Certainly! Below is the tailored General Terms and Conditions, Definitions, and Interpretation for Samarth Credit Co-operative Society Ltd, a Multi-State Credit Co-operative Society working in the states of Rajasthan and Haryana since 2011, and registered under the Multi-State Co-operative Societies Act, 2002 (Act No. 39 of 2002):
Samarth Credit Co-operative Society Ltd.
General Terms and Conditions, Definitions, and Interpretation
(Registered under Section 7 of the Multi-State Co-operative Societies Act, 2002, Act No. 39 of 2002)
Effective from 2011
States of Operation: Rajasthan & Haryana
Definitions
In these Terms and Conditions, unless the context requires otherwise, the following words and phrases shall have the meanings assigned to them:
- “Act” Refers to the Multi-State Co-operative Societies Act, 2002 (Act No. 39 of 2002), as amended from time to time, which governs the registration, operation, and management of multi-state co-operative societies in India.
- “Board” The Board of Directors of Samarth Credit Co-operative Society Ltd., responsible for managing the affairs, policies, and operations of the society in accordance with the Act and the society’s bylaws.
- “Bylaws” The set of rules and regulations governing the internal operations, management, and membership of Samarth Credit Co-operative Society Ltd., as adopted by the society and approved by the Registrar.
- “Registrar” The official or body responsible for the registration, regulation, and supervision of multi-state co-operative societies, appointed under the Multi-State Co-operative Societies Act, 2002.
- “Co-operative Society” Refers to Samarth Credit Co-operative Society Ltd., a multi-state co-operative society registered under the Multi-State Co-operative Societies Act, 2002, with the objective of providing credit facilities and financial services to its members across the states of Rajasthan and Haryana.
- “Member” Any individual, group of individuals, or entity admitted as a member of Samarth Credit Co-operative Society Ltd. in accordance with its bylaws, who has paid the required membership fees and share capital.
- “Shares” Units of capital contributed by members in the society, representing their stake in the society and entitling them to participate in decision-making processes (such as voting) and profit-sharing (through dividends).
- “Deposits” Funds placed by members in various accounts of the society, including savings accounts, fixed deposits, and recurring deposits, which may accrue interest as per the terms set by the society.
- “Loan” A sum of money lent by the society to a member for personal, business, or other approved purposes, subject to terms and conditions of repayment as determined by the society.
- “Interest Rate” The rate at which the society charges interest on loans provided to members or pays interest on deposits made by members, as determined by the Board in compliance with applicable regulations.
- “Dividends” The share of the surplus profits of the society, distributed to members in proportion to their shares or capital contributions.
- “Default” The failure of a member to repay a loan or deposit, including failure to pay principal or interest as stipulated in the agreed terms.
- “Surplus” The net profit generated by the society after deducting all expenses, which may be distributed to members in the form of dividends or retained for reinvestment or reserves.
- “State” Refers to Rajasthan and Haryana, the two states where Samarth Credit Co-operative Society Ltd. is registered and operates.
Interpretation
In these Terms and Conditions, unless the context requires otherwise:
- Singular and Plural: Words in the singular shall include the plural and vice versa.
- Gender: Words importing any gender shall include both genders, and references to a person shall include individuals, firms, associations, and corporate bodies.
- Statutes: Any reference to a statute or regulation includes its amendments, modifications, or re-enactments from time to time.
- Headings: The headings and titles in these Terms and Conditions are for convenience only and do not affect the interpretation of the clauses.
- Electronic Communication: The term “written” or “in writing” shall include any form of representation or communication, including emails, electronic signatures, or any other digital means, unless specified otherwise in the society’s bylaws.
- References to Time: Any reference to time (such as a day or month) shall be interpreted according to the standard calendar unless otherwise specified.
General Terms and Conditions
- Formation and Objectives
Samarth Credit Co-operative Society Ltd. is a Multi-State Credit Co-operative Society, registered under the Multi-State Co-operative Societies Act, 2002. The primary objective is to provide financial services, including credit facilities, savings accounts, and other financial products, to its members in the states of Rajasthan and Haryana. - Membership
Membership is open to individuals and entities who meet the eligibility criteria laid down in the society’s bylaws. Each member must contribute capital in the form of shares, the value of which shall be determined by the society. The society may also admit corporate bodies as members, subject to approval from the Board. - Admission of Members
Applications for membership must be submitted to the Board, and approval will be granted subject to compliance with the membership requirements and payment of share capital. The Board retains the right to reject applications for membership as per the society’s bylaws. - Obligations of Members
Members are required to:- Maintain a minimum balance in their accounts and pay dues as specified by the society.
- Abide by the rules, policies, and decisions made by the Board and the general meeting.
- Repay loans and obligations in a timely manner, as per the terms and conditions.
- Capital Contributions
Members are required to contribute to the society’s capital through the purchase of shares. The value of shares and any additional capital contributions will be determined by the Board in accordance with the society’s bylaws. - Loans and Advances
The society may provide loans to members for various purposes, including personal, business, or agricultural needs. Loans will be granted based on the society’s financial position, the creditworthiness of the member, and in compliance with the society’s lending policy. - Interest on Loans and Deposits
The society will charge interest on loans and pay interest on deposits as determined by the Board. Interest rates will be reviewed periodically, and any changes will be communicated to members. - Dividends and Profit Distribution
At the end of the financial year, the Board may declare a dividend based on the society’s surplus profits. The dividend will be distributed in proportion to each member’s shareholding or capital contribution. - Termination or Suspension of Membership
Membership may be terminated or suspended for non-compliance with the society’s bylaws, failure to maintain the required shareholding, or for other reasons as stipulated in the bylaws. Members whose membership is terminated may be entitled to a refund of their capital, subject to deductions for any outstanding obligations. - Amendment of Terms and Conditions
Samarth Credit Co-operative Society Ltd. reserves the right to amend or modify these Terms and Conditions from time to time. Any changes will be approved by the Board and communicated to the members, and will take effect once notified or upon approval at a general meeting. - Dispute Resolution
Any disputes between the society and its members, or among members themselves, shall be resolved as per the dispute resolution mechanisms outlined in the bylaws. This may include arbitration, mediation, or resolution through the Registrar, as applicable. - Governing Law
These Terms and Conditions shall be governed by and construed in accordance with the provisions of the Multi-State Co-operative Societies Act, 2002, and any applicable laws of the respective states of Rajasthan and Haryana, where the society operates.
These Terms and Conditions serve as a framework to ensure the smooth functioning of Samarth Credit Co-operative Society Ltd. in compliance with legal provisions and promote the financial welfare of its members in Rajasthan and Haryana. These conditions ensure transparency, governance, and fairness in the society’s operations and member interactions.