The Society shall be called saideep Multi Purpose Co-operative Society Ltd.
Definitions: I. “Act or MSCS Act” means the Multi-Purpose Co-operative Societies Act, 2002 as amended from time to time.
II. “Rules” means the Multi-State Co-operative Societies Rules, 2002 made under this Act, and amended from time to time.
III. “Registrar” means the Central Registrar appointed by the Central Goverment in realtion to Multi-Purpose Co-operative Societies.
IV. “Bye-laws” means the Bye-laws of the Saideep Multi Purpose Co-operative Society Ltd. for the time being in force which have been duly registered or deemed to have been registered under this Act and includes amendments thereto which have been duly registered or deemed to have been registered under MSCS Act, 2002;
V. “General Body” mean all the members of the society.
VI. “Board” means the Board of Directors of the Society.
VII. “Member” means a person joining in the application for the registration of a Multi-Purpose Co-operative Society and includes a person admitted to membership after such registration in accordance with the provisions of this Act, the rules and the bye-laws;
VIII. “Reserve Bank” means the Reserve Bank of India constituted under the RBI Act 1934-(2 of 1934);
IX. “Co-operative Year” means the period from 1st of April to 31st March;
X. "Multi Purpose Cooperative Society" Means a society wit objects not confined to one state and registered or deemed to be genrated under any law for the time being in force letting to such society.
Objects and Functions:
I. The principal object of the society will be to promote the interests of all its members to attain their social and economic betterment through self-help and mutual aid in accordance with the co-operative principles.
II. To accept deposits of money from the members of the Society for the purposes of lending to members of the society and investment as per Act.
III. To set up dairy on proper and scientific lines and for that purpose to purchase, hire, take, on lease or otherwise acquired dairy equipment including milk recording and milk testing’s equipments.
IV. To undertake welfare activities for members, their families and employees for the promotion of their moral, educational and physical improvement.
V. To undertake and organize, seminars, workshops symposium, studies, surveys, feasibility reports, exhibitions in connection with micro credit, and dairy development.
In furtherance of the above objects, the society may undertake any or all the following activities:-
I. Ensure compliance of the co-operative principle;
II. Provide specialized training, education and data-based information;
III. Assist members in organizing self-help;
IV. Provide management development services on behalf of its members.
Authorized Share Capital:
The authorised share capital of the society shall be Rs. 1000000000/- (One Hundred Crore Only) which shall comprise of One Crore shares of the face value of Rs. 100/-.
Sources of Funds:
The society may receive funds from any or all the following sources:
I. Admission fee;
II. Share Capital;
III. Loans and deposits;
I. Deposits may be received from members of the society only at any time within the limits determined under the MSCS Act and Rules, 2002 on such rates of interest and subject to such rules and regulations as may be fixed by the Board of Directors and also subject to the directives issued by the Reserve Bank of India in this behalf from time to time.
II. Deposits may be received on current, savings, fixed, recurring, and cumulative and under any other special scheme/s.
Restrictions on Borrowing:
(Section 67 of MSCS Act, 2002) The society may receive deposits, raise loans and receive grants from external sources to such extent that the total amount of deposits, loans and grants received during any financial year shall not exceed ten times of the sum of subscribed share capital and accumulated reserves minus accumulated losses.
The Reserve Fund shall be separately invested in government and trustee securities or other approved securities or in fixed deposits with the District Central Co-operative Bank or the State Co-operative Bank.