Multi Co-operative Society – Company Advisor

Multi State Co-operative Society

MULTI STATE CO-OPERATIVE SOCIETY

Multi State Co-operative Society is a people’s institution on a legal platform, providing mutual help and assistance to its members for advancement of their social and economic standard of living. It is governed by Multi State Cooperative Societies Act, 2002 with an object of serving the interest of members in more than one state. Registration under the said Act is voluntary but it provides benefits of separate corporate entity, limited liability and easy transferability of shares.

Grounds for Mandatory Registration:

to hold property in the name of multi-state co-operative society
to enter into contracts in the name of multi-state co-operative society
when members of multi-state co-operative society are residing in more than one state
when members of multi-state co-operative society residing in a particular state exceeds 50
to grant loan to another multi-state co-operative society
to grant loans to members more than Rs. 5000 without sanction from the registrar
to obtain loans from banks against pledging of the property of multi-state co-operative society
to initiate/defend suits and other legal proceedings in the name of multi-state co-operative society
if another co-operative society proposes to be enrolled as a member of a multi-state co-operative society

Key Points

Minimum 50 members from each state
Elect a Chief Promoter
Low interest rates to be imposed on grant of loan to members
PAN Card of proposed multi-state co-operative society
Separate Bank Account of proposed multi-state co-operative society
Mandatory audit of accounts is to be done every year
Tax Audit is necessary only if business activities are carried out
Annual General Meeting is necessary to be conducted every year

Requirements

Basic the proposed multi state co-operative society-
• Name;

• State;

• District;

• Type of Society (depends on object of society);

• Headquarters’ Registered Address;

• PAN and TAN Number;

• Email Id

Main objects
Reason for registration under the said Act

Details of Chief Promoter
• Name;

• Designation of Chief Promoter: MD/Chairman/Vice-Chairman;

• Mobile Number and Email Id

Area of operation (for first 2 years maximum 2 contiguous states only)
Certificate from bank stating credit balance in favor of the proposed multi state co-operative society
Scheme explaining how the proposed multi state co-operative society has reasonable prospects of becoming a viable unit
Bank Account Details of proposed multi-state co-operative society

Requisite Documents

Identity Proofs of each member-
• PAN Card;

• Aadhar Card;

• Driving License;

• Bank Statement

List of members from each state
If existing as a co-operative society-
• Audited financial statements for preceding 3 financial years;

• A statement explaining the steps taken by the cooperative society to ensure democratic participation in the decisions taken by the cooperative society

Details of the authorized members to sign bye-laws-
• Name;

• Body Corporate, if any;

• Age;

• Nationality;

• Profession;

• State to which he/she represents;

• Amount subscribed;

• Designation and Authorization letter – if representative of any other society

Note

Identity proofs to be self-attested and attested by the Chief Promoter
Other requisite documents shall be drafted and finalized by our team for the process and will be requested for signing.
We also provide services for Annual Filings of Multi-State Co-operative Society as a separate service.

All documents to be attested by the Chief Promoter
Further, details and documents, if any required, can be called for during the process.
We also provide services of filing Income Tax Return and other related services as a separate service.