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Rohit (Prop)     08 September 2009

Co Op Cr Soc, Cheque issuance

Can a Co-operative society issue cheques?



Learning

 9 Replies

A V Vishal (Advocate)     08 September 2009

What is your query

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108)     09 September 2009

Rohit :

 

Only a "duly constituted" managing committee of a cooperative society, can issue and receive cheques or do any other financial transactions.

 

If the managing committee is not  "duly constituted", THEN it is  "illegal & unauthorised" to issue  / receive cheques and can be prosecuted under the various provisions of I.P.C.

 

Keep Smiling .... Hemant Agarwal

 

 

 

 

1 Like

K.C.Suresh (Advocate)     09 September 2009

A society 'registered' or say as my friend hemant opined a 'duely constituted' or 'leglly constituted' can issue cheques.

1 Like

Rohit (Prop)     09 September 2009

Thanks for your reply.  In such case, Can CO OP Credit society  (and not coop bank) issue cheques?

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108)     09 September 2009

Co.op Credit Society can delegate power (jurisdiction) to the following persons (designations) to issue / receive cheques on behalf of the credit society.  The Chairman, the President, Secretary, Treasurer,  Manager, Accountant or anybody else (may not be a member).  But such delegation of cheque issuing power has to be done by a valid resolution, passed by the office bearers at their official meeting.

Besides the above authorities, the Co.op Credit Society is collectively liable for the actions of its officers for any and all offences committed by the above authorities.

In maharashtra, the MCS Act will apply to such coop credit societies alongwith other central and state statutory laws that may be applicable respectively in respective matters (dishonour of cheque, misappropriation, fraud, etc.. )

SUGGESTION : Please brief your query appropriately and in details for all to study and reply, for your own benefit.  Half baked questions will lead to a land of nowhere.

Keep Smiling .... Hemant Agarwal

 

 

 

 

 

 

1 Like

Rohit (Prop)     09 September 2009

If i am a member of co-operative cr soc, can the credit society issue me a cheques in a book form (as other banks gives on opening of account?).  Hope this is more clear or you need some more info.  Can you please inform the type of info you are looking for?

Anil Agrawal (Retired)     27 October 2009

 Coop Credit Society is not a bank and there is no question of issuing cheque book. It can you post dated cheques of its account. That is not cheque book.

sunil pagare (lawyer)     26 November 2009

Co op. society is registered under co.op.society act & have legal entity can issue cheque.

Anil Agrawal (Retired)     26 November 2009

 It is a question of issuing CHEQUE BOOK.


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