Regulatory framework and employee co-operative credit society in Maharashtra: - regulatory framework is necessary for any financial institution the main aim of the regulation is to safeguard the interest of a large number of shareholders and depositors and to ensure the proper functioning of the financial institution which is part and parcel of the financial system. The Employee's Co-operative Credit Society plays an important role by providing financial help to the laborers, workers, and employees.
Registration U/S-4 to 8:- Such a Society must be registered under the MSC Act. This society is to be considered at least 10 persons who are qualified members under this Act.
Norms of membership: - The person is to be a permanent employee of the respective employer and should fulfill eligibility norms.
Restrictions on Shareholding Sec, 28: - The members can hold shares not exceeding 20% of the paid share capital.
Restrictions on Borrowings U/S- 43, Rules 35 to 38: - The Society shall receive the deposit from the members and disburse the loans to members.
Deduction from Salary to meet society claim in certain cases U/s-49:- If the employer at any time fails to deduct the amount specified in the requisition from the salary or wages payable to the concerned or makes default in remitting the amount deducted to the society, the employer shall be personally liable for the amount, and if the employer has made the deductions but the amount so deducted is not remitted to the society then such amount together with interest thereon at 1.5% rate of interest charged by the society to the member for the period commencing on the date on which the amount has to be paid to the society.
Reserved Fund U/s-66, Rules 54: - Every society can derive a profit from its transaction; however, it has to maintain the reserve fund.
Restrictions on declaration of dividend U/s-67:- The society shall pay a dividend at a rate exceeding 15% except to the prior sanction of the registrar of society.
The loan limit and Installments: - The loan and Installments are fixed as per the bye-laws of the employee credit society.
Investment of funds section-70: - A society shall invest or deposit its funds in one or more, In a Central District Bank or State Cooperative Bank.
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