Section 8 in The Assam Co-operative Societies Rules, 1953
8. Provisions in the bye-laws of the society.
- Every society shall make bye-laws in respect of the following matters, namely :(a)the name and registered address of the society and its branches, if any;(b)the area of its operation;(c)the objects of the society;(d)the purpose to which its funds may be applied;(e)qualifications required for membership and the terms of admission of members;(f)the rights and liabilities of membership(g)the maximum number of members that may be admitted;(h)the nature and amount of the share capital, if any, of the society and where there is a share capital, the maximum share capital which a single member can hold;(i)the manner in which capital may be raised by means of shares and debentures, borrowing from non-members, deposits of members or otherwise;(j)the entrance and other fees and the fines, if any, to be collected from the members;(k)withdrawal, removal and expulsion of members and the payment if any, to be made to such members;(l)transfer of share or interest of a member;(m)the circumstances under which withdrawal from membership shall be permitted and the procedure to be followed in cases of withdrawal, ineligibility and death of members;(n)the mode of appointment and removal of directors and office-bearers of the society and the duties and powers of the managing body and other committees or bodies which may be formed and specify the composition of such bodies, their powers, duties;(o)the mode of summoning and conducting meetings and the right of working, fixing of quorum for meetings;(p)subject to the provisions of rules and the manner of making altering and abrogating bye-laws;(q)the general conduct of the-business of the society;(r)the disposal of profits;(s)creation and use of reserve and other funds;(t)the mode of custody and of investment of funds outside the business and the custody of books, accounts and securities;(u)the mode of keeping accounts;(v)settlement of disputes; in the case of a credit society-(a)the conditions under which loans may be granted; fixing of the maximum and normal credit of members and the maximum loan admissible to a member;(b)the rate of interest on loans and the system of calculation of interest;(c)purposes for which loans may be granted;(d)security for payment of loans;(e)period of payment and recovery of loans;(f)extension of the period of repayment and renewal of loans; andin the case of non-credit societies-(a)the mode of conducting business;(b)procedure to be followed in conducting in conducting business, purchasing, selling stock taking and other matters relating to stores, raw materials and finished products.
