A co-operative society is a voluntary association started with the aim of service of its members. It is a form of business where individuals belonging to the same class join their hands for the promotion of their common goals. These are generally formed by the poor people. It reflects the desire of the poor people to stand on their own legs or own merit. The philosophy of the formation of co-operative society is “all for each and each for all”.
These societies are mainly found in villages where people with same targets or aims collaborate with each other in order to reach to their desired place.
The co-operative society act has been necessitated to protect the interests of weaker sections of society. The primary objective of this movement is ‘how to protect economically weaker sections of society’. In all forms of organisation, be it is a sole trade, partnership or joint stock company, the primary motive is to increase profits.
The businessman tries to promote his own interest through all possible means including exploitation of consumers. The co-operative society accounting is a democratic set up run by its members for serving the interests of themselves. It is self help through mutual help. The philosophy behind co-operative movement is “All for each and each for all”.
Co-operative societies in India are voluntary associations started with the aim of service to members. Hubert Calvert says, “Co-operation is a form of organisation wherein persons voluntarily associated together as human beings on the basis of equality for the promotion of the economic interest of themselves.”
A group of people formed as a separate organization and which has stated purpose like some charitable or benevolent purpose either in regards to the public at-large or in regards to the common interests of the members, and which operates as nearly as possible at cost.
Society registration in India takes place under the societies registration act, 1860. Society registration is one of the three ways to register an NGO in India under the Indian Trust Act, 1882, Societies registration act, 1862 and the Indian companies’ act 2013.
State governments manage society registration. Following are the steps of registration:-
a. First, agree on a name with the consent of founding members.
b. Then prepare a MoA and regulations of the society.
c. Next, obtain signatures of founding members on the MoA.
d. Finally, get the MoA witnessed by an officer such as an advocate, CA, or notary public.
The rules and regulations of the society are a guide to the members of the governing body or the persons entrusted with management of the society to regulate the functions of the society and for its internal management.
A society can be formed by any seven or more persons associated for any literary, scientific or charitable purpose, or for any such purpose as described in section 20 of the Societies registration act.
Society registration can take anywhere between 30-60 days.
Varies depending on the state of registration. Usually between Rs. 200-1000. The professional fee depends on your needs.
The documents needed to be submitted to the registrar are:-
a. A letter requesting registration, signed by founding members.
b. Certified copy of the MoA, signed by the founding members.
c. A certified copy of the rules and regulations, signed by the founding members.
d. A table with the names and address and occupation of all members of the society with their signatures
e. Minutes of the meeting.
f. Declaration by the president of the society.
g. A sworn affidavit from the President or Secretary, declaring the relationship between the subscribers and address proof of registered office.
Member(s) as given in the memorandum shall be a person(s) who has been admitted according to the rules and regulations of the society and have paid the subscription and signed the list of members.