Can a cooperative society open a bank account?

The Reserve Bank of India does not put any restriction on opening savings bank accounts for societies registered under the Societies Registration Act, 1860, while housing co-operative societies, panchayat samitis and different government boards are barred from maintaining one.

What is the legal status of cooperative housing society?

LEGAL STATUS: A co-operative Society is a body corporate registered under the applicable state Act with perpetual succession having a common seal. It can acquire, hold and dispose of properties, enter into contracts and it can sue and it can be sued.

What are the problems of housing cooperative society?

While some of these problems appear in the most unexpected time, a few of them are recurring issues in the lives of those who live in housing societies such as parking issues, water shortage, noisy neighbours, garbage disposal issue and so on.

What is co-operative society Act?

[1st March, 1912.] An Act to amend the Law relating to Co-operative Societies. WHEREAS it is expedient further to facilitate the formation of Co-operative Societies for the. promotion of thrift and self-help among agriculturists, artisans and persons of limited means, and for.

What is the responsibility of a member in a cooperative society?

To pay the maintenance charges and other dues regularly. To obey provision in bye-laws. Not to do any act contrary to the interest of the society. To respect the members of society as members of a family and co-operate in the working of the society and to the managing committee.

Which one of the following is the purpose of cooperative societies?

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.

Can corporates open savings account?

A savings account can be opened only by individuals or a group of them. Since company is an artificial creature created by law, it is not allowed to open a savings bank account but a current account.

What is the difference between cooperative society and Housing society?

A registered society is a legal entity with certain limitations. However, members of a cooperative society get together to promote the economic interest of their members. They have to submit viable business plan of the cooperative before registration. These two prerequisites are not present in a society.

How does a cooperative housing society work?

Simultaneously, a strong support network – both at state and National Federation levels – was brought into action to assist in the development of housing co-operatives. Co-operative Acts and Rules were extended and adopted in every state facilitating the registration of housing co-operatives.

What happens if society member is not paying maintenance?

If a flat-owner fails to pay his maintenance on time, the society can initiate legal proceedings to recover the bill amounts. In such an application, the society will request the Registrar to issue a certificate for recovery of the amount against the defaulting member (flat-owner).

What are housing cooperative society?

Housing Co-operative Society: These societies are formed to provide residential houses to members. They purchase land, develop it and construct houses or flats and allot the same to members. Some societies also provide loans at low rate of interest to members to construct their own houses.

Can a cooperative society open an account in any bank branch?

State Govt. after realising that the Number of Coop.Societies/ Housing Societies has tremdously increased and all those are rushing to open their accounts in Dist.Coop.Banks only as per Societies Act. It has issued circular to the effect that these bodies may open their accounts in any Nationalised Bank/Branch. So rush and panic will be avoided.

Why housing societies are mandated to keep their deposits with cooperative banks?

As housing societies are mandated to keep their deposits with cooperative banks, all of the interest received by it on its deposits with the cooperative bank, shall be fully excluded from the income of the housing society.

What are the tax laws for a cooperative housing society?

Being an association of persons registered under a law, a cooperative housing society has to comply with the income tax laws, wherever applicable. As it is a tax entity under the income tax laws, it needs to have a Permanent Account Number (PAN), even for opening a bank account.

What are the laws of cooperative housing societies in Maharashtra?

All housing societies are registered under the cooperative society laws of their respective states. In Maharashtra, housing societies are registered under the Maharashtra Cooperative Societies Act 1960. Being an association of persons registered under a law, a cooperative housing society has to comply with the income tax laws, wherever applicable.