SAHAKARSUTRA

Recent changes in Maharashtra Co-Operative Society Act 1960 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. Definition of Associate member –  Ownership in the property individually or jointly with others is must and whose name does not stand first in the share certificate. Education and training of Co-operative 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. Regarding use of Sinking Fund –  Sinking fund can be utilised by the society and no permission of the Registrar is needed...

ASSOCIATE MEMBER OF A SOCIETY The definition of ‘Associate Member’ in a co-operative housing society in Maharashtra has undergone change in the recent 2014 Model by-laws (“ New By-laws ”) published by the Commissioner for Co-operation and Registrar, Co-operative Societies (“ Registrar ”). An associate member is defined to mean “a member who holds the right, title and interest in the property individually or jointly with other but whose name does not stand first in share certificate”. However section 2 (19) (b) of The Maharashtra Co-operative Societies Act, 1960 (‘ the Act ’) defines associate member to mean “a member who holds jointly a share of a society with others but whose name does not stand first in the share certificate”. The definition of associate member in Model By-laws published by the Registrar in the year 1984, 2001 and 2009 (‘ Old By-laws ’) is identical to the Act. Section 26 of the Act is now amended to provide that no member shall exercise rights until he has m...