Societies are registered under the Societies Registration Act, 1860. The main instrument of any society is the memorandum of association and rules and regulations. A Society needs a minimum of seven managing committee members; There is no upper limit to the number managing committee members. The Board of Management is in the form of a governing body or council or a managing or executive committee. The Objects are Literary, Charitable, Scientific and resource oriented etc.
The formation of a cooperative society is very simple as compared to the formation of any other form of business organizations. Any ten adults can join together and form a cooperative society. The procedure involves in the registration of a cooperative society is very simple and easy. No legal formalities are required for the formation of cooperative society.
Unless and otherwise specifically debarred, the membership of cooperative society is open to everybody. Nobody is obstructed to join on the basis of religion, caste, creed, sex and color etc. A person can become a member of a society at any time he likes and can leave the society when he does not like to continue as member.
In most cases, the liabilities of the members of the society are limited to the extent of capital contributed by them. Hence, they are relieved from the fear of attachment of their private property, in case of the society suffers financial losses.
In Cooperative society members are provided with better good and services at reasonable prices. The society also provides financial help to its members < the concessional rates. It assists in setting up production units and marketing of produces c small business houses so also small farmers for their agricultural products.
The cooperative society is managed by the elected members from and among themselves. Every member has equal rights through its single vote but can take active part in' the formulation of the policies of the society. Thus all members are equally important for the society.
HOW TO SELECT THE NAME OF SOCIETY?
As per the Society Registration Act 1860 similar & resemblance of name with existing registered society is not permitted. The Name proposed should not suggest or be calculated to suggest the patronage of the Government of India or the Government of State or connection with any legal authority under any law for the time being in force. Selecting the name of the proposed Society and getting it approved by the Registrar of the concerned district is the first step.
WHAT ARE THE DOCUMENTS NEED TO BE SUBMITTED FOR REGISRATION OF SOCIETY?
Two sets of memorandum of Association including
(i) List of Proposed governing body
(ii) List of Desire's Persons (founder members of the society) - All pages to be signed by atleast seven members. Desirous persons or the person subscribing the names of the memorandum should not be (in any case) less than seven. If it is proposed to give all India character to the society there must be minimum of eight different persons from different States of Indian Union to the memorandum.
Two sets of Rules & Regulations framed for the functioning of the society.
Affidavits (on ten rupees stamp paper from President/Secretary society regarding the name/ title of the society.
Copy of residence proof of all desirous persons.
Copy of Proof of identification of the desirous persons.
Proof of ownership of the registered office of the society and no objection certificate (on ten rupees stamp paper)
A copy of the report of the proceedings of the General meeting at which the registration of the Society was resolved.
HOW TO REGISTER A SOCEITY?
For certified copy of MOA & RR for a registered society a fees of Rs.1/- per page will be charged. Application to this effect should contain the Name, Reg. No and must be signed by the General Secretary or the President of the society. After approval for registration, a fee of Rs 50/- in cash is charged. The Registrar of Society on satisfaction of documents Issue a Registration Certificate to the Society.
WHAT ARE THE COMPLIANCES AFTER REGISTRATION?
Obtaining a PAN card for the society from the Income Tax Department.
Opening a Bank account for the society for the regulation of funds of the society.
Getting the exemption under Section 80 (G) of the Income Tax Act for exempting the donations from taxation.
Getting clearances from RBI for receipt of foreign funds in the society.
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