Inaugural General Meeting: The first meeting of the proposed cooperative society, wherein the promoters board of the proposed society adopts the bye laws and decide on other matters, if any.
Area of operation: Area of operation means the area from which the membership is withdrawn.
Promoters: Promoter means any eligible person or registered society signing the application for a registration of a cooperative society.
Bye-Laws: Bye-Laws refers to the registered bye-law of a society of which is framed by the Society itself and the affairs of the society is managed in accordance with the terms, conditions and procedure laid down in the bye-law. The bye-laws have to mandatorily include the particulars laid down in the Schedule B of the Act and have to adhere to them. However, in no case the bye-laws cannot supersede the provisions of the Act.
Board of Directors: Every Cooperative society has a democratically elected board of directors to manage the affairs of the society. There shall be 15 Directors in a Board whose terms are co-terminus with that of the Board, i.e. 5 Years.
Authorized Share Capital:
Registration Fees: The Registration Fees amounts to 1% of the proposed Authorized Share Capital of the proposed Cooperative Society. It is to be deposited by Treasury Challan along with the application for registration.