K Pandey
I am a member of RBI Officers CCTS, Mumbai since more than 25 years now. I along with many other direct recruit officers was inducted as members when we joined NABARD in the year 1984. I have abided by the rules and regulations of the said CCTS and have been contributing the amount of thrift as stipulated.
Now I was informed by my colleagues that RBI Officers CCTS has terminated the membership of all officers serving in NABARD unilaterally and has stopped accepting the monthly thrift amount from us.
My Queries-
a) Can a CCTS oust a valid member without seeking his concurrence by refunding just the face value of shares held?
b) Should the CCTS not give us proportionate share of the reserves built over the years out of our contributions and patronage?
c) If not, then how the reserves so built are going to be utilized in future.
I seek your guidance and advice on the matter.
I C Naik
Please get confirmation of this verbal information from authoritative source and in writing. Whether such actions are authorized under the Bye laws and what conditions and the authority who could take the decision. Try to get certified copy of bye Laws which is your right as a member. You will have to the costs of xeroxing the Bye Laws. There are no universal rules for such cases butter of course prima-fascia an unfair decision will not survive when challenged before courts. Cooperatives are service providers and Consumer Courts have started hearing consumer complaints and deciding expeditiously at very low costs as a consumer himself can stand up before the Court and fight his cause himself.