Rajesh Vinayak
Dear Sir,
Please let me know whether a MULTI STATE COOPERATIVE SOCIETY functions as a MICROFINANACE INSTITUTION? If not what is required to make MULTI STATE COOPERATIVE SOCIETY function as a MICROFINANACE INSTITUTION?
I C Naik
INCORPORATED BODY undertakes functions which it is authorized to undertake in accordance with the principal Act under which it has been incorporated, thee Rules framed there under and the registered Bye Laws of such Institutions.
This applies to a MULTI-STATE Cooperative Society also. If the Objects and functions of the Society includes micro finance services, it can do so. If it is not included, the Bye Law on objects needs to be amended and registered with the Central Registrar.
