Section 5(1) in Jammu and Kashmir Co-operative Societies Rules, 2001
(1)The bye-laws of a Co-operative Society shall provide for the following matters, namely:(a)The name and address of the society.(b)The area of its operation.(c)The objects of the society.(d)The manner in which funds may be raised and the maximum share capital which its single member may hold.(e)The nature and extent of the liability of the Member.(f)The extent to which the society may borrow funds and the rates of interest payable on such funds.(g)The entrance and other fees to be collected from members.(h)The purposes for which its funds may be applied.(i)The terms and conditions of admission of members and their rights and liabilities.(j)In the case of credit societies:-(i)the maximum loan admissible to a member;(ii)the maximum rates of interest on loans to a member;(iii)the conditions on which loans may be granted to a member;(iv)the procedure for granting extension of time for repayment of loans;(v)the consequences of default in payment of any sum dues; and(vi)the circumstances under which a loan may be recalled.(k)In the case of non-credit societies the mode of conducting business, purchases, sale stock taking and other allied matters. (l) The mode of holding meetings and issue of notices.(m)The mode of appointment and removal of the committee and other officers, the duties and powers of the committee and such officers and their terms.(n)The disposal of net profits.(o)The preparation and submission of the annual statements specified by the Registrar and the publication of the same.(p)The constitution of an Agricultural Credit Stabilization Fund in case of every Co-operative Society which facilitates the operation of affiliated Agricultural Co-operative Credit Societies and which has received financial assistance from the Government.(q)The mode of custody and investment of the funds and the mode of keeping accounts.
