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Check Listof Co Operatve Societies

Check Listof Co Operatve Societies

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Published by Naeem Uddin
Check List of Co Operative Societies
Check List of Co Operative Societies

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Published by: Naeem Uddin on Jan 31, 2009
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06/16/2009

 
DAUDALLY LALANI & COCHARTERED ACCOUNTANTS
Check list from the Co-operative Societies Act 1925for audit of co-operative societiesREMARKS
1) Restriction on interest of member of societywith limited liability and a share capital –SEC 6
 No member can hold more than one fifth of thetotal share capital.
 No member can have interest in the shares of the society exceeding Rs 10,000.2)Annual General Meeting –SEC 12
Within a period of three months after the datefixed for marking up its recounts i.e. to sayfinancial year-end.3)Votes of Members ---SEC 18
 No member shall have more than one vote inthe society affairs.
A society may appoint one of its members tovote in the affairs of audit other society inwhich it has invested.
Disqualification for being and for voting atAn election of Director Manager or other Officer of the society-------SEC 18-A
Has taken a loan from society which has beenoutstanding for six months or more and has not been repaid up to the date preceding the date of the election.
 
Has taken a loan repayable by installments andthe amount of three or more installment has been outstanding for six months or more fromthe date on which the last installment became payable and has not been re-paid up to the date preceding the date of the election.4)Restriction on transfer of share or interest –SEC19.
Unless he has held share or interest for notless than one year.
Transfer only to society or to a member or to a person whose application fomembership has been accepted.5)Address of societies. Every society shallhave an address registerd in accordancewith the rules, to which all notices andcommuntication should be may sent, andshall send notice in writing to the Registrar of any change in the said address within 30days of such change. Sec – 206)Copy of Act, etc., to be open to inspection.Every society shall keep open to inspectionat all reasonable times at the registeredaddress of society:-
A copy of this Act,
A copy of the rules governing such society,
A copy of the bye-laws, of such society, and
A register of its members.Sec - 217)Society to have charge in respect of shares,deposit or any kind of interest of member inrespect of any debt due from such member (past or present)-----SEC 25
 
8)Liability of past member----- SEC 28
The liability of a past member for the debts of asociety as they existed at the time of when heceased to be member, shall continue for a period of two years from the date of his ceasingto be member.9)Liability of the estates of deceased members-SEC—29
The estate of deceased member shall be liablefor period of one year from the date of hisdeceased for the debts of society as they existedat the time of his death.10)Register of members or list of members or shares showing the date when his name wasentered as a member and the date on which heceased to be a member –SEC 30.11)Restriction on loans to non member exceptwith the general or special sanction of theRegistrar - - SEC 34.12)Restriction on borrowing or deposit fromnon member to the extent as may be prescribed by the rules or the by laws of thesociety –SEC 35.Further Rule 7 requites that:
Every society with limited liability shall notincur liabilities from non-members exceeding intotal 15 times the total amount of the paid upshare capital, accumulated reserve and the building found minus accumulated losses.13)Investment of fund –SEC 37May invest:

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