Execution of document by Co-Operative Societies :

Bye-laws of a society define the objects, area of operation and the limitations of the powers of the society. It contains the fundamental conditions under which the Society has been registered in accordance with the provisions of Co- operative Societies Act. It is important for the creditors who deal with the society to have full knowledge of such provisions of the bye-laws, which may, however be amended by a resolution of the general body, with the approval of the Registrar of Co-operative Societies. Detailed procedure is given in the Bye-laws of the Society.

Maximum credit limit (which are the maximum borrowings that can be raised by a society) are determined in accordance with the clauses of the bye-laws of the society with or without the approval of Registrar of the Cooperative Societies.

Certified up to date True Copy of the Bye-laws should be obtained and kept with the account opening forms. Since annual audit of society(ies) account is conducted, copies of audited financial statements along with a copy of the auditor’s report must be obtained.