When you become a member of Sahyadri Co-Operative Credit Society Limited (SCCS), it enables you to avail all the facilities offered by the Society and also it gives you the right to offer your suggestions for improving the functioning of the society. Members of the Society are members of the Sahyadri family and the primary aim of the Society is to serve the family members. The society helps its members attain social and economic betterment through self-help and mutual aid in accordance with the co-operative principles. It shall be the duty of every member of the society to promote and protect the interests and objects of the society.
Who Can be a member of the Society
No person shall be admitted as a member of a multi-state cooperative society except the following, namely-
- an individual, competent to contract under section 11 of the Indian Contract Act, 1872 (9 of 1872)
- any multi-state cooperative society or any cooperative society
- the Central Government
- a State Government
- the National Cooperative Development Corporation established under the National Cooperative Development Corporation Act, 1962 (26 of 1962)
- any other corporation owned or controlled by the Government
- any Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956);
- such class or classes or persons or association of persons as may be permitted by the Central Registrar having regard to the nature and activities of a multi-state cooperative society.
How can one become a Member of the society
To become a member of the Society, the applicant has to submit the prescribed form along with the required amount. Shares will be allotted after verification by the Executive Committee of the Board. The face value of share is Rs.1000/-. A one-time admission fee of Rs. 100/- should also be paid. The application for membership shall be submitted by the applicant at any of the branches of the society in the prescribed form and with valid KYC documents. Those desirous can apply for more than one share of Rs. 1000/- which will be allotted as per the discretion of the Society. Every person admitted as a member of the society shall be entitled to receive a share certificate.
The right to accept /reject membership applications are reserved with the management of the society.
Privileges of Members
- Voting Right
- Eligibility for all types of deposits and loans
- Dividend on shares
Withdrawal/Transfer of Shares
A member can withdraw or transfer his share or shares only after a locking period of three years or on the death of the member. On the death of a member, the society may transfer the share or dividend of the deceased member to the person nominated or, if there is no person nominated, to the legal heirs of the shareholder.