Society shall be called Udaan Credit and Thrift Co-operative society. It may be sometimes referred to as UDCS acronymically. And its registered address is 25 Foota Road, Pravaitya Anchal, B-Block, Sant Nagar,Burari, Delhi-110084
Act: Act means the Delhi Co-operative Societies Act, 2003 as amended from time to time.
Rules: Rules means the Delhi Co-operative Societies Rules, 2007 made under this Act, and amended from time to time.
Registrar: Registrar means the Central Registrar appointed by the Central Goverment in realtion to Delhi Co-operative Societies.
Bye Laws: Bye-laws means the Bye-laws of the Udaan Credit and Thrift Co-operative society for the time being in force which have been duly registered or deemed to have been registered under this Act and includes amendments thereto which have been duly registered or deemed to have been registered under Act, 2003;
General Body: General Body mean all the members of the society.
Board: Board means the Board of Directors of the Society.
Member: Member means a person joining in the application for the registration of a Delhi Co-operative Society and includes a person admitted to membership after such registration in accordance with the provisions of this Act, the rules and the bye-laws.
Reserve Bank: Reserve Bank means the Reserve Bank of India constituted under the RBI Act 1934-(2 of 1934).
Co-operative Year: Co-operative Year means the period from 1st of April to 31st March.
Credit Co-Operative Society: Credit Cooperative Society Means a society with objects not confined to one state and registered or deemed to be genrated under any law for the time being in force letting to such society.
- To create funds to be lent to its members for various purposes.
- To undertake Thrift and Credit Business by mobilizing deposits from members.
- To own lands and buildings or to take them on lease or rent for the business of the society.
- To undertake welfare activities particularly for the members and employees and their children for the promotion of their moral, education and physical improvements.
- To undertake other measures designed to encourage in the members the spirit and practice of thrift, self help and mutual help.
- To do all such things as are incidental or conductive to the attainment of any or all of the above objects.
The Member Shall Consist of:
The person joining in the application for registration.
Person admitted in accordance with these Bye-laws.
Nominal of associate members subject to conditions as laid down in Act and Rules.
No person shall be a member unless:
He is ordinarily resident of INDIA
His/Her written application for membership has been approved by the Managing Committee.
S/He is competent to contract under section 11 of the Indian Cofitract Act 1872.
S/He is not a member of any other primary society dispensing credit.
The society may admit joint members provided they make a declaration in writing that the person whose name stands first in the share certificate shall have the right to vote and all the liabilities will be borne jointly and severally by them as provided in the Act, Rules and Bye-Laws. Provided that in case of inability of the person whose name stands first in the share certificate, he/she can authorise the other to vote and attend the meeting on his behalf.
In accordance with the procedure laid down in the Bye-laws and the Rules for admission of any member, the society may admit minors and persons of unsound mind inheriting share or interest of deceased members as its members through their legal representatives or guardians respectively. The members so admitted will enjoy such rights and liabilities as are laid down in these Bye-Laws and which are consistent with the Act and Rules.
S/He has carried out the provisions of Bye-law 11.
Every member on admission shall pay Rs. 250/- as admission fee which shall not be refunded in any case.
When a person's application has been accepted by the committee and S/he has paid his admission fee and share money of one share, s/he shall be deemed to have acquired all the rights and incurred all the obligations and liabilities of the member of the society as laid down cooperative societies Act, the Rules made there under and these Bye-laws.
Original promoter members are exempted from the provisions of bye-law 5
The society shall not admit members within 30 days prior to the date of the meeting of the General Body.
A member of the society may be expelled by the managing committee with a majority of 3/4 members present at the meeting held for this purpose. Provided that Member concerned shall be served Registered Notices listing cause of expulsion and member concern shall be given opportunity to represent the case before the Managing Committee. The expulsion shall be final only after the approval of the Registrar. The Member can be expelled on following grounds.
If s/he makes default in the payment of his shares; or
If s/he has applied be adjudicated as insolvent or is an undischarged insolvent; or
If s/he has been sentenced for any offence other than an offence of political character or an offence involving moral turpitude and dishonesty; or
If s/he undertakes any profession similar to the objects of the society; or
If s/he intentionally does any act likely to injure the credit of the society or fails to observe proper discipline in regard to the work of the society; or
For any action which may be held by the Managing Committee to be dishonest or contrary to the stated objects of the society or to the interest of cooperation;
Incurs any of the disqualifications as contained in Rules & Bye-Laws.
A person ceases to be member
For lack of confirmation of membership as per Bye-law 5 (iii);
When his resignation is accepted by the Managing Committee;
On expulsion under Bye-law 7;
On withdrawal after one month's notice in writing to the Secretary, provided that the member withdrawing does not owe any dues to the Society and is not a surety for an unpaid debt. Withdrawal will take effect from the date of acceptance of resignation by the Managing Committee;
On ceasing to hold the minimum number of shares prescribed in these Bye-laws;
Ceases to reside in INDIA
A member or the nominee or successor of an ex-member may transfer his shares to another member or applicant qualified under Bye-law 5 and approved by committee or to a share transfer fund created by the society out of its profits and shall then be paid the value of his shares less any sum due from him to the society.
Shares shall be returned with in one month after acceptance of resignation provided he is not indebted to the society and is not surety for an unpaid loan.
No transfer of shares or interest shall, however be made unless a member has held shares or interest for not less than one year.
The value of share shall not in no case be more than the sum received by the society in payment thereof.
A member on withdrawal, whether voluntarily or through the action of the society shall, subject however, to the rules have no claim on the funds or property of the spciety of any kind.
Every member shall purchase atleast one share and no member shall hold shares of which nominal value exceeds 1/ 10th of the total shares capital actually subscribed subject to maximum of twenty thousand rupees as prescribed in Rules. If any member may by inheritance or otherwise becomes possessed of more than the maximum holding permitted by the Act, Rules, the Managing Committee shall have power to sell the exces number or buy them on behalf of the society and to hold proceeds at his disposal.Share shall be paid by the member in lump-sum, at the time of becoming member in the society.
Share shall not be withdrawn, repaid or transferred otherwise than provided in these bye-laws.
Every member may nominate a person to whom on his death, his share shall be transferred, but no member
May nominate more than one person unless he holds more than one share and in any case unless the amount to be paid to such nominee whether by way of whole shares or by fixed proportion of the amount available for transfer, as the case may be, is duly specified when the nominee is appointed, and he shall attest the nomination by his signature or thumb impression in the register of members. If not admitted to member the nominee or nominees shall be paid the value of the shares or interest subject to the provisions of Bye-law 9. If any deduction has to be made from the shares of the deceased, and there are more than one nominee, amount to be deducted shall be set off against the amount due to each nominee in proportion to his interest.The society shall have the right to set off any money due to a member or past member or person claiming.
Through him in payment of any sum which he owes to the society or for which he stands surety.
The liability of the members for any deficit in the assets of the society on liquidation shall be limited to times of the face value of their subscribed shares.
Every member shall subscribe at least Rs 500 per month towards compulsory deposit which may be reduced or increased by the General Body from time to time. Members may also contribute towards any of the following kinds of saving deposits.
- Deposits for specific subjects;
- Deposits for specific periods;
- Recurring deposits;
- Home saving deposit.
Such deposits shall be governed by rules to be framed by the society subject to approval of the General Body.
With the sanction of the Committee a member may be exempted from the obligation to deposit, for any period during which his circumstances do not permit of such payment.
Deposits may be received from members of the society only at any time within the limits determined under the Act and Rules, 2002 on such rates of interest and subject to such rules and regulations as may be fixed by the Board of Directors and also subject to the directives issued by the Reserve Bank of India in this behalf from time to time. Deposits may be received on current, savings, fixed, recurring, and cumulative and under any other special scheme/s.Restrictions on Borrowing:(Section 67 of Act, 2002) The society may receive deposits, raise loans and receive grants from external sources to such extent that the total amount of deposits, loans and grants received during any financial year shall not exceed ten times of the sum of subscribed share capital and accumulated reserves minus accumulated losses.
Loans may be granted to a member for various purposes but they shall not be granted for extra vagant or speculative purpose. Loans for productive purposes shall receive preference over others. No loans shall be made to a member within a month of his admission but this does not apply to the transfer of existing loans of a past member to his nominee on his admission or other successor in interest who is or is admitted as member of a society. No loan shall be advanced to a member not making monthly compulsory deposit. All applications for loans shall be-submitted to the Secretary with a clear and true statement of the purpose for which they are required, and they shall be dealt with by the committee at their next meeting according to their discretion. The committee is not bound to give any reason for rejection of a loan application.
All sureties must be members of the society and must have furnished the declaration required in Bye-law 25 (22).
- All loans shall be granted within the maximum credit limit of member at the discretion of the committee on security of one or more sureties and shall not exceed amount decided by the committee times the value of a member's paid up shares.
- Ordinarily not more than 3/4 of the Capital of the society shall at any time be invested in loans or collateral security and such loans shall be subject to rules framed by the society and approved by the General Body or subject to any other instructions issued by Registrar from time to time.
- In emergent cases, the Committee may grant to any member a loan, within his maximum credit limit without security not exceeding amount decided by the comittee in aggregate provided the amount thus advanced is covered by the amount of shares and savings deposits on the member's credit. Such loans shall be repaid within months decided by the comittee. The limit of emergent loan may be raised by the General Body from time to time.
- Special loans irrespective of a member maximum credit limit and without personal security may be granted at the discretion of the committee against :- fixed deposit of a member with the society upto 90% of the deposits at a rate at least one per cent above his deposit rate.
- Cash credit loans may be granted to selected members. Such loans shall be subject to rules framed by the Society and approved by the General Body
- Against valuation of property mortgaged or pledged with the society which shall be revised annually by the Committee. All such property shall be insured to its market value against fire and theft. Vehicle loan may be granted as approved by General Body.
Loans shall be repaid in such number of monthly installment as may be fixed by the committee. The committee may suspend repayment of any instalment for one or more months on sufficient cause being shown and may there by extend the time of total payment by a period not exceeding six months. Loans granted for a period of less than three months may be repaid installment.
If the Committee find that the security for an outstanding loan has become insufficient or that the borrowers material position has weakened, committee shall call in the borrower to provide satisfactory security and in default shall call in the loan at once, the loan shall also be called back if the Committee find that it has not been applied to the purpose for which it was taken.
A member's commitment as surety shall not exceed two times of his maximum credit limit. Unavailed portion of a member's credit limit may be added to increase the limit upto which he may stand as surety. When a member has stood surety for an additional amount owing to his maximum credit limit, not being fully drawn, he may not draw further against his maximum credit limit until his liability as a surety has correspondingly decreased. Permanent sureties may be taken subject to rules and regulations approved by the General Body but the provisions regarding unavailed portion of maximum credit limit as mentioned above shall not apply in such cases.The limit to which a member can stand as surety in accordance with this Bye-law may be exceeded at the direction of the Committee in cases where collateral security is also taken.
Interest on loans from members shall be charged at a rate or rates to be fixed by the Committee with the previous sanction of the General Body, In case of default, penal rate shall be charged as may be prescribed by the General Body Meeting vide-bye-laws 25 (12). Which shall not excess 3% above normal rate of interest. The society may undertake Bills of Collections or Demand Draft business for its members with the previous sanction of the Registrar.
All documents creating a charge or obligation of the society shall be signed by the President/Secretary and Treasurer provided that in the case of receipt and cheques upto Rs. 5000/- and receipt for the deposits and repayments of loans. President or Secretary or Treasurer may sign. All important documents of the society Shall sealed with the Society's seal. They shall be kept in the custody of the Secretary / President.
The accounts of the society shall be audited at least once a year by an Auditor appointed by the society from the panel of CA's approved by the Registrar. The society shall pay fee to the Auditor as may be fixed by the Registrar, Cooperative Societies, Delhi from time to time.
|COST OF LOAN FILE|
|UP TO 10,000||250/-|
|10,000 TO 30,000||450/-|
|30,000 TO 50,000||650/-|
|50,000 TO 75,000||1500/-|
|75,000 TO 1,00,000||2,000/-|
|1,00,000 TO 1,50,000||2,500/-|
|1,50,0,000 TO 2,50,000||3,000/-|
|2,50,000 TO 5,00,000||5,000/-|
|5,00,000 TO 10,00,000||10,000/-|
|10,00,000 TO 15,00,000||15,000/-|
The Reserve Fund is indivisible and no member is entitled to claim a specified share in it. It shall be used in the businesS of the society as per provisions of Rules 4007.
The Reserve Fund shall be separately invested in government and trustee securities or other approved securities or in fixed deposits with the District Central Co-operative Bank or the State Co-operative Bank.
The society may receive funds from any or all the following sources: Admission fee; Share Capital; Loans and deposits; Grants-in-aid; Donations; Contributions; Subscriptions; Profit.
All matters not specially provided for, are to be decided in accordance with the Cooperative Societies Act, and the Rules framed thereunder.
The Managing Committee with the approval of the General Body Meeting may frame Rules of business not inconsistent with Cooperative Societies Act, and the Rules and these Bye-laws for carrying on the business of the society and make additions or alterations in them from time to time.
In case of any dispute about the meaning or interpretation of any provision of the Cooperative Societies Act, Rules and these Bye-laws, the decision of the Registrar shall be final.