Section 16(3) in Mizoram Cooperative Societies Act, 2006
(3)The bye-laws of co-operative may provide for all or most of the following subject maters namely:(a)the name address and area of operation of the co-operative;(b)the objective and purpose behind the formation of the co-operative explicitly stated as a common central need of members;(c)the principles of cooperation as stated in this Act, according to which the co-operative shall conduct its affairs;(d)the type and kind of services to be provided to its members and non-members as well, if any.;(e)eligibility condition or criterion essential for obtaining membership(f)in cooperative; incorporation of the procedure for;(i)obtaining membership.(ii)withdrawal or transfer of membership,(iii)termination and cessation of membership;(g)fulfillment of conditions necessary for continuing as a member;(h)the time limit within which a potential member must seek and obtain membership in order to continue to use the services of co-operatives;(i)rights made available to members and the extent of its enjoyment and non-enjoyment:(j)fixation of minimum involvement or performance required annually of each member vis-a-vis use of services financial commitment participation in meetings. in order to be eligible to exercise the rights of membership including the right to vote;(k)the consequences of default in payment of any sum due to co- operative by a member(l)the nature, type and amount of capital, if any, of the co-operative;(m)the maximum capital upto the extent a single member can subscribe;(n)the nature and extent of the liability of members for the debts contracted by the co-operative;(o)the sources and type of funds to be raised by the co-operative;(p)the purposes for which the funds may be applied or utilized with express specification of approval or consent required from Registrar or management committee;(q)the extent and conditions under which deposits, loans, debentures and other funds may be mobilized or utilized, as the case may be;(r)the conditions and purposes for which state aid and aid from other financial institutions may be sought and obtained;(s)the manner of disposal of surplus;(t)the constitution of various funds, reserves and the purposes for which the same mayor may not be utilized;(u)the manner of convening general body and other special general meetings and quorum thereof required to conduct such meetings;(v)the frequency of conducting general body meetings;(w)the manner of making or bringing amendment in the bye-laws;(x)the procedure for conducting elections in (a) normal circumstances and (b) in case the fails to conduct election;(y)the size and constitution of the broad of directors;(z)fulfillment of conditions essential for:(a)becoming a director,(b)retaining directorship and(c)removal of directors and for filling up of vacancies;(za)the term of office of the directors chairperson and other office bearers;(zb)the manner of convening management committee meetings and quorum required;(zc)the frequency of conducting board meetings;(zd)powers and functions of office bearers including chairman;(ze)penalties for acting against the interest of members and for non- fulfillment of duties by members, directors and staff:(zf)conduct of audit:(a)the appointment role and functions of auditors.(b)procedure for conduct of audit where co-operatives fail to make necessary arrangements.(c)time limit for making audit compliance;(zg)the authorization of an officer(s) to sign documents and to institute and defend suits and other legal proceedings on behalf of the co-operative;(zh)the terms and condition on which a co-operative may:(a)deal with non-members,(b)associate with other co-operatives and(c)deal with organisations other than co-operatives;(zi)the rights, if any, which the co-operative may confer on any or other federations and the circumstances under which these rights may be exercised by the federation/s;(zj)the manner of disposal of funds of a co-operative under liquidation;(zk)the specification of accounting year for the co-operative;(zl)procedure and terms and conditions for transfer of shares and interest of decreased member in the name of a nominee after the death of a member;(zm)the grounds for and procedure to be followed for the dissolution of a co-operative; restrictions if any, on services rendered or to be rendered to non-members; organisation of self-help groups of people living in Its area of operation and to conduct education and training programmes.
