Bye-laws of General (Multipurpose) Co-operative Society

Bye-laws of General (Multipurpose) Co-operative Society

1. The society shall be called ………………………………………

2. The registered office shall be for the at ……………… in the city of ………………………

3. The objects for which the society is established are mainly to promote the financial and economic interests of its members and more particularly—

(a) To acquire by purchase land, develop the same and to distribute and sell the same in small plots to its members at a fair price on co-operative basis and apply the proceeds of such sale towards all and any of its objects.

(b) To undertake construction or maintenance of schools, churches, mission halls or roads, bridges, culverts, to maintain gardens, tanks etc.

(c) To promote and encourage the spirit and practice of mutual help, co-operation and collaboration among its members.

(d) To assist its members to obtain their necessities of life at a fair price and with that and in view to open stores and counters at different centres for sale of all commodities required by them.

(e) To carry on trade, both wholesale and retail, in all sorts of articles and to engage in any business or transaction conducive to the interest and convenience of its members.

(f) To subscribe and/or to become a member of or otherwise co-operate in any manner with any co-operative association having objects altogether or in part similar to those of the society.

(g) To create fund or funds, to receive deposits on interest and to lend the same to members at concessional rate of interest.

(h) To adopt other measures designed to encourage among the members the spirit and practice of thrift, mutual co-operation and self-help and to propagate co-operative ideas.

(i) To amalgamate with other society or societies, organisation or institution in pursuit of all or any of its objects.

(j) To print and publish books, manazine, literature, journals written by its members writers on co-operative basis.

(k) Without prejudice to the generality of the above and for the effective carrying out of the above objects, the co-operative society shall have the power to acquire, receive and hold property of any kind including securities and negotiable instruments, to construct and maintain buildings, including the rights to alter or improve them and to equip them suitably, to manage, sell, transfer or otherwise dispose of or deal with property of any kind belonging to the society, to enter into contract or contracts for and in connection with any of the purposes of the society, to raise moneys and funds in such a manner as may be deemed fit for and on behalf of the society to establish a provident fund for the benefit of the employees of the society and when considered necessary, and to accept the management or execution of any trust or fund or endowment in which the society may be interested.

(l) To mortgage charge lease or otherwise dispose of exchange or deal in any manner authorized by law any property. And generally to do all such acts, deeds and things as are incidental to the attainment of the aims and objects of the society.

4. The area of operation of the society will for the present be the State
of ………………

5. The share capital of the society shall be Rs. ……………………… divided in ………………… shares of Rs. ……………… each. Each member shall subscribe for at least one share. The share capital shall be applied in pursuit of the objects of the society as the Managing Committee shall from time to time decide in that behalf. The share capital may from time to time be increased by resolution at the general meeting convened specially for the purpose with the sanction of the Registrar of Co-operative Societies.

6. The membership shall consist of:

(i) Persons who join in the application for registration of the society as prescribed by law.

(ii) Persons admitted as considered eligible by the Managing Committee of the society.

7. Every member of the society must be—

(i) of good character,

(ii) of not less than 18 years of age except a minor heir of a deceased member.

8. Every member on admission shall sign his name in the Register of members or thumb-mark the same, and shall pay Rs. ……………… as admission fee which shall not be refunded in any case. Every member shall subscribe for at least one share of the society of the value of Rs. …………… Every member shall have one vote. The chairman shall have a casting vote. No member shall be entitled to transfer his share but to surrender the same.

9. Membership shall be terminated by—

(i) death,

(ii) ceasing to hold one full share,

(iii) expulsion by a two-third majority of the members of the society in an extraordinary general meeting convened for the purpose after service of three weeks’ prior notice therefor,

(iv) withdrawal after three months’ notice given to the society, provided the member is not indebted to the society and is not a surety for an unpaid debt,

(v) insolvency.

On such termination of membership, the admission fee and the share of the member shall be deemed to be forfeited to the society except that:

(a) in case of death, the Managing Committee may admit to membership the heir of the deceased member or return the book value of the share to the heir.

(b) in case of insolvency, the receiver shall be paid the book value of the share by the society.

10. A member may be expelled from the society for:

(i) failure to pay the share money or debt due from him to the society.

(ii) conviction of a criminal offence involving dishonesty or resulting in his imprisonment for three months or more,

(iii) applying to be adjudicated as an insolvent,

(iv) intentionally doing any act detrimental to the interest of the society or wilfully disobeying any bye-law or decision of the Managing Committee or of the general meeting.

11. The liability of the members is limited and for any deficit or shortfall in the assets of the society on liquidation thereof shall be limited to four times the value of the share purchased.

12. The supreme authority shall be vested in the general meeting which shall be held at least once a year. At the annual general meeting, the balance-sheet and the profit and loss account shall be available to the members; considered and passed, the members of the Managing Committee shall be elected and any other special business may be conducted, notice whereof shall be given to the members at least 10 days prior thereto.

13. Five members present in person shall form a quorum.

14. An extraordinary general meeting may be called by the President or by the Secretary at the direction of the Managing Committee and shall be called by the President on the written requisition of five members.

15. The bye-laws of the society shall not be amended unless 2/3rd majority of the total members are present and vote for such amendment, notice whereof is given to the members at least three weeks prior thereto.

16. The Managing Committee shall consist of nine members comprising a President, a Vice-President, a Secretary, a Treasurer and five other members elected at the annual general meeting, five members present shall constitute the quorum for such meeting. The Managing Committee shall exercise all the powers of the society except those reserved for the general meeting.

17. The first Managing Committee shall comprise:

1.  Shri ……………………… of ……………… President.

2.  Shri ……………………… of ……………… Vice-President.

3.  Shri ……………………… of ……………… Secretary.

4.  Shri ……………………… of ……………… Treasurer.

5.  Shri ……………………… of ……………… Member.

6.  Shri ……………………… of ……………… Member.

7.  Shri ……………………… of ……………… Member.

8.  Shri ……………………… of ……………… Member.

9.  Shri ……………………… of ……………… Member.

In witness whereof the following members have subscribed to the aforementioned by-laws in token of their being bound by the same.

No. Name Address Witness

Disclaimer:

The information contains in this web-site is prepared for educational purpose. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Researchers all over the world have the access to upload their writes up in this site. In consideration of the people’s participation in the Web Page, the individual, group, organization, business, spectator, or other, does hereby release and forever discharge the Lawyers & Jurists, and its officers, board, and employees, jointly and severally from any and all actions, causes of actions, claims and demands for, upon or by reason of any damage, loss or injury, which hereafter may be sustained by participating their work in the Web Page. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist.  The provisions of any state’s law providing substance that releases shall not extend to claims, demands, injuries, or damages which are known or unsuspected to exist at this time, to the person executing such release, are hereby expressly waived. However the Lawyers & Jurists makes no warranty expressed or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information, apparatus, product or process disclosed or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product process or service by trade name, trade mark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation or favouring by the Lawyers & Jurists. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. Above all, if there is any complaint drop by any independent user to the admin for any contents of this site, the Lawyers & Jurists would remove this immediately from its site.