I am Nikhil Mahendrarao Jadhav from Mumbai. I read your replies on post of Indiancooperative.com and I really appreciate your help in cooperative sector. I am willing to start credit coop society in Palghar district near Mumbai, I wanted to know that
Which is easier to form creating new society or buying old shut downed credit society?
Is it possible to form new district central coop bank like MDCC (Mumbai bank)TDCC (Thane district coop bank) etc? If yes please tell me procedure.
What requirement and procedure to convert primary credit coop society into co op bank?
Kindly reply me with due respect to your busy scheduled.
I C Naik
Nikk Mahendrarao Jadhav is willing to start credit coop society in Palghar district near Mumbai. He has not clarified as to the purpose for which he is willing to start a cooperative credit society? For any serious economic activity seriousness of the purpose is necessary. The Constitution (97th Amendment) Act 2011 has by amending Article 19(1)© conferred a right on every citizen to form a Cooperative Society. This has misguided many people especially the youth. Several requests have been received for guidance to start a cooperative bank for example Nikk is also eyeing at cooperative bank.
At times it looks like young business men seem to view cooperative credit society or a bank as a private business house yielding huge profits. Perhaps they have no idea whatsoever as to what is a Cooperative Society? Two three basic information will literally drive away.
- Cooperative Credit Society is not a saleable business. Its members have a limitation of buying maximum of 20% of the Share Capital so owning it is to be seen as there are several co-owners.
- Every member has just one vote irrespective of share capital he owns.
- Not less than 10 persons can think of registering a Cooperative Society.
As soon as they know this much they forget the idea of buying a Cooperative Society.