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 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.
• Consumers Cooperatives Societies
• Marketing Cooperatives Societies
• Housing Cooperatives Societies
• Credit Cooperatives Societies
• Cooperative Farming Societies
• Hybrid Cooperatives Societies
A cooperative Society is an autonomous association of persons united voluntarily to meet their common, economic, social and cultural/needs and aspirations through a jointly owned and democratically -controlled enterprise.
Persons who may become members of a Cooperative society at State level (as per the State Act):
an individual competent to Contract, attained majority and is of sound mind and belongs to a class of persons if any for whom the society is formed as per its bye-laws; a society registered or deemed to be registered under the Cooperative Societies Act; the Government;
No individual shall be eligible for admission as a member of a federal society
Persons who may become members of a Multi-State Cooperative Society: (As per Multi-State /cooperative Societies Act, 2002):
No individual person shall be eligible for admission as a member of a national Cooperative society or a federal Cooperative.
Laws regulating Cooperative Societies in India are: State Cooperative Societies Acts of individual states Multi-State Cooperative Societies Act, 2002 for the multi-state Cooperative societies with Area of operation in more than one State.
A multi-state Cooperative Society means a society registered or deemed to be registered under the Multi-State Cooperative Societies Act, 2002 and includes a national Cooperative society or a Federal Cooperative.
Following types of societies can be registered:
Co-operative Societies formed by professionals in the areas like IT, Education Art & Culture, Insurance, Women Empowerment etc.
The time schedule for disposed of various applications/references received from societies are detailed below:
Minimum number of individuals to form Cooperative Society is 50 and various activities involved would be as follows:
Drafting of Application for approval of the proposal for the registration of society
Preparing list of promoters
Drafting of model scheme
Drafting of resolution of the promoter members for appointing chief promoter
Drafting of affidavit by the chief promoter
Filing of application with the Registrar
Follow up for approval
Abovementioned activities are common in all kinds of Cooperative Societites , whereas there may be different other documents required for different type of societies in various states depending upon the respective State Acts.