{"id":7374,"date":"2020-09-21T09:28:48","date_gmt":"2020-09-21T09:28:48","guid":{"rendered":"https:\/\/agrifedindia.com\/?page_id=7374"},"modified":"2020-09-21T13:25:31","modified_gmt":"2020-09-21T13:25:31","slug":"by-laws","status":"publish","type":"page","link":"https:\/\/agrifedindia.com\/old\/?page_id=7374","title":{"rendered":"By Laws"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n

Bye-laws of Evergreen Farmers Development Multi State Cooperative Society Limited<\/span><\/h3>\n

Name and area of operation :<\/h4>\n
    \n
  • The society shall be called The Evergreen Farmers Development Multi-State Cooperative Society Limited.<\/li>\n
  • The Society shall have a principal place of business which shall be the registered office of the society. The Headquarter of the society shall be at 222 C Omega City, Kharar, S.A.S Nagar, Mohali. Any change in address shall be notified to the Central Registrar within 15 days of its change and also published in local newspaper and shall be made by an amendment of its bye-laws after following the procedures laid down in Sec. 11 of the Multi State Coop. Societies Act 2002.<\/li>\n
  • The Society shall have a Common Seal. The Common Seal shall be kept in the safe custody of the Officer authorized by the Board and shall be used on the authority of a resolution of the Board constituted under the bye-laws of the society; (iv) The area of operation of the society will be Delhi and Punjab .<\/li>\n
  • The society is body corporate which shall sue and be sued in its name.<\/li>\n<\/ul>\n

    [\/vc_column_text][vc_column_text]<\/p>\n

    \n

    Definitions:<\/h4>\n

    The words\/expressions appearing in these Bye laws shall have the following meaning unless otherwise provided:<\/p>\n

      \n
    • “Act” means the Multi-State Cooperative Societies Act, 2002 as amended time to time.<\/li>\n
    • “Area of Operation” means the area from which the persons can be admitted as members of the society.<\/li>\n
    • “Board” means the Board of Directors of the Society.<\/li>\n
    • “Bye-laws’ means the Bye-laws of the society for the time being in force which have been duly registered or deemed to have been registered under the Multi State Cooperative Societies Act in force and includes amendments thereto which have been duly registered or deemed to have been registered under the Act.<\/li>\n
    • Central Registrar means the Central Registrar of Cooperative Societies appointed under the provisions of the MSCS Act.<\/li>\n
    • Chief Executive means chief Executive\/Managing Director, by what ever name he mat be called of the society.<\/li>\n<\/ul>\n<\/div>\n
      \n
        \n
      • A ‘Cooperative Bank’ means a multi state cooperative society which undertakes banking business.<\/li>\n
      • “Cooperative Society” means a cooperative society registered or deemed to be registered under any law relating to cooperative societies for the time being in-force in any State or Union Territory.<\/li>\n
      • “Cooperative Year” means the period from 1st of April to 31st March.<\/li>\n
      • “Cooperative Principles” means the cooperative principles as specified in the first schedule of the Multi-State Cooperative Societies Act, 2002.<\/li>\n
      • ‘Deposit Insurance Corporation’ means the Deposit Insurance & Credit Guarantee Corporation established under Sec. 3 of the Deposit Insurance Corporation Act 1961.<\/li>\n
      • “Defaulter” means a member who has defaulted in payment of any kind of dues payable to the society.<\/li>\n
      • “Delegate” means a person who is duly appointed\/elected by the members of the society or part thereof in accordance with its bye-laws as its representatives to the General Body of the society or a person who is duly authorized by the Board of the member society to represent the society in General body of the society of which the society is a member.<\/li>\n
      • “Federal Cooperative” means a federation of cooperative societies registered under the MSCS Act and whose membership is available only to a cooperative society or a multi-state cooperative society.<\/li>\n
      • “General Body”, means all the members of the Society and in relation to a national cooperative society or a federal cooperative means all the delegates of member cooperative societies or delegates of multi state cooperative society and includes a body constituted under the provisions of the Act.<\/li>\n
      • “General Meeting” means a meeting of the general body of the society and includes special general meeting.<\/li>\n
      • “Member” means a cooperative society\/individual who is admitted as member of the society and continues to be so for the time being.<\/li>\n
      • “Multi-State Cooperative Society” means a cooperative society registered or deemed to be registered under the Multi-State Cooperative Societies Act 2002.<\/li>\n
      • “National Cooperative Society” means a Multi-State Cooperative Society specified in the second schedule to the Multi-State Cooperative Societies Act, 2002.<\/li>\n
      • “Nominal’ member means a person who has been admitted as a nominal member or associate member under the bye-law of the society.<\/li>\n
      • Officer mean a President, Vice-President , Chairperson Vice- chairperson , Managing Director ,Secretary , Manager , Member of board, Treasure , Liquidator, an<\/li>\n<\/ul>\n<\/div>\n

        [\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”full-width-section” css=”.vc_custom_1600687095336{margin-top: 52px !important;margin-bottom: 40px !important;padding-top: 50px !important;padding-bottom: 40px !important;background-color: #efefef !important;}”][vc_column width=”1\/2″][vc_column_text]<\/p>\n

        Administrator appointed under sec. 123 and includes any other person empowered under :<\/span><\/strong><\/h3>\n
          \n
        • Society means the Evergreen Farmers Development Malty State Cooperative Society Ltd.<\/span><\/li>\n
        • “Rolls” means the Multi-State Cooperative Societies Rules, 2002 made under Multi-State Cooperative Society Act, 2002 and as amended time to time.<\/span><\/li>\n
        • “Reserve Bank ” mean the reserve Bank of India constituted under the RBI Act 1934-2 of 1934.<\/span><\/li>\n<\/ul>\n
            \n
          • a) Objects: the principal object of the society will be t promote the interests of all its members to attain their social and economic betterment through self-help and mutual aid in accordance with the cooperative principles.<\/span><\/li>\n
          • b) Functions; In furtherance of the above objects, the society may undertake any or all the following activates; –<\/span><\/li>\n<\/ul>\n

            Membership :<\/h4>\n

            Society shall have following categories of members :<\/span><\/p>\n

              \n
            • Ordinary members : They can purchase the share fee of ordinary members is RS 500 only<\/span><\/li>\n
            • Nominal\/ associate members: They neither can purchase the share nor vote fee of nominal member is Rs 500 only<\/span><\/li>\n<\/ul>\n

              Who can be ordinary members:<\/h4>\n
                \n
              • A person who resides within the area of operation of the society and who genuinely need the services provided by the society and whose interest does not conflict with the interest of the society.<\/span><\/li>\n
              • No person shall be admitted as a member if a multi-state co-operative society expert the following namely.<\/span><\/li>\n<\/ul>\n
                  \n
                • An individual competent to contact under section 11 of the Indian Contact Act. 1872.<\/span><\/li>\n
                • Any multi-state co-operative society; (Expert ) similar type of society.<\/span><\/li>\n
                • The Central Government<\/span><\/li>\n<\/ul>\n

                  Share Certificate<\/h4>\n

                  Every person admitted as member shall be entitled to receive a share certificate gratis stating the number of share\/s and their distinctive number\/s. The share certificates shall be signed by the Chairman, or any Director duly authorized and the Chief Executive Officer. The share certificate shall bear the Society’s seal.<\/p>\n

                    \n
                  • Nomination can be revoked and fresh nomination be made by member of number at times afterdue intimation inworking to the society and on payment of prescribed fee as determined by the Board from time to time for every subsequent.<\/li>\n<\/ul>\n

                    Transfer of Shares :<\/h4>\n
                      \n
                    • A member may transfer his share or shares after holding them for not less than one year-to-any members duly approved by the Board of Directors. The transfer is not complete until the name of the transferee has been duly entered in the register of members and the transfer fee of RS.200 (TWO HUNDERED) per share is paid. If any certificate be worn out, defaced, destroyed or lost, a new share certificate’s may be issued in lieu thereof on payment of a fee of Rs. 200\/- (Two HUNDERED) per share. It shall, however, be necessary to produce evidence to the satisfaction of the Board of Directors that the share certificates were worn out, defaced, destroyed or lost, or in absence of such evidence, on such indemnity as the Board of Directors may deem sufficient.<\/li>\n<\/ul>\n

                      [\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_column_text]<\/p>\n

                        \n
                      • The National Co-operative Development Corporation established under the National Co-operative Development Corporation Act, 1962.<\/span><\/li>\n
                      • Any other corporation owned or controlled by the Government<\/span><\/li>\n
                      • Any Government company as defined in section 617 of the Companies Act, 1956.<\/span><\/li>\n
                      • Such class or classes of persons or association of persons may be permitted by the Central Registrar having regard to the nature and activities of a multi-State co-operative society.<\/span><\/li>\n
                      • No right of membership shall be exercisable until a person has made such payments to the Society in respect of membership or holding one share of Rs 1000\/-.<\/span><\/li>\n
                      • Every member shall pay an admission fee as specified in the bye-laws of the society.<\/span><\/li>\n<\/ul>\n

                        Nominal Member :-<\/h4>\n

                        Society may, in the interest of promotion of the business of the society, admit a person as nominal member or associate member on payment of fee of Rs-500\/-only. Provided that such members will not be entitled to subscribe to the share capitates of the society. They will not be allowed to have any interest in the management of the society including right to vote, contest election as director of the board or participate in the general body meetings of the society.<\/span><\/p>\n

                        Application :-<\/h4>\n

                        The application for membership of the society shall be submitted by the applicant to the Chief Executive of the society in the prescribed form and at least of 1 value of the value of one shares equal to Rs 1000\/- to be deposited by the applicant at the time of submission of application along with the membership fee.<\/span><\/p>\n

                        Disposal :-<\/h4>\n

                        The applications for membership of the society found complete in all respects shall be disposed of within the period of four months from the date of receipt of the application by the society. The same shall be communicated to the applicant within fifteen days of the decision by Registered Post. provided that if the application is not disposed of within the period aforesaid or the decision is not communicated with in the period of expire date the society shall be deemed to have a decision refusing admission of the applicant.<\/span><\/p>\n

                          \n
                        • . A member may with the approval of the Board of Directors, transfer its shares to<\/span><\/li>\n<\/ul>\n

                          [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/2″][vc_column_text]<\/p>\n

                          members only of the multi-State cooperative society. A fee of Rs.200\/- per share shall be payable to the society for each share of such transfer.<\/span><\/h3>\n

                          The Board may, on application, by a Member<\/h4>\n
                            \n
                          • approve conversion of shares allotted to it or a part thereof into those of other denominations subject to such conditions as the Board may decide to impose:<\/li>\n
                          • Consolidate all or some of the partly paid shares already allotted to member<\/li>\n<\/ul>\n

                            Disqualifications of membership<\/h4>\n

                            No person shall be eligible for being or continuing as a member of the society if<\/p>\n

                              \n
                            • His business is in conflict or competitive with the business of the society; or<\/li>\n
                            • He did not make annual transactions of the value of at least Rs. 20000( Twenty THOUSAND) for continuously two years or<\/li>\n
                            • He did not attend the three consecutive general meetings and such absence was not condoned by the 2\/3rd majority of the members attending the meeting; or<\/li>\n
                            • Has defaulted in payment of 9ny dues including contributions, subscriptions. if any, as decided by the board of the society from time to time and has not made the payment within 30 days after receiving the notice for payment. The defaulters maybe given Reasonable opportunity of making Representation in the matter before disqualifying them from membership of society by Serving him notice before 15days that why the membership may not be Terminated.<\/li>\n<\/ul>\n

                              Cessation of membership :<\/h4>\n

                              The membership of the cooperative society may cease in case of :-<\/p>\n

                                \n
                              • Resignation or death of the member.<\/li>\n
                              • cancellation of registration of the member society.<\/li>\n
                              • all the shares are transferred to another person\/ society.<\/li>\n
                              • expelled by the general body.<\/li>\n
                              • Incurring any of the disqualifications of membership.<\/li>\n<\/ul>\n

                                Withdrawal from membership :<\/h4>\n

                                Any member of the society may withdraw from membership of the society only after 5 Years by giving”…least a three months notice and duly approved by the Board of the society However po\u271305 will be a’s-continued from the day and date of application received.<\/p>\n

                                Expulsion of Members<\/h4>\n

                                [\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_column_text]Members of the society may be expelled by a resolution of the general body passed by 2\/3rd majority present and voting if :<\/p>\n

                                  \n
                                • \n
                                    \n
                                  • Any member has defaulted in payment of dues as per bye-laws of the society . Any<\/li>\n
                                  • activity of a member is found to be conflicting or competitive with the interest or activities of the society.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

                                    Provided that the member concerned shall not be expelled unless he has been given a reasonable opportunity of making representation in the matter. No member of the society who has been expelled shall be eligible for re\u00acadmission as a member of the society for a period of one year from the date of such expulsion.<\/p>\n

                                    Rights of member:-<\/h4>\n

                                    Every member of the society shall have the following rights :-<\/p>\n

                                      \n
                                    • One vote in the general body meetings of the society and no member shall be permitted to vote by proxy;
                                      \nProvided that a multi-State co-operative society or a co-operative society or any other institution which is a member of this society may appoint its representative bye a resolution passed by its board to vote on its behalf in the affairs of this society.<\/li>\n
                                    • Right to receive notice of general body meetings as per bye-laws of the society.<\/li>\n
                                    • Right to attend and take active part in the proceedings of the General Body Meetings.<\/li>\n
                                    • Take part in elections and contest for any post as per provision of the Act, Rules and bye-laws of the society.<\/li>\n
                                    • Inspect member registers, books of accounts or any other record and obtain certified copies of the resolutions or documents on a payment of fee of Rs 1000\/- as may be prescribed by the society from time to time.<\/li>\n<\/ul>\n

                                      Liability<\/h4>\n
                                        \n
                                      • Liability of the members shall be limited to the share capital subscribed by them; -th In the ‘case of a past member. on the date on which he ceased to be a member.<\/li>\n
                                      • In the case’of a deceased member, on the date of his death.<\/li>\n<\/ul>\n

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                                        \n
                                        \n

                                        Shall continue for a period of two years from such date.<\/p>\n

                                        Notwithstanding anything contained in sub-section (1), where a Multi State Co-operative society is ordered to be wound up under section 86, the liability of a past member who ceased to be a member or of the estate of a deceased member who died within two years immediately preceding the date of the order of winding up, shall continue until the entire liquidation proceedings are completed, but such liability shall extend only to the debts of the society as they existed on the date of cessation of membership or death, as the case may be.<\/p>\n

                                        Authorized Share Capital :<\/h4>\n

                                        The authorized share capital of the society shall be Rs. 10 Crores which shall comprise of 100000\/-shares of the face value of Rs. 1,000(ONE THOUSAND) each.<\/p>\n

                                        16. No member other than the authorities reffered to in clause(c) to(g) of subsection(I) of section 25 of the Act shall hold more than 1\/5th of the total share capital of the society.<\/p>\n

                                        A member shall subscribe to minimum of 1 (ONE) number of shares Rs. 1000\/- of \u2022 share value shall be paid at the time of application 18.<\/p>\n

                                        Manner of allotment: transfer, redemption and\/or repatriation shall be at face alue and as per the provisions of the multi state Cooperative Society Act2002.<\/p>\n

                                        Share Certificate<\/h4>\n

                                        Every person admitted as member shall be entitled to receive a share certificate gratis stating the number of share\/s and their distinctive number\/s. The share certificates shall be signed by the Chairman, or any Director duly authorized and the Chief Executive Officer. The share certificate shall bear the Society’s seal.<\/p>\n

                                          \n
                                        • Nomination can be revoked and fresh nomination be made by member of number at times afterdue intimation inworking to the society and on payment of prescribed fee as determined by the Board from time to time for every subsequent.<\/li>\n<\/ul>\n

                                          Transfer of Shares :<\/h4>\n
                                            \n
                                          • A member may transfer his share or shares after holding them for not less than one year-to-any members duly approved by the Board of Directors. The transfer is not complete until the name of the transferee has been duly entered in the register of<\/li>\n<\/ul>\n<\/div>\n<\/div>\n

                                            [\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_column_text]members and the transfer fee of RS.200 (TWO HUNDERED) per share is paid. If any certificate be worn out, defaced, destroyed or lost, a new share certificate’s may be issued in lieu thereof on payment of a fee of Rs. 200\/- (Two HUNDERED) per share. It shall, however, be necessary to produce evidence to the satisfaction of the Board of Directors that the share certificates were worn out, defaced, destroyed or lost, or in absence of such evidence, on such indemnity as the Board of Directors may deem sufficient.<\/p>\n

                                            Nomination:<\/h4>\n

                                            A member may nominate a person to receive the member’s interest in the society after his death. Nomination shall be made in the prescribed form and entered in the special register kept at the society’s registered office. Prior approval of the Board shall be necessary if the person to be nominated is an employee of the society. Nomination can be revoked and fresh nomination be made by member of number at times after due intimation in working to the society and on payment of prescribed fee as determined by the Board from time to time for every subsequent nomination.<\/p>\n

                                            Death of a Shareholder :<\/h4>\n

                                            On death of a shareholder, the society may pay to the person or persons nominated a sum representing the value of the shareholder’s interest in the society within six months from the death of the shareholder. In the absence of nomination, the society may pay to such person or persons as may appear to the Board of Directors to be entitled to receive the same as heir or legal representative of the deceased shareholder on his or their executing an appropriate deed of indemnity in favor of the society.<\/p>\n

                                            Lien on Shares, Dividends and Deposits :<\/h4>\n

                                            The 8.pciety shall have the first and paramount lien or charge upon all the shares, dividends and deposits of any member of past member for all moneys due from him to the society from time to time. The society may at any time set off any sum credited by or payable to the member or past member towards payment of any liability Of such mamber as past-member[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/2″][vc_column_text]<\/p>\n

                                            Capital and Funds :<\/h4>\n

                                            may receive funds from any or all the following sources :<\/p>\n

                                              \n
                                            • admission fee<\/li>\n
                                            • share capital<\/li>\n
                                            • loans from financial Institution<\/li>\n
                                            • grants-in-aid<\/li>\n
                                            • donations<\/li>\n
                                            • contributions<\/li>\n
                                            • subscriptions<\/li>\n
                                            • profit<\/li>\n<\/ul>\n

                                              Maximum Borrowing Limit:<\/h4>\n

                                              The multi-State cooperative society shall be eligible to receive deposits and loans from members and other up to ten times of the sum of its subscribed share capital plus accumulated reserves minus accumulated losses, if any.<\/p>\n

                                              Constitution of a General Body:<\/h4>\n

                                              The General Body of a Multi-State Cooperative Society shall consist of all the members of such society. The final authority of the Society shall vest in the General Body.<\/p>\n

                                              Annual General Meeting and Powers and functions of the General Body :<\/h4>\n

                                              The Board of the society under a resolution shall within six months after the close of the corresponding year call the annual general meeting at the principal place of registered office of the society for the purpose of :<\/p>\n

                                                \n
                                              • Consideration of the audited statement of accounts:<\/li>\n
                                              • Consideration of the audit report and annual report<\/li>\n
                                              • consideration of audit compliance report<\/li>\n
                                              • Disposal of net profits<\/li>\n
                                              • Approval for appointment of Auditors & fixation of remuneration<\/li>\n
                                              • Review of operational deficit, if any; Creation of specific reserves and other funds<\/li>\n
                                              • approval of the annual budget Reviews of actual utilization of reserve and other funds<\/li>\n<\/ul>\n

                                                [\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_column_text]<\/p>\n

                                                  \n
                                                • Creation of specific reserves and other funds<\/li>\n
                                                • Approval of the long-term perspective plan and the annual operational plan.<\/li>\n
                                                • Review of annual report and accounts of subsidiary institution, if any; Expulsion of members.<\/li>\n
                                                • List of employees who are relatives of members of the board or of the chief Executive<\/li>\n
                                                • Amendment of bye laws, if any.<\/li>\n
                                                • Formation of code of conduct for the member if the board and officers.<\/li>\n
                                                • Election & removal of mamber of board if any<\/li>\n
                                                • Consider the statement showing details of loans or goods on cridit if any given to any director or to the spouse of the director or his\/her son or doughter during the preceding year or outstanding angest any of them<\/li>\n
                                                • Any other matter laid before it by the board of directors<\/li>\n<\/ul>\n

                                                  Amendment to Bye-laws:<\/h4>\n

                                                  The amendment to bye-laws shall only be passed by a resolution of the meeting of the general body in which a quorum is present by a vote of not less than two thirds of the members present there and not less than 15 clear days’ notice for considering of such amendment has been previously given.<\/p>\n

                                                  Special General Meeting:<\/h4>\n

                                                  The Chief Executive, may at anytime, on the direction of the board, call a Special General Body Meeting of the Society and shall call such meeting within one month after the receipt of requisition from the Central Registrar or from 20 (%age to be mentioned) of the total number of members of the society to transact the business as stated in notice of the meeting.<\/p>\n

                                                  Notice for the General Meetings and Special General Meetings:<\/h4>\n

                                                  Annual general meting of society may be called by giving not less then 14 days notice in weiting to all the member of the society.<\/p>\n

                                                  The nootice of the anuual general meeting shall be accompained by a copy of eatc[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/2″][vc_column_text]of the audited balance-sheet, profit and loss account together with the auditors report relating to the preceding year and the report of the Board of Directors thereon.<\/p>\n

                                                  The notice of general body meeting shall be sent to members by any of the following modes namely.<\/h4>\n