Nilesh Gor
We (friends) want to start credit co-op society for financial assistance of needy friends and close circle.
How many members are required and Sir please guide us for how to register & which legal registration requirement.
I C Naik
As per THE GUJARAT CO-OPERATIVES SOCIETIES ACT 1961 a society, shall not be registered if, in the opinion of the Registrar. It is economically unsound, or its registration may have an adverse effect upon any other society or it is opposed to, orits working is likely to be in the contravention of public policy.
So the first step is to prepare a plan of making the cooperative credit society a successful organization. You write down why you thought of this business? How do you relate your past experience and qualification to successful cooperative organization?
Credit Society means you will sell money in present to get more amounts later in return of today’ sales of Money which belong to several members of the Society. How much money you can mop from what sources at what costs? All these information you need to discuss with the Registrar and if you are able to generate interest of the Registrar in your project you need to prepare final Report.
Next step is formal application for registration. You need to get the name of the Society reserved so that no one goes for that name.
Bye Laws of the Society will have to be drafted. You can use any other credit society’s Bye-Laws as a guiding document to prepare one you have in mind. Seat with the ten people and finalise theme.
Show these Bye-Laws to the Registrar; And he expresses happiness. If you survive the last stage you can formally file application.