How to Become a Successful Cooperative Society

 ACFA

5.1.      In this section we will consider the followings:

1.      Books co-operative must possess before being registered

2.      Who are co-operative members?

3.      What is meeting?

4.      What are the objectives of meeting?

5.      Who can call for meeting and why?

6.      How can Co-operative Society/Unions generate money/fund?

BOOKS CO-OPERATIVE MUST POSSESS BEFORE BEING REGISTERED:-

5.1a.    The following are some of the prescribed books to be acquired before a co-operative society is registered:-

(1)                     A membership and Attendance Register, showing the name address and occupation of every member, the number of share held by him, the date of his admission to membership, the Nominee appointed under Bye-Law II, and the members attendance at general meeting

(2)                     A cash book showing the receipts, expenditure and balance on each day on which business is done

(3)                     Cash receipt book

(4)                     Payment voucher

(5)                     General Ledger

(6)                     Personal Ledger with accounts for each member; depositor and creditor

(7)                     Loan register showing installments for repayment of loans

(8)                     Minute book for   proceedings of General and Committee Meetings

(9)                     Register of share payments

(10)                 Stationery register

(11)                 Loan bond book showing particulars of and containing bonds for all loans issued

(12)                 Correspondence files

WHO ARE CO-OPERATIVE SOCIETY MEMBERS?

5.1b.    Most persons today don’t know the formalities of setting up Co-operative Society, and because they want to get all benefits to themselves, they the write names of anybody they feel like in their Club Note or Membership Register and claim that they are his/her members. But from the co-operative design, who actually are qualified to member of the co-operative society?

a.  Membership:

      The membership shall consist of:-

(1)               Person who join in the application for registration

(2)               Person admitted in accordance with these bye-laws.

b.  Every member of the Society must be:-

(1)   Ordinarily resident in THE STATE. But a member who departs the field of membership of the Society, may retain his membership therein, but may not borrow there from in excess of his/her saving and share capitals;

(2)    Someone of good character;

(3)  Somebody that is not less than 18 years of age, except in the case of the minor heir of a

        deceased member and where the Director grants exemption from this qualification:

 (4)   Someone that is not already a member of any other Society of which the primary objectives    

        is to grant loans to its member, except with the permission of the Director.