Co-Op.Hsg.Society Act
JIGNESH GANGER
(Querist) 26 November 2008
This query is : Resolved
Kindly send me a Draft Copy of Bye - Laws required for Co-Op.Hsg.Society as early as possible.
Thanks in Advance.
PALNITKAR V.V.
(Expert) 07 February 2009
I am pasting model bye laws pertaining to Maharashtra. You may make suitable changes.
The Maharashtra Co-operative Societies Act, 1960 and the Model Bye Laws
The object of the Maharashtra Co-operative Societies Act, 1960
The object clause of the Maharashtra Co-operative Societies Act, 1960 states that the Act was promulgated to consolidate and amend the law relating to Co-operative societies in the state of Maharashtra. The Act further states that it was necessary to amend law in a manner so that there was an orderly development of the co-operative movement in the State of Maharashtra in accordance with the relevant directive principles of the state policy as laid down in the Constitution of India.
Eligibility criteria for becoming a member of a co-operative society
As per Section 22(1) of the Maharashtra Co-operative Societies Act, 1960, the following persons are eligible to become member of a Co- operative Society.
An individual who is competent to contract under the Indian Contract Act, 1872.
A firm, company or any other body corporate constituted under any law for the time being in force, or a society registered under the Societies Registration Act, 1860.
A society registered, or deemed to be registered under the Act.
The State Government or Central Government.
A local authority.
A public trust registered under any law for the time being in force for the registration of such trusts.
Refusal by Co-operative Society for membership to any person
As per Section 23(1) of the Maharashtra Co-operative Societies Act, 1960, no society shall without sufficient cause, shall refuse membership to any person if he is otherwise duly qualified for membership under the provisions of this Act and the Approved Bye-Laws of the Co- operative Society Limited.
Time limit for refusal of membership of the society
Section 22(2) of the Maharashtra Co-operative Societies Act, 1960 lays down that where a person's application for membership to a society has been rejected, he should be intimated about the same with reasons, within fifteen days of the date of the decision or within 3 months from the date of receipt of the application for admission, whichever is earlier. If the society fails to communicate the decision to the applicant, within three months from the date of the receipt of such application, he shall be deemed to have been admitted as a member of the society.
Fees payable for adding an extra name in a share certificate issued by a society
When any person, who is eligible to be an associate member, wishes that his name is added in a share certificate, as a member, he has to pay an entrance fee of Rs. 10/- towards addition of his name as an additional member. This entrance fee is chargeable towards every additional name included in a share certificate to the society. This has been laid down in Model Bye-law No. 21 of the Model Bye-laws framed for a Co-operative Housing Society Ltd.
Procedure for transfer of shares in a Co-operative Housing Society
The procedure for transfer of shares in a Co-operative Housing Society is laid down in the "Model Bye-law No. 40 of Bye-Laws Of The Co-operative Housing Society Limited". As per Model Bye-Law No. 40(a), a member of a co-operative housing society desiring to transfer his shares and interest in the property of a society has to give 15 days' notice to the Secretary of the society in the prescribed form (Appendix 19) intimating that he intends to transfer his shares, right and interest in the property of the society, indicating the name of the intended transferee and the amount of consideration. The consent of the proposed transferee in the prescribed form (Appendix 20) accompanies the notice of member. The notice of the member will be considered by the Managing Committee of the society to decide whether the member is eligible to transfer his shares/interest. A member is not eligible to transfer his shares/interest in society if he has held such shares or
