co Operative based on the above statement. Definition of a Cooperative A co-operative is an autonomous association of persons united voluntarily to meet their common economic, … Continue reading Principal of Cooperative
In the previous article "Reorganize Co Operative Society on Members Request", we discussed about members right to reorganize society. Same way Registrar has powers under Co-operative Society Act to amalgamate or reorganize society. This article discuss about when and how Registrar can use this power. When can the Registrar Direct for Reorganization of Society Registrar … Continue reading Reorganization of Society on Registrar’s Order
This articles discuss about division society, its reasons, process, taxation, relevant court ruling and post division work.
In earlier article "Rights and Duties of Member's of Co-operative Society" we discussed about rights of members in cooperative society. This article further details about members right related to inspection of books and records Under Sec 33 of Gujarat Co operative society Act, every members of co operative society has a right to inspect below … Continue reading Member’s Right : Inspection of Books and Records
Gujarat Cooperative Society Act has given many rights to members of cooperative society. Some of these are listed below. Rights of Members Become member of society Sell flat / office Give flat / office on rent Nominate Stand for election of committee member Check books and other documents Attend annual general meeting (AGM) or Extraordinary … Continue reading Rights and Duties of Members of Society
Particular Applicable to Co-op. Society Applicable to NTC Authority Co-op. Society is both State & Central Act. There is a separate set up under the Co-operative Department Non Trading Corporation is a state level Act, which is monitored by Registrar, NTC, delegated to Sales Tax Department Concept of Benefit Co-operative Society is on the principal … Continue reading Difference Between Cooperative Society & NTC
This article discuss about different type of society formation, relevant act related each formation and Gujarat RERA order on formation under Gujarat Co operative Society Act 1961