A cooperative is an autonomous association of persons united voluntarily to meet their common, economic, social and cultural/needs and aspirations through a jointly owned and democratically - controlled enterprise" in accordance with the cooperative values and principles. (Source: International Cooperative Alliance I.C.A., Manchester, U.K. ).
Cooperative Values are based on: Self-help, Self-responsibility, Democracy, Equality, Equity and solidarity. Cooperative Principles are a set of basic guidelines by which cooperatives put their values into practice. The seven basic cornerstone of Cooperative principles are: Voluntary and open membership, Democratic member Control, Member economic participation, Autonomy and Independence, Education, Training and Information, Cooperation among Cooperatives, Concern for community.
Member share capital represents individual member commitment to the cooperative form of business. It also identifies the individual member's financial stake. It is withdrawn only when the member leaves the cooperative.
Is society share certificate proof of ownership?A share certificate is sole active legal proof of your ownership of the society and the shareholding within the society. Share certificates will be issued to all the Shareholders.and members of the particular co-operative society.
As per provision in the Coop. Societies Acts and Bye-laws of the Society, the members of the Managing Committee i.e Board of Directors will be elected by the members of the society who are responsible for managing the affairs of the Society.The Managing Committee members are elected from among the members of the Society in democratic way by election. The BOD will be formed for the period of Five years. BOD will submit the annual financial report in the annual general assembly i.eAnnual General Meeting of the Society, as per the bye-law of the society.
The Primary Financial resource for any Cooperative Institute is Share Capital Contributed by members.Next resource is deposits from the members, interest amount received from the members on lonas , etc., Financial Aids from the other institutions etc.,
| Item | Co-operative Institute | Company |
| Object | Interest of members and community is paramount. Basic principle of cooperation. | Self-interest either of management or the shareholders; profit as motive |
| Management | Members for the Board of Directors will be Elected by the members as prescribed by rules in the byelaws of Cooperative Institute. The President is elected by the Board of Directors from among Elected BOD members. The Chief executiveOfficer is appointed by the Board of Directors, Who will execute the decisions of BOD. | Usually, Chairperson / Managing Director are persons with maximum number of shares in the company |
| Share Capital | The shares of cooperative society are not issued to the general public by advertisement and can be issued any time for the Members of Cooperative Institute. Shares can be withdrawn by the members of the Cooperative society as prescribed by rules in their byelaws.Only equity shares are available in Cooperatives, No Preferential shares in the system. | Shares are issued to the general public or by invitation. In a company shares cannot be withdrawn by a shareholder.Equity and preferential shares may be issued |
| Voting Rights | Members of a cooperative society have the right of only one vote, irrespective of the number of shares held of any denomination. | Voting rights depend directly on the holding of shares |
| Control Act | As per Co-operative Act | Companies are governed by the Company Registrar of the states where its registered office is located |
| Profit /Dividend Distribution | Minimum 25% of net profits should be transferred to the General reserve and the maximum dividend cannot exceed 20% | No restrictions on a company |
| Taxes | Cooperatives are exempt from a few taxes in some states like stamp duty. Tax rates also vary | No exemptions provided |
The proposed sahakari has the following Objectives.
To encourage prudence in spending, operation self-help, co-operative feelings amongst the members of the society.
To provide financial, social, moral support to the members and to encourage the members for productive and viable economical activities.
To support various financial Business activities of the members and also to extend various financial products and services to the members.
To carry out the all necessary works for the overall development and strengthening of society. To make the society hi-tech and adopting all necessary new generation technology tools including online / digital services to expand our services to the larger section of the society.
To establish health center, cultural Centre, Skill development Centre, Hostels, libraries, Guest houses, senior citizens Centre, Educational institutions, hospitals, Januashadhicenters and other complementary services / activities , keeping in mind the overall development of the members and their families.
To implement various development plans for overall growth of the members under co-operative principles.
Yes , We have a bye-law for the proposed SriSadhguruSouhardaSahakari Ltd., it has been published in our official website : www.srisadhguru.com
Any individual, He/ she should be a bonafide resident of Karnataka State, having valid KYC documents and should be introduced by any one of the promoters, will be eligible to apply for the membership. Minimum number of shares is One. More details on membership and eligibility are listed in the by- law of the proposed Sahakari. As per order issued by the Register of co-operatives, the proposed shaker must have a list of minimum 1000 members with Total share amount Rs. 20 lakhs. All members' details should be submitted to the Registrar In prescribed format within 60 days from the date of order. We hereby request that interested he/ she apply for the membership with maximum Shares at earliest. The receipt for the received amount will be issued by the chief promoter of the proposed Sahakari.
As per the order, we will submit all the details in prescribed format on or before Jan 08,2023. We will be expecting completion of the registration process before completion of Jan2023. After Registration, the election for Board of directors, Election for President, Vice President, and then First general Body meeting will be held as per the Sahakari Act. On or Before March 30, 2023, the Proposed Sahakari will start its activities.All updated information will be updated in official website. The digital platform will be implemented in all level of the proposed Sahakari to reach all members from different parts of Karnataka.
Chief promoter, Dr. B.N.Shanthapriya is responsible for managing all pre-registration activities like collection of shares, issuing of receipts, submission of documents, etc as per the order issued by the Registrar of Co-operative societies.
If have any query, please drop your question here or email to drshanthapriya@gmail.com
For any more Detail:
Dr. B. N. Shanthapriya
Chief Promoter, Proposed SriSadhguruSouhardaSahakari Ltd.,
Udupi info@srisadhguru.com