Dear Mr. Naik,
Our society is registered in Thane, Maharashtra in 1999. Each member has originally subscribed to five shares of Rs. 50/- each as prescribed under the then prevalent model bye-laws.
The society has now adopted the model byelaws as per the 97th constitutional amendment and Maharashtra Co-op Societies (Amendment) Ordinance 2013. In terms of Byelaw 19 (A) (i), the conditions for membership of the society require that an eligible individual has to hold at least ten fully paid shares of the society.
We have the following queries:
1.How is this clause to be interpreted? Should all members subscribe to and be allotted additional five shares to comply with the prescribed requirements of membership? If yes, is there any prescribed procedure for the same?
2.If the answer is in the negative, then how will this condition be fulfilled?
I C Naik
EVERY MEMBER HAS TO PAY FOR 5 SHARES OF THE SOCIETY.