What is the legal status of cooperative housing society?
What is the legal status of cooperative housing society?
1. 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.
Is co-operative a legal person?
A co-operative is a distinct form of enterprise that provides services and/or products to its members. By registering a co-operative, you are creating a legal entity with powers and responsibilities as prescribed in the amended Co-operatives Act 6 of 2013.
What is a registered cooperative?
As a registered legal entity, a co-operative differs from a company in that it requires at least five shareholders, each of whom hold equal voting rights. Co-operatives apply the concepts of sharing, democracy and delegation in order to benefit all members.
What is the purpose of housing cooperative?
Housing co-operatives provide a way for people to share in the ownership of property and live in it at affordable rent levels, as opposed to rent levels designed to generate profit for an individual or company. They are an alternative to home ownership in the traditional sense or renting in the private sector.
What is the minimum number of members in a cooperative?
ten members
A minimum of ten members are required to form a cooperative society. The Co operative societies Act do not specify the maximum number of members for any co-operative society.
What is the rule of Housing Society?
Two wheelers should be parked separately. Only one or two vehicles of visitors or guests per flat are allowed to be parked in the premises of the apartment. Other vehicles are supposed to be parked out of the society’s boundary line. Salesmen, vendors or any other sellers are not allowed to enter the premises.
What are three types of cooperatives?
Types of Co-ops
- Consumer Cooperatives. Consumer cooperatives are owned by members who use the co-op to purchase the goods or services that they need.
- Worker Cooperatives.
- Producer Cooperatives.
- Purchasing or Shared Services Cooperatives.
- Multi-stakeholder Cooperatives.
What are the disadvantages of a cooperative business?
The important among the disadvantages are:
- Lack of Secrecy: ADVERTISEMENTS:
- Lack of Business Acumen: The member of cooperative societies generally lack business acumen.
- Lack of Interest:
- Corruption:
- Lack of Mutual Interest:
What are examples of cooperative business?
A cooperative business can operate in nearly any industry or sector, but you are more likely to see co-ops in the following areas:
- Agriculture.
- Insurance.
- Financial services, such as a credit union.
- Grocery.
- Education.
- Healthcare.
- Housing.
- Utilities.
What happens when you sell a co-op?
When you move, you sell your stock in the co-op. In some co-ops, you may have to sell it back to the corporation at the original purchase price, with all the stockholders sharing collectively in whatever profit is made when the shares (unit) are resold. In others, you get to keep the profits.
What to do if co-operative Housing Society is not taking action?
If a co-operative housing society is not taking action against unauthorized construction or encroachment – you can lodge complaint with your city’s municipal corporation for unauthorized construction. (example: for Mumbai it’s Bombay Municipal Corporation (BMC)).
Can a registrar cancel the registration of a co-operative Society?
Registrar, after inspection or inquiry, or on application received from 75% of members of society, may cancel the registration of society, if in his opinion, the Society should be dissolved. Any member can appeal against the order of Registrar within two months to State Government or other Revenue Authority authorised by State Government.
How many members do you need to form a co-operative Society?
A minimum of ten members are required to form a cooperative society. The Co operative societies Act do not specify the maximum number of members for any co-operative society. However, after the formation of the society, the member may specify the maximum number of members.
What are the legal avenues for unregistered Housing Societies?
The legal avenues are the Registrar, Co-operative Court, Municipal Corporation, Civil Court, Criminal Court, or the police (all depending on the nature of the complaint).