Co-operative Society Registration

FORMATION OF CO-OPERATIVE SOCIETY

A co-operative society is a special type of business organisation different from other forms of organsation. The term co-operation is derived from the Latin word co-operari, where the word co means ‘with’ and operari means ‘to work’. Thus, co-operation means working together. So those who want to work together with some common economic objective can form a society which is termed as “co-operative society”. It is a voluntary association of persons who work together to promote their economic interest. It works on the principle of self-help as well as mutual help. The main objective is to provide support to the members. Nobody joins a cooperative society to earn profit. People come forward as a group, pool their individual resources, utilise them in the best possible manner, and derive some common benefit out of it.

For formation of a cooperative society at least 10 persons are required. They must have the common objective to serve each other by forming a society. They have to contribute capital in form of share capital and decide to take up any one or more activities. They form a managing committee from and among the members who looks after the management of the society and implements the decisions of the members. As our Constitution is wedded to a socialistic pattern of society, it is a part of the Government policy to promote and encourage establishment of cooperative societies.

Therefore, cooperative societies enjoy several benefits provided by the Government from time to time . But in order to avail those benefits the society must have to register under the Cooperative Societies Act. The procedure for registration are as follow :

Apply for registration of the association as cooperative society in a prescribed proforma available with the Registrar of Cooperative Societies with requisite information like –

(1) List of members, their individual addresses,

(2) Name and objectives of the society for which it has been formed,

(3) Collection of funds – share capital or loan fund with their utilization process,

(4) Office bearers as managing committee and their powers,

(5) Admission and retirement of members, and

(6) Bye-law of the society.

On fulfillment of all the above requirements the Registrar may issue a certificate of Registration in favour of that society, which elevates the status as Registered cooperative society or corporate body.