GUJARAT CO-OPERATIVE SOCIETY ACT

Querist : Anonymous (Querist) 09 June 2011 This query is : Resolved
WHETHER PRESIDENT OR SECRETERY OF THE CO-OPERATIVE SOCIETY CAN RECEIVE REMUNERATION/SALARY/SHARE IN PROFIT.

PLEASE SUGGEST :

A CO-OPERATIVE SOCIETY HAS A BALANCE OF Rs. 1050200/- IN PROFIT & LOSS ACCOUNT (UNDER RESERVE & SURPLUS HEAD IN BALANCE SHEET). HOW THIS AMOUNT CAN UTILIZE ????

PLEASE SUGGEST URGENT ........

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prabhakar singh (Expert) 10 June 2011
you have fail to tell in which state this society is?They are subjected to state laws.

DEFENSE ADVOCATE.-firmaction@g (Expert) 10 June 2011
if it is provided in bye laws and approval of the general body than salary / expanses can be given.

Isaac Gabriel (Expert) 10 June 2011
There is provision in the coop.society rules for the division of profits ie. Reserve fund,eduction fund,development fund,buiding fund,dividend etc., and the balnce to be credited to the reserve fund. If any special allocation for any specific activity to be made, permission of the Registrar or the Government as the case may be need to be obtained.

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