Question

A society is deemed to have commenced its working when it has:

• A. Registered with the Registrar of Companies.
• B. Obtained a trade license and opened a bank account.
• C. Appointed a managing director and formulated business strategies.
• D. Held its first general body meeting, admitted members, and allotted shares

Answer 1

Answer:

D. Held its first general body meeting, admitted members, and allotted shares

RULE 7 PERIOD WITHIN WHICH SOVIETIERS SHALL COMMENCE WORKING

• Every Co-operative Society can commence its working within 6 months from the date of registration.

• The Registrar may give further extension not exceeding 6 months if it is necessary.

• The Society is deemed to have commenced its working if it has held its first General Body meeting, admitted members and allotted shares.

• Where the society has not commenced its working within 6 months of its registration, the Registrar may his own motion direct a Co-operative Society to Windup its affairs.

RULE 8 FIRST GENERAL BODY MEETING

• Rule 8 (First General body Meeting)

• Rule 8(1) The Chief Promoter should convene First General body Meeting with in 3 months from date of Registration.

• First General Body meeting should be convened with all the persons who had signed the application for registration of the Society

• If the Chief promoter fails to convene the meeting, the Registrar may appoint a person to convene that meeting on his behalf.

Rule 8(2) In First General body Meeting the following business is to be transacted

• i) Election of President for the meeting

• ia) Reading and recording Registered Byelaw of Society

• ii) Admission and allotment of Shares

• iii) Receiving statements of accounts and transactions from Chief promoter

• iv) Passing Budget for the year etc.

• v) Any other matters connected with the working of the society

Rule 8 A: Notice of General Body Meeting

• The Notice of General Body Meeting with agenda should be given to every member at least 15 clear days’ before the date of meeting.

• The notice of GB shall contain the place, date, hour of the meeting along with agenda.

• In urgent cases, GB can be convened by giving notice less than a period of 15 clear days

• Agenda means the list of items or statements of the business to be carried out in the meeting

Rule 11 - Registrar to keep a Record of Names, Address and Byelaws of Societies

• Rule 11 (1) : The Registrar keep a register in Form No 4 showing the Number, Name and Address of all societies registered under this Act and on the date on which its byelaws or the amendments are registered

• Rule 11(2) : A copy of each of the bye-laws of the societies registered by him, the amendment to bye-laws as and when registered should be filed along with the original bye-laws