It is the statutory obligation cast upon the builder, where the builder acts as a friend, philosopher, and guide of the promoters and helps them in forming a Co- operative Housing Society. The builder under the Flat Owners type of co-operative society has the first right to act as the chief promoter.
The co-operative movement has been necessitated to protect the interests of weaker sections of society. In all forms of organisation, be it is a sole trade, partnership or joint stock company, the primary motive is to increase profits.
The businessman tries to promote his own interest through all possible means including exploitation of consumers. The co-operative form of organisation is a democratic set up run by its members for serving the interests of themselves.
It is self help through mutual help. Co-operative societies are voluntary associations started with the aim of service to members. Mehta defines co-operation as. One aspect of a vast movement which promotes the voluntary association of individuals having common economic needs who combine towards the achievement of the common economic ends they have in view and who bring into his combination a moral effort and a progressively developing realisation is the achievement of economic ends.
This definition suits the Indian context. In India, co-operatives are started by the weaker sections of society for protecting its members from the clutches of profit hungry businessmen.
A co-operative society can be formed by alteast 10 adult members.
The members willing to form a society must have common bond among them. They may be the residents of same locality, employees of some organisation, belonging to some group having affinity etc. The basic idea is that all the persons intending to form a society should have some common objectives to achieve.
The application for forming a society must have the following information: The required documents are filed with the Registrar of Societies. A certificate of registration is also issued to the society.
The society will become a corporate body from the date mentioned in the certificate.A co-operative society (at the State level) is formed under the special Act – the Co-operative Societies Act, (before that the Co-operative Societies Act, , was in force).
Thus, the co-operative society is formed and worked under the Co-operative Societies Act, Nov 22, · THE FORMATION/REGISTRATION OF A CO-OPERATIVE SOCIETIES ABSTRACT This research project is a very crucial study for the formation of co-operative societies in Enugu metropolis.
From the history of co-operative itâ€™s all about people working together or . Formation of a Co-operative Housing Society Posted on February 26, by society Blog 60 % of the Promoters are must be ready to form Co-op. Housing Society. The documents that need to be submitted to the Registering Authorities for Housing Co-operative Society Registration are as under: 1.
Application for registration of Housing Co-operative Society in Form A along with Statement A. Enclosure to application for Registration as per Rule 4(1) of Maharashtra Co-operative Societies Rules, 2.
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Before we deal the subject of “Formation of the Cooperative Society” for which you are require to follow certain set rules or guidelines step-by-step, it is important for all to understand the nature and importance / advantage of forming a society.