Maharashtra State BoardHSC Commerce 11th
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Justify the following statement. Co-operative Society is eligible to be the member of the company. - Secretarial Practice

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Short Note

Justify the following statement.

Co-operative Society is eligible to be a member of the company.

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Solution

(1) A co-operative society is an association formed voluntarily by a minimum of 10 members or more having common economic interests to conduct business to render services to its members and to earn a reasonable profit for survival and growth. Co-operative Banks, Co-operative Housing Societies, Consumer Co-operative Stores, etc. are examples of the co-operative society.

(2) It is required to be registered under the cooperative societies Act of the concerned state. Registration of co-operative society is compulsory in all the states in India. A co-operative society being a registered entity (distinct from its members who formed it) can be a member of the company by purchasing shares in its own name.

Concept: Eligibility of Membership
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APPEARS IN

Balbharati Secretarial Practice 11th Standard HSC Maharashtra State Board
Chapter 5 Members of a company
Exercise Q.5 | Q 4 | Page 75
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