Rajesh Vinayak
Could you please tell me whether multi state coop. society rules 2002 can function as a Micro-financial Institution? If then what are the alternatives?
I C Naik
Incorporated Bodies undertake functions which they are authorized to undertake in accordance with the principal Act, Rules framed thereunder and the registered Bye Laws of such Institutions.
This applies to Multi State Cooperative Society also. If the Objects and functions of the Society includes Micro-financial 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.