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ASHIRVAD CO-OPERATIVE SOCIETY

PROJECT REPORT ON
ASHIRVAD CO-OPERATIVE SOCIETY
MASTERS OF COMMERCE DEGREE
SEMESTER- II
ACADEMIC YEAR:2015-16
SUBMITTED BY
MISS. AARTI YADAV
ROLL NO: 43

N.E.S. RATNAM COLLEGE OF ARTS, SCIENCE AND COMMERCE,


N.E.S. MARG, BHANDUP (WEST), MUMBAI-400078

ASHIRVAD CO-OPERATIVE SOCIETY

PROJECT REPORT ON
ASHIRVAD CO-OPERATIVE SOCIETY
MASTERS OF COMMERCE DEGREE
SEMESTER- II
ACADEMIC YEAR:2015-16
SUBMITTED BY
IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF MASTER
DEGREE OF COMMERCE
MISS. AARTI YADAV
ROLL NO: 43

N.E.S. RATNAM COLLEGE OF ARTS, SCIENCE AND COMMERCE,


N.E.S. MARG, BHANDUP (WEST), MUMBAI-400078

ASHIRVAD CO-OPERATIVE SOCIETY

N.E.S. RATNAM COLLEGE OF ARTS, SCIENCE AND


COMMERCE,
N.E.S. MARG, BHANDUP (WEST), MUMBAI- 400078

CERTIFICATE
This is to certify that the project report on ASHIRVAD CO-OPERATIVE SOCIETY is
bonafide record of project worked done by MISS. AARTI YADAV submitted in partual
fulfillment of the requirement of the award of the Master of Commerce Degree University of
Mumbai during the period of his/her study in the academic year 2014-15

INTERNAL EXAMINER:

EXTERNAL EXAMINER:
Principal
Mrs. Rina Saha

ASHIRVAD CO-OPERATIVE SOCIETY

DECLARATION

I hereby declare that this Project Report entitled ASHIRVAD CO-OPERATIVE SOCIETY
submitted by me for the the award of Masters Of Commerce Degree; University of Mumbai is a
record of Project work done by me during the year 2015-16. This is entirely my own work.

NAME: AARTI YADAV ROLL NO : 43

Signature

Place: Mumbai, Bhandup (W)


Date:

ASHIRVAD CO-OPERATIVE SOCIETY

ACKNOWLEDGEMENT
I owe a great many thanks to great many people who helped and supported me doing the
writing of this book.
My deepest thanks to lecturer, Prof. RAJIV MISHRA of the project for guiding and
correcting various documents of mine with attention and care. She/ he has taken pains to go
through my project and make necessary corrections as and when needed.
I extend my thanks to the principal of NES Ratnam College of Arts Science and
Commerce, Bhandup (w), for extending her support.
My deep sense of gratitude to Principal Mrs. Rina Saha of NES Ratnam College of Art,
Science and Commerce for support and guidance. Thanks and appreciation to the helpful people
at NES Ratnam College of Arts, Science and Commerce , for their support.

I would also thank my institution and faculty members without whom this project would
have been a distant reality. I also extend my heartfelt thanks to my family and well-wishers.

Candidate Name:

AARTI YADAV

ASHIRVAD CO-OPERATIVE SOCIETY

INDEX
Chapters Topics

Page No

Chapter 1

7-19

Co-operative Society Introduction


Meaning, Definitions, Characteristics,
Objectives, Types, Principles, Advantages &
Disadvantages
Chapter 2 Co-operative Societies Rules (Section45)
Chapter 3 Ashirvad Credit Co-operative Society
Limited
Chapter 4 Introductions, Functions, Schemes
Chapter 5 Use Of Deposits Of Ashirvad Credit Cooperative Society
-Security Of The Deposits
-Benefits To The Depositors
-Investments
-Membership
-Who Can Be A Member Of The Society
-How Can One Join The Society
-Saving Accounts
-Lone Schemes
-Deposits Schemes
-Recurring Deposits
Chapter 6 Lakhpati Yojana
Chapter 7 Ashirvad Schemes
-Ashirvad Laxmi Beetiyan Vivah Plan
-Ashirvad Shiksha Plan
-Ashirvad Sukhi Jeevan Pension Plan
Chapter 8 Monthly Income Schemes
Chapter 9 Conclusion
Chapter 10 Bibliography

20-29
30
30
31-35

36
37-39

40-41
42
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ASHIRVAD CO-OPERATIVE SOCIETY

Co-operative Society
Meaning:
Co-operation means working together to accomplish the common goal
through cooperative principles.
Co-operation is much older than the mankind. Formation of social groups in
outcome of reflective co-operation, while the life of the ants, bees, wincer, etc,
provides the best examples of initiative co-operation, Right from the hunting age
up to the present ager the progress and development of human being in all spheres,
social, economics, religions and political is marked by a sense of thinking working
together. In India throughout the ages of people and the communities worked
together on an informal co-operate basis with regard to their religions, social,
economic and cultural life.
The word Co-operation is derived from the Latin word Co-operari mean
to to work. In other words co-operation means to work together to achieve
common purpose. Co-operation promoter voluntarily association of individual
having common needs to combine towards the achievements of common economic
needs. If is recognized as a sector of business enterprise quite distinct from public
sector or private sector.

ASHIRVAD CO-OPERATIVE SOCIETY

Definition of co-operation
A cooperative society is essentially an association of person who join together on
a voluntary basis for the furtherance of their common economic interests.
According to C.R. Fay: From socio-economic point of view describes Cooperation is an association for the purpose of joint trading, organizing, among the
weak and conducts always in an unselfish spirit, on such term that all who are
prepared to assume the duties of members proposition to the degree in which they
make use of their association.
According to Mr. Talmaki, he defined it as An association of the weak, who
gather together for common economic need and try to, if themselves and others out
of weakness into strength through business organization conducted for the common
benefit of all who join it.

The Indian Cooperative Societies Act, 1912 - Section 4 of this Act defines
cooperatives "as a society which has its objectives the promotion of
economic interest, its members in accordance with cooperative principles."
Cooperative Society is that society which has been registered under the
Cooperative Societies Act, 1912, or under any other law for the time being in
force in any state registration of cooperative society."

ASHIRVAD CO-OPERATIVE SOCIETY

Characteristics of Co-operative Society

1. Voluntary association:
Everybody having a common interest is free to join cooperative society.
There is no restriction on the basis of caste, creed, religion, color, etc.
Anybody can also leave it at any time after giving due notice to the society.
That is specialty of any cooperative society. There should be minimum of 10
members to for cooperative society but there is no maximum limit for the
membership.
2. Separate legal entity:
A cooperative society after registration is recognized as separate legal entity
by law. It acquires an identity quite distinct and independent of its member
can purchase, dispose its own assets, can sue and also can be sued. The
income of cooperative society is legally taxable as per the Income Tax Act,
1961.
3. Democratic management:
Equalities are the essence of cooperative enterprises, governed by democratic
principles. Every member has got equal right over the function management
of that society. As such each member has only single voting right irrespective
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of the number of shares held or capital contributed by them. In case of


cooperative society, no member detects the terms and conditions of the
functioning because "one man one vote" is the thumb rule.
4. Service motive:
The main objective being formation of any cooperative society is for mutual
benefit through self-help and collective effort. Profit is not at all in the agenda
of the cooperative society. But if members so like, they can take up any
activities of their choice to generate surplus in order to meet the day-to-day
expenses.
5. Utilization of surplus:
The surplus arising from the operation of business is partly kept in a separate
reserve and partly distributed as dividend among the members. According to
Indian Cooperative Societies Act - 1912, each society must transfer at least
one-fourth of its profits to general reserve.
6. Cash trading:
One exception in the cooperative society is that like other business if never
go for credit sales. It sells the goods on the basis of cash only. Hence, the
cooperative society hardly comes across with the financial hardship because
of non-collection of sales dues. Members can only purchase on the basis of
credit, which is an exception to the present rule.

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ASHIRVAD CO-OPERATIVE SOCIETY

Objectives of Co-operative Society

-To enhance and encourage the cultural heritage of Northwest Cameroon through
quality craft production
-To improve the living standards of craftsmen by pooling their resources.
-To facilitate the collection and marketing of crafts through cooperative efforts.
-To promote the exportation of Cameroonian crafts.
-To seek funding and technical assistance from donors.
-To provide lucrative employment to school graduates.
-To fight against child labor.
-To promote gender equality in our society.

Types of Co-operatives Society


The following are the main types of cooperative enterprises:
1. Producer Cooperative Societies
These are formed to eliminate the middlemen and capitalist groups from the
industrial production. Its main purpose is to produce goods for the
requirements of its members. Surplus productions are also supplied to out
riders in the open market at profit. All the necessary activities .as production,
management and marketing are performed by the members themselves. Its
members get dividend on the basis of the capital invested by them.
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ASHIRVAD CO-OPERATIVE SOCIETY

Objects
(a) To purchase the raw materials and other factors at most economical
prices.
(b) To produce the goods at the most economical level.
(c) To supervise the production most efficiently and effectively.
(d) To dispose of the surplus production to non members at maximum prices.
(e) To eliminate the middlemen and capitalists.
2. Consumer Cooperative Societies
The society is the voluntary association of ordinary people formed with the object
of obtaining daily requirements of the members. It directly purchases the goods at
large scale from the producer or wholesalers at whole sale price. Anyone can
become member by purchasing one share of the society. Sometimes goods are also
supplied to non-members but they do not share in the profit of the society. Profit
earned by the store is distributed among the members according to the value of the
purchases conducted by the manager who is elected by the members. Generally its
two types are popular in the world.
(a) Retail cooperative store.
(b) Wholesale cooperative store.
Objects
1. To eliminate the retailers, capitalists and wholesalers.
2. To promote the welfare of the members.
3. To supply the daily necessities of life to its members at market price.
4. To increase the purchasing power an standard of living of the members of
the society.

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ASHIRVAD CO-OPERATIVE SOCIETY

3. Marketing Cooperative Society


It is the voluntary association of producers formed for the object of arranging the
disposal of their output. It pools together the output of the individual members
and arranges to supply the product at highest possible price. The profit of the sale
of the products is distributed among the contributing producers according to their
individual contribution to the pool. This kind of society is particularly useful for
the small producers and agriculturists. It can be formed in two organizations
according to the local condition of the country i.e.
(a) Single purpose society
(b) Multi purposes society
Objectives
1. To eliminate the middlemen who are liable of the high cost of marketing.
2. To pool together the output of the individual members.
3. To grade and process of the pooling products of the members.
4. To dispose of the product at the maximum price.
4. Insurance Cooperative Society
This type of cooperative society is formed for the objects of providing group
insurance facilities to its members. It makes the contract with sound insurance
company on collective terms and conditions and thus pay lower premium rate to
insurance company as compared with ordinary policy holders. These are other two
forms of cooperative Insurance i.e.
1. Mutual office
2. Self concern.
In the Mutual office, the policy holders are the owners and the profit of the
insurance company is utilized in the following ways:
(a) To strengthen the financial position of the company.
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(b)To decrease true amount of premium.


(c) To distribute bonus to its members.
Object
1. To provide insurance facilities to its members.
2. To charge the low rate of premium.
3. To promote the welfare of the members.
4. To encourage the habit of thrift and investment.
5. Housing Cooperative society
It is an association of middle and low income groups of people. Generally it is
formed in urban areas. The main purpose of this form of society is to protect its
members against exploitation by landlords. It not only grants financial assistance to
its members but also achieve the economics of purchase of building material in
bulk. In order to become a member of the society one must buy at least one share
of the society. The liability of the member is limited to his capital contributed. It is
also called "Building Society" and may be divided into three types i.e.
(1) Housing Building Society
(2) Land Society
(3) Finance Society
Objectives
1. To receive deposits from its members.
2. To make loans to its members for the construction of house at low rate of
interest.
3. To render technical services for its members.
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ASHIRVAD CO-OPERATIVE SOCIETY

4. To purchase building materials at economical rate.


5. To perform the welfare activities as water supply, roads, sewerage, electricity
6. Cooperative Farming Society
This form of Society is formed with the object of obtaining the benefits of large
scale farming and maximizing agricultural products. It is basically agricultural.
cooperative which is confined to agricultural countries. Its members generally
relate to the formers including those owing land. The cooperative forming are of
the following types:
1. Cooperative collective farming Society.
2. Cooperative joint farming society.
3. Cooperative better farming society.
4. Cooperative tenant farming society.
Objective
(a) To consolidate holding.
(b) To introduce new technique of cultivation.
(c) To improve the irrigating system.
(d) To increase the area under agricultural operations.
(e) To make necessary steps for the improvements of the standard of living of
the farmers.
(f) To increase the production per acre.
(g) To provide seeds manures and implements to its members.
(h) To dispose of agricultural output.
7. Credit Cooperative Society
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ASHIRVAD CO-OPERATIVE SOCIETY

Credit cooperative society is the voluntary association of .the financially weak


persons organized with the object of providing short term financial requirements to
them. This society performs important role in the rural areas where the dishonest
money lenders have been exploiting simple villagers by charging high rate of
interest. The Funds of the society consist of (a) Membership fees, (b) Dispose of
shares (c) Deposits from members and non-members (d) Loan from govt. and semi
govt.
The liability of members is unlimited. This assists the society in raising funds and
ensures that every member will take keen interest in the activities of the society.
The society prefers the poorer members in granting loan and charges low rate of
interest from them. Generally the society advances the amount for productive
purposes but some loans are also given to members for unproductive purposes.
Credit cooperative society may be divided into two types:
(1) Agricultural Credit Society
(2) Non-agricultural credit Society
Objects
(a)To get rid of the pressure of money lenders.
(b) To provide the financial facilities for short term to its members.
(c) To keep the minimum rate of interest on loan.
(d) To develop the habit of thrift and saving among the members.
(f) To encourage the habit of mutual aid.

Principles of Co-operatives

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ASHIRVAD CO-OPERATIVE SOCIETY

I. Voluntary Membership:
Everyone is at liberty to enter or leave the co-operative society as and when he
likes. Nobody is compelled to join a co-operative society. The members are also
free to use or not to use the services of the society. Though there is no limit on the
membership of the societies, sometimes certain limits are imposed to keep the
society as a workable group.

II. Political and Religious Neutrality:


The membership of a co-operative society is opened to all irrespective of religion,
caste, creed, colour or political affiliation. The co-operative movement can attract a
large membership only by staying out of politics where people have divided
opinions. There is no place for caste or discrimination in co-operative. The primary
aim of co-operatives is to serve its members. So, co-operative societies are neutral
as far as political and religious affiliations are concerned.

III. Democratic Management:


The management of a co-operative society is always on democratic lines. All the
members of a society elect a body of persons to conduct and control the day-to-day
working of the society. The members frequently meet and give guidelines to its
executive. In a co-operative, democracy is more than a system; it is a condition of
its business success. Co-operative business stands or falls with democracy.
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ASHIRVAD CO-OPERATIVE SOCIETY

IV. One Man, One Vote:


In co-operative societies every member is given one vote irrespective of his
contribution towards their basis of number of shares held by a person. So persons
having large number of shares control the organization. In a co-operative, nobody
can control the society on the strength of his wealth. All members have equal voice
in the management of the society.

V. Service Motive:
The primary objective of co-operative societies is to provide service to their
members. The aim is not to earn profits as is the case in all other forms of
organizations. The service of members is the fundamental object of co-operative
societies. The societies earn a small amount of profit to cover up administrative
expenses. The profit is generally earned when goods are sold to non-members.

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ASHIRVAD CO-OPERATIVE SOCIETY

Advantages of Co-operative Society


1. Easy to form:
The formation of a cooperative society is very simple as compared to the formation
of any other form of business organizations. Any ten adults can join together and
form a cooperative society. The procedure involves in the registration of a
cooperative society is very simple and easy. No legal formalities are required for
the formation of cooperative society.
2. No obstruction for membership:
Unless and otherwise specifically debarred, the membership of cooperative society
is open to everybody. Nobody is obstructed to join on the basis of religion, caste,
creed, sex and colour etc. A person can become a member of a society at any time
he likes and can leave the society when he does not like to continue as; member.
3. Limited liability:
In most cases, the liabilities of the members of the society are limited to the extent
of capital contributed by them. Hence, they are relieved from the fear of
attachment of their private property, in case of the society suffers financial losses.
4. Service motive:
In Cooperative society members are provided with better good and services at
reasonable prices. The society also provides financial help to its members < the
confessional rates. It assists in setting up production units and marketing of
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ASHIRVAD CO-OPERATIVE SOCIETY

produces small business houses so also small farmers for their agricultural
products.
5. Democratic management:
The cooperative society is managed by the elected members from and among
themselves. Every member has equal rights through its single vote but can take
active part in' the formulation of the policies of the society. Thus all members are
equally important for the society.

DISADVANTAGES OF CO-OPERATIVE SOCIETY:

1. Limited resources:
Cooperative societys financial strength depends on the cap contributed by its
members and loan raising capacity from state cooperative banks. The membership
fee is limited for which they are unable to raise large amount of resources as their
members belong to the lower and middle class. Thus, cooperative are not suitable
for the large scale business which require huge capital.

2. Inefficient management:
A cooperative society is managed by the members only. They do not possess any
managerial and special skills. This is considered as major drawback of this sector.
Inefficiency of management may not bring success to the societies.

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ASHIRVAD CO-OPERATIVE SOCIETY

3. Lack of secrecy:
The cooperative society does not maintain any secrecy in business because the
affairs of the society are openly discussed in the meetings. But secrecy is very
important for the success of a business organization. This paved the way for
competitors to compete in better manner.

4. Cash trading:
The cooperative societies sell their products to outsiders only in cash. But, they are
usually from the poor sections. These persons require availing credit facilities
which are not possible in the case of cooperatives. Hence, marketing is a
shortcoming for the cooperatives.

CO-OPERATIVE SOCIETIES RULES


(Section 45)
222/232/1956
LN 42/1979
1. These rules may be cited as the Co-operative Societies Rules.

Register of Societies
2. The Registrar shall keep or cause to be kept at his office a register to be called
the "Register of Societies" wherein shall be entered particulars relating to the
registration of societies and their by-laws.
3. All original entries in the Register of Societies shall be made by, or under the
direction of, the Registrar and shall be signed by him.
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ASHIRVAD CO-OPERATIVE SOCIETY

4. Every alteration, interlineation or erasure in the Register of Societies shall be


initialled by the Registrar.
5. The Register of Societies shall be open to inspection by the public at all
reasonable times and free of charge.
Application for registration of Societies
First Schedule
6.-(1) Every application for the registration of a society shall be submitted to the
Registrar in the form set out in the First Schedule to these Rules.
(2) Three copies of the by-laws which the society proposes to adopt shall be
submitted together with the application.
Registration
7. When the Registrar decides to register a proposed society the society and its bylaws shall be registered in the Register of Societies.

Second Schedule
8. Upon the registration of a society the Registrar shall forward to the society, free
of charge(a) a certificate of registration in the form set out in the Second Schedule to these
Rules;
(b) a copy of the by-laws of the society as approved by him and certified under his
hand as having been approved by him;
(c) a copy of the Act and of the Rules in English.
9. When the Registrar refuses to register a society or its by-laws he shall record in
writing his reasons for so doing.
Register of members and books and accounts

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10. Every registered society shall keep a register to be called the "Register of
Members" wherein shall be entered(a) the name, address and occupation of each member and a statement of the
shares, if any, held by him;
(b) the date on which each members name was entered in the register;
(c) the date on which any member ceased to be a member; and
(d) the nominee, if any, appointed under rule 19.
11. Every registered society shall keep such accounts and records and shall use
such books as may from time to time be prescribed by the Registrar.
Membership
12. The election and admission of members to a registered society, other than
original members, shall be in such manner and on such conditions as the by-laws
shall prescribe.
13. A member may withdraw from a registered society by giving written notice to
the Secretary, but such withdrawal shall be without prejudice to section 25 (1) of
the Act.
14. If a member acts in contravention of the rules or by-laws or acts in any way
detrimental to the interests of the registered society, such member may be expelled
by a vote of two-thirds of the members present at a general meeting upon a charge
communicated to him in writing by the committee not less than one week before
the meeting. Such expulsion shall, however, be without prejudice to section 25(1)
of the Act.
15. Any member who loses any of the qualifications for membership prescribed by
the Act or the rules or the by-laws shall cease to be a member of the registered
society, and the committee shall cause his name to be struck off the Register of
Members without prejudice to any liabilities of such person under section 25(1) of
the Act.
16. In the case of any registered society of limited liability holding deposits or
loans from non-members, no member withdrawing, removed or expelled therefrom
shall be entitled to a repayment of any money paid by him towards the purchase of
shares.
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ASHIRVAD CO-OPERATIVE SOCIETY

17. No registered society shall fix any limit to the number of its members.
Non-members
18. The Registrar shall have power to prohibit or restrict transactions of any society
with non-members when it is proved to his satisfaction that such transactions are
opposed to co-operative principles or involve the abuse of any of the privileges
accorded to societies or involve an evasion of income tax or a breach of any rules
or orders of Government.
Division of profits
19.-(1) No registered society shall pay a dividend on share capital exceeding five
per centum per annum on the capital actually paid up.
(2) A bonus based on wages or on the value of the products of a member, or a
bonus or rebate on patronage calculated in proportion to the amount of business
done by each member with the registered society, may be distributed every year
after the accounts have been audited to the members from surplus funds after the
deduction of all expenditure and after making provision for bad and doubtful debts
and making allocation to the reserve fund.
(3) The Registrar or an Assistant Registrar may prohibit a society from making a
loan to any person or paying a bonus or distributing any part of its accumulated
funds without an authorisation in writing by the Registrar or Assistant Registrar.
This power may not be delegated by the Registrar or Assistant Registrar.
Maximum liability
20.-(1) Every registered society shall, from time to time, fix at a general meeting
the maximum liability it may incur in loans or deposits whether from members or
non-members.
(2) The maximum so fixed shall be subject to the sanction of the Registrar, who
may at any time reduce it. No registered society shall receive loans or deposits
which will make its liability exceed the limit sanctioned by the Registrar.
General Meeting
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21. The supreme authority in a registered society shall be vested in the general
meeting of members at which every member has a right to attend and vote on all
questions. Subject to the provisions of sections 22 and 23 of the Act, each member
shall have one vote only which shall be exercised in person and not by proxy.
22. The first general meeting of members shall have the same powers as are given
to the annual general meeting, and shall be held immediately or not later than one
month after the receipt of the certificate of registration of the society.
Annual general Meeting
23. The annual general meeting of members shall be convened by the committee
not later than one month after the report on the audit of the accounts of the
registered society by the Registrar or person authorised by him is received by the
committee. At least eight days notice shall be given before any such general
meeting is held:
Provided that the Registrar may at any time after the audit of the accounts has been
completed convene the annual general meeting which shall proceed as if it had
been convened by the committee.
24. The functions of the annual general meeting shall be(a) to confirm the minutes of the previous annual meeting and of any intervening
special general meeting;
(b) to consider the reports of the committee and the balance sheet together with the
report on the audit of the accounts of the registered society for the previous year as
prepared by the Registrar or the person authorised by him;
(c) to approve the accounts, or, if the accounts are not approved, to cause the
secretary to notify the Registrar who shall consider the matter and make his
decision thereon, and such decision as to the correctness of the accounts shall be
final and conclusive;
(d) to hear and decide upon any complaints brought by members aggrieved by a
decision of the committee:
Provided that notice of such complaints to be brought before the meeting has been
given to the secretary at least two days prior to the meeting;
(e) to elect the committee; and
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(f) to transact any other general business of the registered society.


Special general Meeting
25. A special general meeting of members may be convened at any time by the
committee; and on receipt of a demand stating the object of the proposed meeting
signed by not less than one-fifth of the members of the registered society, if such
society is composed of less than one hundred members, or by twenty-five members
if such society consists of more than one hundred members, it shall be the duty of
the Chairman of the committee to convene such a meeting giving eight days notice.
If the Chairman of the committee fails to convene a meeting within fourteen days
from the receipt of a demand as aforesaid the members applying for such a meeting
will have the right to convene the meeting by notice which must contain the object
of the proposed meeting and a statement to the effect that the meeting is convened
on the failure of the Chairman of the committee to convene the meeting demanded:
Provided that the Registrar or a person authorised by him may at any time summon
a special general meeting of the registered society in such manner and at such time
and place as he may direct. He may also direct what matters shall be discussed at
the meeting. Such meeting shall have all the powers of a meeting called according
to the rules.
Quorum at General Meetings
26.-(1) When a registered society consists of not more than forty members one-half
of the number of the members or ten members, whichever is the less, shall form a
quorum for the purposes of the annual or a special general meeting: and when a
registered society consists of more than forty members one-fourth of the total
number of the members of such society shall form a quorum for the purposes of the
annual or a special general meeting:
Provided that when any meeting is summoned by the Registrar any members
present at such meeting shall be deemed to form a quorum.
(2) If within one hour after the time fixed for any meeting, other than a meeting
convened by the Registrar, the members present are not sufficient to form a
quorum, such meeting shall be considered as dissolved if convened on the demand
of members; in all other cases it shall stand adjourned to the same day in the next
week at the same time and place and a notice to that effect shall be posted by the
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Secretary within twenty-four hours, and if at the adjourned meeting a quorum is


not present within one hour from the time appointed for the meeting; the members
present shall form a quorum.
Chairman of General Meetings
27.-(1) The Chairman of the committee or in his absence any other person elected
by a majority of those present shall preside at the annual or a special meeting:
Provided that the Registrar or a person appointed by him shall preside at any
meeting convened by himself or on his demand.
(2) The Secretary or in his absence any other person nominated in writing by the
Chairman shall act as secretary at the meeting. The Chairman, if necessary, may
nominate other officers to assist at the meeting.
(3) The Chairman may by the decision of the meeting adjourn the meeting from
time to time and from place to place, but no business shall be transacted at any
meeting so adjourned other than the business left unfinished at the meeting from
which the adjournment took place.
(4) The Chairman shall have the right to order the closure of a discussion and put
the matter to the vote.
Voting at General Meetings
28. Any question submitted to the decision of the members present at a meeting,
unless otherwise dealt with in the Act, shall be decided by a majority of votes on a
show of hands.
29.-(1) The Chairman shall have an ordinary vote and in case of an equality of
votes shall be entitled to a casting vote. In the case of a meeting convened by the
Registrar and presided over by him or his representative, he or his representative
shall not be entitled to vote except on an equality of votes, in which case they shall
have a casting vote.
(2) In respect of every resolution put to the vote the Chairman shall declare
whether it has been carried or lost, and an entry to that effect in the minute book
shall be conclusive; evidence of anything therein contained.
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ASHIRVAD CO-OPERATIVE SOCIETY

Minutes of General Meetings


30. Minutes of the meetings shall be entered in the minute book and signed by the
Chairman and Secretary before the dissolution or adjournment of the meeting and
shall contain(a) the number and names of the members present at the meeting and the name of
the Chairman or of the person who presided at the meeting;
(b) the date of meeting;
(c) the total number of members on the date on which the meeting was held; and
(d) all resolutions passed or decisions made at the meeting.

Election of Committee
31.-(1) The committee shall be elected at the annual general meeting.
(2) The committee shall consist of such number of members as the by-laws may
prescribe and the quorum shall be as prescribed in the by-laws.
(3) Members of the committee shall hold office until the election of a new
committee and shall be eligible for re-election:
Provided that any member may be removed by a majority of three-quarters of the
members present and voting at a special general meeting who shall proceed at the
same meeting to the election of a new member who shall hold office until the
election of the new committee.
(4) Any vacancies on the committees shall be filled by cooption by the remaining
members of the committee.
(5) The committee shall elect its own chairman who shall have an ordinary vote,
and on an equality of votes, a casting vote. In the temporary absence of the
Chairman the committee shall elect one of its members to perform his duties.

28

ASHIRVAD CO-OPERATIVE SOCIETY

FIRST SCHEDULE
(Rule 6(1))
APPLICATION FOR REGISTRATION OF A SOCIETY
Made under the Co-operative Societies Act
To the Registrar of Co-operative Societies,
Solomon Islands
1.Application to register a society of liability is hereby made by the ten persons/registered
societies whose names are subscribed below.
2. The name of the society is.............................................................................as set forth in bylaw No............................of the by-laws of the society.
3. At a meeting of the society held at ........................................................on the...........day
of..........................19,............................. it was resolved to apply for registration as a society
under the Act.
29

ASHIRVAD CO-OPERATIVE SOCIETY

4. Accompanying this application are attached:


(a) a list of all members and the capital subscribed by each;
(b) the names and addresses of the committee and other officers of the society;
(c) three copies of the by-laws of the society.
5.All communications with the society should be addressed to
Dated this..............day of..............19.........
Signatures:
1.
4.
7.
10.

2.
5.
8.

3.
6.
9.

SECOND SCHEDULE
(Rule 8(a))
CERTIFICATION OF REGISTRATION
I hereby certify that I have this day registered the....................................................
as a co-operative society with.................................................................liability under the above
name with its address at..............................................in accordance with section 7 of the Cooperative Societies Act.
Dated this..................day of......................, 19................
Registrar of Co-operative Societies
THIRD SCHEDULE
(Rule 50(3))
CERTIFICATE ACCOMPANYING AMENDMENT TO A SOCIETY'S BYLAWS

30

ASHIRVAD CO-OPERATIVE SOCIETY

We...........................................................................................(names) Chairman and Secretary of


the................................................................hereby certify that(1) The enclosed amendment of the by-laws was made at a General Meeting held on
(2) That on that date there were.....................members of the society of whom .................were
present at the meeting.
(3) That......................members voted for the amendment.
(4) That due notice of the meeting and the proposed amendment was issued to all members in
accordance with the society's by-laws.
Dated this.............day of................., 19.................
Chairman
Secretary
FOURTH SCHEDULE
(Rule 56)
SCHEDULE OF FEES

ASHIRVAD
CREDIT
SOCIETY LIMITED

CO-OPERATIVE

INTRODUCTION
Ashirvad Credit Co-Operative Society financial institution formed under the laws,
which do banking business among its members. Co-operative Society is registered
under the 2001 Act, regulated by the government with its registration
751/LA.A./2011,

fully

ahead

to

Government

of

Rajasthan.

31

ASHIRVAD CO-OPERATIVE SOCIETY

FUNCTIONS
Ashirvad Credit Co-Operative Society is run by the Board of Governors and the
task of planning and policy formulation lies in the authority of the Board of
Governors. Society and its various deposit schemes by the common man's
endeavor for economic development.

SCHEMES
Ashirvad Credit Co-Operative Society is driven various types of plans in terms of
deposits like
Fixed Deposit (F.D.)
Recurring Deposit (R.D.)
Monthly Income Plan
Ashirvad Silver Plan
Ashirvad Diamond Plan
Daily plan
USE OF DEPOSITS OF ASHIRVAD CREDIT CO-OPERATIVE SOCIETY
Ashirvad Credit Co-Operative Society funds received as deposits at the lender
uses. Ashirvad Credit Co-Operative Society members are among the banking
business.
SECURITY OF THE DEPOSITS
The government has set up law for the Security of the deposit in Ashirvad Credit
32

ASHIRVAD CO-OPERATIVE SOCIETY

Co-Operative Society to which the cradle is legally necessary. Ashirvad Credit CoOperative Society Ltd. is fully complied with capital adequacy norms set by the
government. Society is fully comply by the Reserve Bank of India's KYC policies.
BENEFITS TO THE DEPOSITER (INVESTOR)
According to current tax law, interest earned on deposits currently not cut T.D.S.
Premature paid on deposits and loans are available as per rules.
INVESTMENT
Any adult person in society, Hindu undivided family, company, partnership firm,
trust, institution, etc. is a member of the Ashirvad credit Co-Operative Society Ltd.,
can invest in the deposit schemes.

MEMBERSHIP
To become a member of Ashirvad credit Co-Operative Society by paying the
amount of Rs 10 membership fee and Rs 100 can be applied for membership in the
firm.
When you become a member of ASHIRVAD Credit Co-operative Society, you
have right to participate in the management process of the organization through the
A.G.M. You can otherwise also post your suggestion for improving the functioning
of the society. We understand each other so well that we have spontaneously
33

ASHIRVAD CO-OPERATIVE SOCIETY

started treating our members as part of ASHIRVAD Pariwar. Because of the


avowed objective of this initiative when we committed ourselves to ensure welfare
of our members through financial support we are improving the standards of life
and rendering all possible technology driven financial services under one roof.

Who Can be a member of the Society?


Any person who has attained the age of 18 years, is capable of entering a valid
contract, member of Hindu Undivided Family Business, a company registered
under Companies Act, a Partnership Firm, a Limited Liability Partnership firm, any
Trust, Institutions, residents of Jaipur or persons employed here or professionals
with their business establishment can become a member of the society.

How can one Join the Society?


It is very easy you have to just deposit a sum of Rs. 10 and fill up a membership
form which is available at all our branches, franchisee and field staff. We can assure
you that our field staff is truly co-operative. Membership will be given to you as per
the discretion of the society.

SAVING ACCOUNT
Ashirvad saving account
Minimum Deposit Amount Rs. 200
Maximum Interest Rate 7%.

LOAN SCHEMES

34

ASHIRVAD CO-OPERATIVE SOCIETY

1) DAILY LOAN SCHEME


i) The loan period will be there for three to six months.
ii) The loan amount will be maximum of Rs.1, 00,000/iii) The borrower must have savings account with ashirvad.
iv) The loan will be paid back by daily installments.

DETAILS OF INSTALLMENTS
Period Of Six Months

Period Of Three Months


LOAN AMOUNT DAILY

LOAN AMOUNT

DAILY

INSTALLMENT

INSTALLMENT

WITH INTEREST

WITH INTEREST

10,000

120

10,000

65

20,000

240

20,000

130

30,000

360

30,000

195

40,000

480

40,000

260

50,000

600

50,000

325
35

ASHIRVAD CO-OPERATIVE SOCIETY

60,000

720

60,000

390

DEPOSIT SCHEMES
Fixed deposit scheme
Term deposit pre-pay a deposit of 1,000 rupees on the table
Time Period
Prepayment
Loan
3 months
3 to 6 months
6 to 9 months
9 to 12 months
12 to 15 months
15 to 18 months
18 to 21 months
21 to 24 months
24 to 27 months
27 to 30 months
30 to 33 months
33 to 36 months
36 to 39 months
39 to 42 months

Not available
Not available
Not available
Not available
1050/1060/1070/1080/1090/1100/1150/1190/1210/1280/-

700/725/750/800/840/850/860/865/875/880/925/1000/1025/1090/-

Ashirvad credit society has the right to change the interest rates from time to time.

Term deposit interest rates


Time Period
3 Month
6 Month
9 Month

Interest rate
7.00%
8.00%
9.00%

Special interest
8.00%
9.00%
10.00%
36

ASHIRVAD CO-OPERATIVE SOCIETY

1 Year
2 Year
3 Year
4 Year
5 Year

11%
11.50%
12%
12.50%
12.50%

12%
12.50%
13%
13.50%
13.50%

TERMS AND CONDITIONS


1. Investors women above the age of 51 Ave, disabled soldiers, ex-Central Ave Ave State
Government Employees Insurance Setr All bank employees, public employees in
government and make a cooperative venture in semi-employed retired employees of local
bodies Ave Trust Special rates at the single deposit of Rs five lakhs.
2. Calculating the annual compounded rate of interest on a minimum deposit of Rs 1000
and 100 the coefficient of Rupee
3. Available pre-pay rules.
4. 70% of the loans against deposits.
5. They must have no interest after the time period over.
6. Changes in the terms of the plan, renovation, addition and amend by the Ashirvad
Credit Co-operative Society Ltd.

RECURRING DEPOSIT
New Year Special Deposit Scheme 13%
Principal
Period
Interest rate

Payable amt.

Amount
5000
5000
5000

5920
6080
6410

17 Month
20 Month
26 Month

920
1080
1410

37

ASHIRVAD CO-OPERATIVE SOCIETY

The minimum deposit plan of Rs 5000 and in multiple of Rs. 1000.


Condition Apply
Pre-payment on a saving account at 7 percent annual interest payable
Changes in the terms of the plan, renovation, addition and amend by the
Ashirvad Credit Co-operative Society Ltd.

LAKHPATI YOJANA
11 percent interest on deposits
No Payment till 36 months
36 months to 54 months 7% interest
54 months later and 72 months before the 11% interest

ASHIRVAD SCHEMES
ASHIRVAD LAXMI BEETIYAN VIVHA PLAN
Amount x Month
250 x 180
500 x 180
750 x 180
1000 x 180

Principal Amount
45000
90000
135000
180000

Payable Amount
129750.00
259500.00
389250.00
519000.00

ASHIRVAD SHIKSHA PLAN


Amount x Month

Principal Amount

Payable Amount
38

ASHIRVAD CO-OPERATIVE SOCIETY

250 x 120
500 x 120
750 x 120
1000 x 120

30000
60000
90000
120000

59250.00
118500.00
178000.00
237000.00

ASHIRVAD SUKHI JEEVAN PENSION PLAN


Amount x Month
250 x 240
500 x 240
750 x 240
1000 x 240

Principal Amount
60000
240000
240000
240000

Payable Amount
260000.00
520000.00
780000.00
104000.00

ASHIRVAD LAXMI BEETIYAN PLAN

Maturity in 4 year 9 month


On Maturity deposit amount double
Minimum deposit of Rs. 1,000 or Maximum deposit 25000
Deposit on the Credit facility
Note- Last Date of Laxmi Beetiyan Scheme 30 September (Only for women
and girls)

ASHIRVAD SILVER SCHEME


1. Maturity in 5 year 9 month
2. On Maturity deposit amount double
3. Minimum deposit of Rs. 1,000 or in multiples of 100
4. Deposit on the Credit facility
5. a)

Credit facility for 1 year not available


39

ASHIRVAD CO-OPERATIVE SOCIETY

b)

After 1 year, 60 percent of the loan shall be payable on deposits

6. 21 Percent annual interest on loan, monthly compound rate


7. No pre-payment before 2 year, after 2 year rate on a saving account at 5
percent annual interest payable
8. After maturity, no interest shall be payable
9. Changes in the terms of the plan, renovation, addition and amend by the

TRIPLE ASHIRVAD PLAN


1. Maturity in 9 years
2. Three Times maturity amount on deposit (Pay Rs. 10,000/- and get Rs.
30,000/-)
3. Minimum deposit of Rs. 1000/4. Deposit on the Credit Facility
5. a)

Credit facility not available for 1 year

b)

1 year to 2 year, loan up to 50 percent of deposit amount

c)

After 2 year 75 percent Loan on total deposit

6. 19 percent annual compound rate of interest on loan amount


7. Time of Payment
8. a)
b)
c)

70 months no payment facility


After 70 months to 90 months due to double the money
90 month later and earlier maturity of the deposits paid 2.5
times

9. After maturity, no interest shall be payable


10.Changes in the terms of the plan, renovation, addition and amend by
the Ashirvad Credit Co-operative Society Ltd

40

ASHIRVAD CO-OPERATIVE SOCIETY

MONTHLY INCOME SCHEME


Monthly Income Scheme
Tim Gen Speci Monthly
e
eral al
Income
Peri inter intere Gene Speci
od
est
st rate ral
al
rate
91
1 & 10% 11% 83
2
year
10.5 11.50 87
96
3 & 0%
%
4
year
11.5
5 & 0%
6
year

12.50 96
%

104

Quarterly
Income
Gener Speci
al
al

Half Yearly Annul Income


Income
Gener Spec Gen Special
al
ial
eral

250

275

500

550

1000 1100

262

287

525

575

1050 1150

288

313

575

625

1150 1250

TERMS AND CONDITIONS


1. Minimum investment of Rs. 10,000 / 2. Investors 51 years of age and above, woman, handicapped, defense personnel,
retired defense personnel, employees of central government and state
government, all employees of banks and insurance companies, employees of
public sector, government and semi-government organizations, working
employee of any cooperative society, employees of local bodies, retired person,
trust and on single deposit of Rs. 5 lac get special rate of interest

41

ASHIRVAD CO-OPERATIVE SOCIETY

3. TDS is not applicable on interest paid by society


4. Interest paid to the nearest rupees
5. Loan available up to 75% of deposit amount
6. Rate of interest on loans against deposits 21% per annum
7. Pre-pay terms and conditions
a)

On 1 year deposits, after 6 months 4% interest payable

b)

On 2 year deposits, after 1 year 4% interest payable

c)

After 2 year 5% interest payable

8. After maturity, no interest or other benefits payable

CONCLUSION
A cooperative society is essentially an association of person who join together on
a voluntary basis for the furtherance of their common economic interests. It is a
form of business where individuals belonging to the same class join their hands for
42

ASHIRVAD CO-OPERATIVE SOCIETY

the promotion of their common goals. These are generally formed by the poor
people or weaker section people in the society
No, a doubt, ashirvad credit co-operative society ltd., is working in the right
direction. It cannot be ignored, since its establishment it is striving hard for
improving the economic conditions of the members.
At the same time it is servicing its members in various ways i.e., advancing loans
as and when needed at cheaper rate of interest, collects deposits from their savings,
work for welfare of members etc.
Loan distribution and collection system is also good and majority of the members
were satisfied. Loan is allotted without discrimination members are satisfied with
the working of the society.
It is necessarily that society should always orient its activities towards welfare of
members. It is well-known fact that the main objective of the society is EACH
FOR ALL AND ALL FOR EACH. Therefore, it is necessary that society should
always aim at continuous development or adoption, which will be more helpful to
the members of its services.

BIBLIOGRAPHY
http://www.afcd.gov.hk/english/agriculture/agr_sim/agr_sim.html
https://www.google.co.in/?
gfe_rd=cr&ei=FYAFVbLqCsfV8ge_9oDQAQ#q=cooperative+society
https://www.scribd.com/doc/30423298/project-report-on-credit-flow-in-co-operative-society
https://www.scribd.com/doc/43924761/A-Projct-Report-on-Cooperative-Society
http://www.ncui.coop/pdf/success-story7.pdf

43

ASHIRVAD CO-OPERATIVE SOCIETY

https://www.maharashtra.gov.in/site/Upload/Acts%20Rules/Marathi/1.Maharashtra_Cooperative_Societies_Act_1960%20%28XXIV%20of%201961%29.pdf
http://delhi.gov.in/wps/wcm/connect/doit_rcs/RCS/Home/Forms+and+Affidavits/
http://www.wirc-icai.org/material/registration%20of%20societies.pdf

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