Recent changes in Maharashtra Co-op Society Act [DONE IN 2015]
Following are some of the important changes done in the MCS Act, 1960 and also in the Model Bye-laws of Cooperative Housing societies. Condition for membership- Applicant to take 10 shares of Rs.50 each as against 5 shares. Bye law No.22 on rights of membership talks about the right to receive the notice of demand from society if there is increase in minimum contribution of member in share capital. Classification of Active and Non-Active members. Associate member definition- ownership in the property individually or jointly with others is must and whose name does not stand first in the share certificate. Co-operative .Education and training to members, committee members ,officers and employees. Education and Training fund of Rs.10 per member per month to be collected as against Rs.3 per member per annum. Sinking fund can be utilised by the society and no permission of the Registrar is needed-General body