The authorised share capital of the Bank is Rs. 10,00,00,000/- ( Rupees Ten Crores only ) divided into 40,00,000 shares of Rs. 25/- each.
- Interested person has to buy minimum 40 shares worth Rs. 1,000/- plus Entry Fee of Rs. 100/- to become a shareholder of the Bank.
- Existing shareholders who does not have minimum 40 nos. of shares has to buy additional shares worth Rs. 1,000/- .
- Total shareholders of the Bank is 11408 as at 31st March 2015 .
- Paid up share capital of the Bank is Rs.794.81 Lacs as at 31st March 2015.
- Each shareholder issued dividend @ 12 % p.a. ( on pro-rata basis ) as per resolution passed in 32nd Annual General Meeting held on 4th September, 2015 of the Bank
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- Share Linkage
- • Secured Loan @ 2% of the loan amount
- • Unsecured Loan @ 5.00% of the loan amount
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- The Bank shall have following categories of members :
- • Active Members
- • Non-active Members
1. Ordinary Members
2. Nominal Members
3. Associate Members
Share Certificate
a. Every person admitted as an ordinary member shall be entitled to receive a share certificate gratis stating the number of shares and their distinctive numbers. The share certificate shall be signed by the Chairman or any Director duly authorized and the Chief Executive. The share certificate shall bear the Bank’s seal.
b. If any certificate be worn out, defaced, destroyed or lost, a new share certificate/s may be issued in lieu thereof on payment of fee per share certificate, as prescribed by the Board. It shall however be necessary to produce evidence to the satisfaction of the Board that the share certificate’s were worn out, defaced, destroyed or lost, or in absence of such evidence, on such indemnity as the Board may deem sufficient.
Withdrawal and resignation of a Member :
a. A member may withdraw or resign his membership after one year and giving at least one month notice in writing and withdraw his share capital with the approval of the Board. The approval shall not be given while such a member is indebted to the Bank either as a borrower or surety. During any cooperative year, the aggregate withdrawals shall not exceed 10 % of the total Paid-Up Capital as at 31st March of the preceding year. The money refunded shall be as per the valuation of share or face value of the share whichever is less as on last preceding financial year.
b. A member who withdraws his membership shall not be allowed to become a member again for a period of one year from the date of withdrawal of membership.
Transfer of Shares :
A member may transfer his share or shares (where there shall not be any accumulated losses) after holding them for not less than one year to any other member of the Bank duly approved by the Board. The transfer is not complete until the name of the transferee has been duly entered in the register of members and on payment of transfer fee as may be decided by the Board from time to time. Transfer of shares shall be refused to a member if :
- The member is indebted to the Bank either as a borrower or as a surety.
- It is detrimental to the interest of the Bank.
- If the transferee does not fulfill conditions prescribed under Bye-law No. 11.
- If the transferor does not want to transfer all the shares held by him.
Expulsion of a Member :
- Expulsion of a member from the Bank shall be in accordance with the provisions of the Act and the Rules, by Resolution passed by a majority of not less than three-fourth of the members present and voting at a general/special meeting of members held for the purpose. Bank shall expel a member for the acts which are detrimental to the proper working of the Bank.
- On approval from Registrar for expulsion the person will cease to be a member. Provided that the member concerned shall not be expelled unless he has been given a reasonable opportunity of making representation in the matter as per Act and Rules.
- No member of the Bank, who has been expelled, shall be eligible for readmission as a member of the Bank for a period of one year from the date of such expulsion.
Cessation of Membership
Membership will cease :
- On death of an individual member or dissolution or liquidation in case of a firm or a company or other corporate body;
- On being adjudged as insolvent or legally disqualified from continuing as a member
- On transfer of all the shares to another member ;
- On resignation or withdrawal of membership having been accepted ;
- On expulsion from the Bank in accordance with the provisions of the Act and the Rules. Such expulsion may involve forfeiture of shares;
- On disqualification as per the provisions of the MCS Act, Rules & bye-laws.
- On exercise of right of lien by the bank.
Nomination :
A member may nominate a person to receive the member’s interest in the Bank after his death. Nomination shall be made in the prescribed form and entered in the register kept at the Bank’s registered office. Prior approval of the Board shall be necessary if the person to be nominated is an employee of the Bank. Nomination can be revoked and fresh nomination made any number of times after due intimation in writing to the Bank and on payment of prescribed fee as decided by the Board from time to time for every subsequent nomination.
Death of a Member :
On death of a member, the Bank may pay to the person or persons nominated a sum representing the value of the member’s interest in the society within 12 months from the death of the member. In the absence of nomination, the Bank may pay to such person or persons as may appear to the Board to be entitled to receive the same as heir or legal representative of the deceased member on his or their executing an appropriate deed of indemnity and on any other conditions as laid down by the Board.
Liabilities of Past Members and Estate of a deceased Member :
The liability of a past member or of the estate of a deceased member of the Bank for the debts due to the Bank as it existed.
- In the case of a past member, on the date on which he ceased to be a member
- In the case of a deceased member, on the date of his death shall continue for a period of 2 years from such date.
Where the Bank is ordered to be wound up under the Act, the liability of a past member who ceased to be a member or of the estate of a deceased member who died within 2 years immediately preceding the date of the order of winding up, shall continue until the entire liquidation proceedings are completed, but such liability shall extend only to the debts of the Bank as they existed on the date of cessation of membership or death, as the case may be.
Lien on Shares, Dividends and Deposits :
The Bank shall have the first and paramount lien or charge upon all the shares, dividends and deposits of any member or past member for all moneys due from him to the Bank from time to time. The Bank may at any time set off any sum credited by or payable to the member or past member towards payment of any, liability of such member or past member.
The authorised share capital of the Bank is Rs. 10,00,00,000/- (Rupees Ten Crores only) divided into 40,00,000 shares of Rs. 25/- each.
- The interested person has to buy a minimum of 40 shares worth Rs. 1,000/- plus Entry Fee of Rs. 100/- to become a shareholder of the Bank.
- Existing shareholders who does not have minimum 40 nos. of shares has to buy additional shares worth Rs. 1,000/- .
- Total shareholders of the Bank is 11408 as at 31st March 2015 .
- Paid up share capital of the Bank is Rs.794.81 Lacs as at 31st March 2015.
- Each shareholder issued dividend @ 12 % p.a. ( on pro-rata basis ) as per resolution passed in 32nd Annual General Meeting held on 4th September, 2015 of the Bank
-
- Share Linkage
- • Secured Loan @ 2% of the loan amount
- • Unsecured Loan @ 5.00% of the loan amount
- The Bank shall have following categories of members :
- • Active Members
- • Non-active Members
1. Ordinary Members
2. Nominal Members
3. Associate Members
Share Certificate
a. Every person admitted as an ordinary member shall be entitled to receive a share certificate gratis stating the number of shares and their distinctive numbers. The share certificate shall be signed by the Chairman or any Director duly authorized and the Chief Executive. The share certificate shall bear the Bank’s seal.
b. If any certificate be worn out, defaced, destroyed or lost, a new share certificate/s may be issued in lieu thereof on payment of fee per share certificate, as prescribed by the Board. It shall however be necessary to produce evidence to the satisfaction of the Board that the share certificate’s were worn out, defaced, destroyed or lost, or in absence of such evidence, on such indemnity as the Board may deem sufficient.
- Withdrawal and resignation of a Member :
a. A member may withdraw or resign his membership after one year and giving at least one month notice in writing and withdraw his share capital with the approval of the Board. The approval shall not be given while such a member is indebted to the Bank either as a borrower or surety. During any cooperative year, the aggregate withdrawals shall not exceed 10 % of the total Paid-Up Capital as at 31st March of the preceding year. The money refunded shall be as per the valuation of share or face value of the share whichever is less as on last preceding financial year.
b. A member who withdraws his membership shall not be allowed to become a member again for a period of one year from the date of withdrawal of membership.
Transfer of Shares :
A member may transfer his share or shares (where there shall not be any accumulated losses) after holding them for not less than one year to any other member of the Bank duly approved by the Board. The transfer is not complete until the name of the transferee has been duly entered in the register of members and on payment of transfer fee as may be decided by the Board from time to time. Transfer of shares shall be refused to a member if :
- The member is indebted to the Bank either as a borrower or as a surety.
- It is detrimental to the interest of the Bank.
- If the transferee does not fulfill conditions prescribed under Bye-law No. 11.
- If the transferor does not want to transfer all the shares held by him.
Expulsion of a Member :
- Expulsion of a member from the Bank shall be in accordance with the provisions of the Act and the Rules, by Resolution passed by a majority of not less than three-fourth of the members present and voting at a general/special meeting of members held for the purpose. Bank shall expel a member for the acts which are detrimental to the proper working of the Bank.
- On approval from Registrar for expulsion the person will cease to be a member. Provided that the member concerned shall not be expelled unless he has been given a reasonable opportunity of making representation in the matter as per Act and Rules.
- No member of the Bank, who has been expelled, shall be eligible for readmission as a member of the Bank for a period of one year from the date of such expulsion.
Cessation of Membership
Membership will cease :
- On death of an individual member or dissolution or liquidation in case of a firm or a company or other corporate body;
- On being adjudged as insolvent or legally disqualified from continuing as a member
- On transfer of all the shares to another member ;
- On resignation or withdrawal of membership having been accepted ;
- On expulsion from the Bank in accordance with the provisions of the Act and the Rules. Such expulsion may involve forfeiture of shares;
- On disqualification as per the provisions of the MCS Act, Rules & bye-laws.
- On exercise of right of lien by the bank.
Nomination :
A member may nominate a person to receive the member’s interest in the Bank after his death. Nomination shall be made in the prescribed form and entered in the register kept at the Bank’s registered office. Prior approval of the Board shall be necessary if the person to be nominated is an employee of the Bank. Nomination can be revoked and fresh nomination made any number of times after due intimation in writing to the Bank and on payment of prescribed fee as decided by the Board from time to time for every subsequent nomination.
Death of a Member :
On death of a member, the Bank may pay to the person or persons nominated a sum representing the value of the member’s interest in the society within 12 months from the death of the member. In the absence of nomination, the Bank may pay to such person or persons as may appear to the Board to be entitled to receive the same as heir or legal representative of the deceased member on his or their executing an appropriate deed of indemnity and on any other conditions as laid down by the Board.
Liabilities of Past Members and Estate of a deceased Member :
The liability of a past member or of the estate of a deceased member of the Bank for the debts due to the Bank as it existed.
- In the case of a past member, on the date on which he ceased to be a member
- In the case of a deceased member, on the date of his death shall continue for a period of 2 years from such date.
Where the Bank is ordered to be wound up under the Act, the liability of a past member who ceased to be a member or of the estate of a deceased member who died within 2 years immediately preceding the date of the order of winding up, shall continue until the entire liquidation proceedings are completed, but such liability shall extend only to the debts of the Bank as they existed on the date of cessation of membership or death, as the case may be.
Line on Shares, Dividends and Deposits :
The Bank shall have the first and paramount lien or charge upon all the shares, dividends and deposits of any member or past member for all moneys due from him to the Bank from time to time. The Bank may at any time set off any sum credited by or payable to the member or past member towards payment of any, liability of such member or past member.