Goa Cooperative Societies Act 2023: A Complete Guide
The Goa Cooperative Societies Act, of 2023, is an amendment to the Goa Cooperative Societies Act, of 2001. The Goa Government implemented this act on October 18, 2023 and it came into force on November 1,2023. The purpose of implementing this Act is to frame loan policies, eliminate the technical difficulties when accepting a resignation, provide an opportunity for members to resign from the society’s membership, and more.
Read more to get a comprehensive idea about this Act!
Co-operative Principles and Bye-laws of Goa Cooperative Societies Act
Individuals or co-operatives willing to form a cooperative society under this Act must frame some laws that follow basic principles of cooperation.
(a) Membership in a cooperative society must be available without restrictions based on any social status, politics, race or religion.
(b) Co-operative societies are run democratically.
(c) Share capital will get a limited rate of dividend
(d) Economic results belong to members of that society
(e) All cooperative societies must educate their members, office-bearers and employees.
Conditions of Registration of Goa Cooperative Societies Act
1. A society (except a federal society) can only register under this Goa Cooperative Societies Act if it has at least ten individuals. However, there are more specifications. Each society member must belong to a different family. Then, only they can meet the qualifications to be a member under this Act and reside or do business in the society’s area of operation.
2. A federal society can only get registered under this act if it has at least five societies as its members.
3. This specific Act does not affect the registration of any society that was registered before the Act was implemented.
4. The society’s name must not address any caste or religion
5. The name of every society which is registered or supposed to get registered under this Act must end with the word “Limited” or its equivalent in any language.
Application for Registration of Goa Cooperative Societies Act
For registration, the person needs to make an application to the Registrar in the form prescribed. This application form must be accompanied by four copies of the proposed bylaws of the society.
As per Goa Cooperative Societies Act, the Register determines the registration fee and it varies depending on different classes of societies. Besides, the application should be signed by valid members.
The signature of a person on a society’s application form is only valid if the person is a member of the Board of Directors and has been certified by a Board resolution to sign on the application on behalf of the society. Here, a copy of this resolution needs to be attached to the application for authenticity.
Registration of society as per Goa Cooperative Societies Act
(1) After the submission of an application, if the Registrar satisfies the society, the society gets formed under the provisions of sections 5, 6 and 7 of this Act. Then the rules get made thereunder and the Registrar registers the society.
(2) If the Registrar refuses the application, he will connect to the person with the reasons who made the application. It will happen within forty-five days from the date of receipt of the application.
(3) If the Registrar refused registration under sub-section (2), the person can appeal to the co-operative tribunal within sixty days from the date of refusal.
(4) The Registrar should maintain a record of all societies that get registered under the Goa Cooperative Societies Act.
Amendment of Bye-laws of Society as per Goa Cooperative Societies Act
(1) An amendment of the bylaws of a society will only be credible if it is registered under this Act. To register an amendment of bylaws, a copy of the amendment must be authorized by at least two-thirds of the members. These members should be eligible to vote and present at a general meeting of the society.
This approved copy, along with the prescribed fee, must be presented to the Registrar within 45 days from the date of the meeting.
(2) The Registrar must check and respond to every application for registering an amendment to the bylaws. This should be done within 45 days of receiving it.
(3) If the Registrar refuses an amendment and does not inform the society about this decision and reasons within 45 days, that particular amendment will be considered automatically registered.
(4) When the Registrar files an amendment to a society’s bylaws, or when the amendment is acknowledged automatically registered, they must provide a certified copy of the amendment to society. This authorized copy will serve as conclusive evidence that the amendment has been properly registered.
Re-construction of Societies as per Goa Cooperative Societies Act
If a proposal for a compromise or rearrangement:
(a) between a society and its creditors, or
(b) between a society and its members,
It can get approved at a general meeting arranged for this purpose exclusively, the Registrar can approve the re-construction of society. The reconstruction will follow the prescribed procedure.
Cancellation of Registration as per Goa Cooperative Societies Act
The Registrar can cancel registration of a society if:
The society passes on all its assets and liabilities to another society,
- It combines with other societies,
- It breaks into two or more societies,
- Its affairs are wound up,
- It is de-registered under Section 20(1), or
- Winding-up proceedings are completed or terminated under Section 99.
Once the Registrar cancels a registration, society will be considered dissolved and will no longer exist as a corporate body.
Conclusion
The Goa Cooperative Societies Act was implemented to modernize cooperative governance in Goa. It provides an opportunity for the member to resign from membership of the society if the individual member concerned doesn’t want the membership. It also frames loan policies applicable to resource societies and curbs unfair practices for better performance of resource societies.
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FAQS
1. What is the Goa Cooperative Societies Act?
The Goa Cooperative Societies Act is a legislative framework that rules the establishment and operation of cooperative societies in Goa.
2. What are the 5th Amendment rules for Goa co-operative societies 2024?
As per the 5th Amendment rules, cooperative societies need to pay Rs 10,000 to the State from the premium amount collected from members.
3. What are the society transfer charges in Goa?
The society transfer charges in Goa are fixed which is Rs. 2,000/-.