Society may receive deposits from its members at any time
within the limits determined under
the act and rules on such rates of interest and subject to such rules and regulations as may be
approved by Board of Directors.
Nature of Membership
The Society shall admit Regular Members on such terms as
may be prescribed in the bye-laws of the Society.
Who may become Members?
No person shall be admitted as a member of the Society
except the following:
- An individual, competent to contract under section 11 of the Indian Contract Act ,1872;
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Any Multi-state co-operative society or any co-operative societies;
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The Central Government;
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The State Government;
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The National Co-operative Development Corporation established under the National Co-operative
Development Corporation Act, 1962;
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Any other corporation owned or controlled by the government;
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Any Government Company as defined in sec.617 of the Companies Act 1956;
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Such class or classes of persons or associations of persons as may be permitted by the Central
Registrar having regard to the nature and activities of a multi-state co-operative Society.
Condition for Regular Membership
An applicant shall be enrolled as a Regular Member upon
fulfilment of the following conditions:
- He has applied in writing in the prescribed format.
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He has acquired at least one share of the society.
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He has given a declaration that he is not a member of any other Co-operative Society of same
nature.
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He has fulfilled all other conditions laid down in the Act, rules and the bye-laws.
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The Board of Directors of the society approves the application to admit him/her as a member.