Society Bye-laws are the rules and regulations laid down for the proper and peaceful running of the co-operative housing societies. Co-operative society bye-laws are approved by the government authorities and are formed with the intention to help the societies self-regulate themselves.
MODEL BYE-LAWS OF COOPERATIVE HOUSING SOCIETY
VI. FUNDS, THEIR UTILIZATION AND INVESTMENT
(B) Share Capital (Bye Law No 8,9 & 10)
Bye Law No 8. Authorized Share Capital
The Authorized Share Capital of the Society shall be Rs …………………….. …… divided into …………… shares of Rs. 50 each.
Bye Law No 9. Issue of Share Certificates to the Members of the Society
Bye Law No 9(a) A Share Certificate, prescribed in bye-laws, bearing distinctive number and indicating the name of the Member, the number of shares issued and the value paid there on, shall be issued by the Society to every Member for the shares subscribed by him, within a period of six months of the allotment of the shares.
Bye Law No 9(b) The Committee of the Society shall issue a duplicate share certificate, “So Marked”, on application to its members on production of following documents.
|1.||if the share certificate is lost – copy of police complaint lodged, and an affidavit in that regard.|
|2.||if the share certificate is soiled, burnt, torn, disfigured etc. affidavit in that regard.|
Bye Law No 10. Society’s seal and signature of office bearers on every share certificate
Every such Share Certificate shall bear the seal of the Society and be signed and by the Chairman, the Secretary and one Member of the Committee, duly authorized by the Committee. The same shall be issued by the Secretary of the Society.
Read other Co-operative housing society bye-laws: