| Authorized Share Capital : |
The authorized share capital of the society shall be Rupees 1000000000/- (One Hundred Crore Only) which shall comprise of One Crore shares of the face value of Rupees 100/- each |
| Sources of Funds: |
| The society may receive funds from any or all the following sources: |
- Admission fee
- Share capital
- Loans and deposits
- Grants-in-aid
- Donations
- Contributions
- Subscriptions
- Profit.
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| Deposits: |
Deposits may be received from members of the society only at any time within the limits determined under the MSCS Act and Rules, 2002 on such rates of interest and subject to such rules and regulations as may be fixed by the Board of Directors and also subject to the directives issued by the Reserve Bank of India in this behalf from time to time.
Deposits may be received from members of the society only on current, savings, fixed, recurring, and cumulative and under any other special scheme/s. |
| Reserve Fund: |
- In addition to the sum prescribed under the Co-operative Societies Act and Bye- laws, all admission fees, entrance fees, nominal membership fees, amount of forfeited shares and dividends and donations shall be carried to the Reserve Fund
- Any loss occurring as the net result of the years working is made good from the Reserve Fund or from the profits of the next ensuing year or years with the previous sanction of the Registrar.
- The Reserve Fund shall be separately invested in government and trustee securities or other approved securities or in fixed deposits with the District Central Co-operative Bank or the State Co-operative Bank.
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| Filing of Returns: |
(As per section 120 of MSCS Act, 2002)
Every year within six months of the closure of the accounting year the society shall file the following returns with the Central Registrar, namely:- |
- Annual report of the activities;
- Audited statements of accounts;
- Plan for surplus disposal as approved by the general body;
- List of amendments to the bye-laws of the multi-State co-operative society;
- Declaration regarding date of holding of general body meeting and conduct of election where due;
- Any other information required by the Central Registrar in pursuance of any of the provision of MSCS Act.
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