What is the Procedure for Multi State Cooperative Society Registration?

The Multi-State Cooperative Societies Act, 2002 simplifies the registration of cooperative societies. The primary object of the Multi State Cooperative Society is to spread over various states of the country. This Act provides for the formation of both the types of cooperative societies, i.e. Primary and Federal Cooperatives. It is an act to join and modify law relating to cooperative societies with objects not limited to a single state and serving interests of individuals in more than one state. It boosts the international development and mainstream rule of co-agents as individuals’ organizations depend on self-improvement and shared guide. This Act also allows organizations to advance their monetary and social improvement. Scroll down to check the procedure for Multi State Cooperative Society Registration.

Different types of Cooperative Societies

Following are the types of Cooperative Societies in India:

• Consumers Co-operative Society: The primary purpose of the Society is to protect general consumers’ interest by making consumer goods available at affordable price. By directly buying goods from manufacturers or producers, they eliminate the broker in the distribution process.
• Co-operative Housing Society: It is formed to provide houses to the members. Under this Society, they purchase land, develop and construct the land and make flats, apartments or houses and allot the same to the members. Some of these societies offer loans to its members at a very low-interest rate to build their business.
• Cooperative Farming Societies: This Society is basically formed by small farmers to work together and enjoy the benefits of large scale farming.
• Producers Co-operative Society: This Society is formed to protect the small producers’ interest by making available items for their production need such as machinery, tools, equipment, raw materials, etc.
• Cooperative Credit Societies: The primary purpose of this Society is to provide financial or economic support to the members. This Society accepts deposits from members and grants them loans at affordable interest rates when required.
• Cooperative Marketing Societies: Cooperative Marketing Societies are formed by small manufacturers and producers who find it very difficult to sell their products individually. The Society gathers products from the individual member and takes the accountability of selling products in the market.

Also, Read: The Objectives of Cooperative Society

Documents Required for the Procedure for Multi State Cooperative Society Registration

Following are some vital documents required for the Procedure for Multi State Cooperative Society Registration:

• Detailed list of Promoter Members.
• Submit a copy of Bank Certificate.
• Submit four copies of the proposed bye-laws of the Society.
• Form A must go with statement A, in addition to multi state Cooperative Society registration application in quadruplicate and should be signed by 90% of the promoter members.
• An explanation of Society working.
• Submit proof of payment of registration charges.
• Additional documents such as Affidavits, Indemnity Bonds, any documents specified by Registrar are also required to be submitted.
• Registrar will enter the specifics in application register maintained in Form “B” give a serial number and a receipt in acknowledgement of the same.
• During registration, Registrar will inform the Society registration in the official gazette and issue a Registration Certificate.

Procedure for Multi State Cooperative Society Registration in India

The procedure for Multi State Cooperative Society Registration in India has been laid down in Section 5 of the MSCS Act. This section tells that no Multi-State Cooperative Society can be registered under this Act unless and until its primary purpose is to serve the members not only in single state but the members in more than one state and also the buy laws must be provided for the betterment of the economy and social of all its members.

This can be completed through Society which would be registered under this self-help and mutual aid in accordance with the cooperative principles. Moreover, Section 6 of the MSCS Act, 2002, provides for the registration application, which will be made to the Central Registrar in such form with such specifics as may be suggested.

The Application must be signed

• It is required to be signed by a minimum of fifty members from each of the concerned state.
• It must be authorized or certified by representatives on behalf of at least five societies as they are not registered in the same state.
• It must be certified by each Society’s representatives.
• The Society’s application should be accompanied by four copies of the proposed by-laws of the Multi-State Cooperative Society, and a person by whom or on behalf of such application is made should provide such information regarding Society as the Registrar may need.

Process of Cooperative Society Registration

Following are the steps of Cooperative Society Registration process:

• At least ten members are essential who wants to establish a society.
• Provisional Committee and a Chief Promoter have to be elected from those individuals.
• Society’s name should be unique.
• An application is essential to be made to relevant Authority for the reservation of name and for authorizing the reserved name.
• Entrance fees and Share Capital has to be collected from the possible members.
• As per the Authority’s Direction, a bank account is required to be opened in the Society’s name.
• Registration fees must be deposited with RBI or the Reserve Bank of India and get receipt challan.
• An application should  be submitted to Registrar of Societies of the concerned Municipal Division for Society Registration.

Conclusion

There has been a rise in financial and credit lending institutions globally with equal opportunity motto. In the same way, credit cooperative societies fulfil their purpose by catering to the needs of underserved sections of the Society. The above-mentioned procedure for Multi-State Cooperative Society Registration has to be followed sincerely for timely registration.

Also, Read: Cooperative Society Registration in Maharashtra: A Comprehensive Guide