Registered under Multi State Cooperative Society Act 2002, multi-society cooperative societies are formed with the objective to serve interest of members in more than one state. It is essentially formed to promote the social and economic development of the society and work on betterment of the whole. But it could have branch limited to just one state as long as it serves interest of more than one state. The act permits the formation of two types of the society: primary (which consist of both individual and federal members) and federal (which has only federal memberships).
Generally, it takes 5 to 6 months after submission to form a multi-state credit co-operative society but sometimes it can be registered early if all required documents are submitted in proper format.
In case of Nidhi Companies, Central Government has the authority to remove the difficulties. No changes can be made in any order if two years have been passed from the date of order.
Yes, there is a facility of multi-state society to borrow funds, it may receive deposits, raise loans, receive grants from any external sources as specified by the Bye-Laws of the Society. But the total amount deposit of raised funds cannot exceed 10 times the subscribed share capital and accumulated reserves sum However, society can issue non-convertible debentures or other instruments which can extend up to 25% of the paid-up share capital.
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