Menu
1. INTRODUCTION:
Membership policy for Winners Royal Varsha Credit Co-operative Society Limited that incorporates the restriction on membership in multiple multi-state credit cooperative societies and the eligible states for membership.
2. ELIGIBILITY:
2.1.Any person who is 18 years or older and is a resident of the states of Rajasthan, Gujarat, Maharashtra, Tamil Nadu, Pondicherry, Kerala, and Karnataka or any state where Society have license to operate may become a Member or a Nominal Member of Winners Royal Varsha Credit Co-operative Society Limited.
2.2.An individual can be a member of only one multi-state credit cooperative society.
2.3.Individuals who are engaged in illegal activities or have criminal records are not eligible for membership.
2.4.Members of the immediate family of an eligible individual, including spouses, children, parents, and siblings, are also eligible for membership.
3. APPLICATION:
3.1.Interested individuals must complete a membership application form, which can be obtained from the Society's office or from the Society's website.
3.2.The completed application form must indicate whether the applicant wishes to become a Member or a Nominal Member.
3.3.The application must be accompanied by the appropriate membership fee: Rs. 10 for Membership or Rs. 50 for Nominal Membership.
3.4.The application must be approved by the Board of Directors before membership is granted. The Board of Directors may reject an application without providing a reason.
4. MEMBERSHIP FEE:
4.1.A one-time membership fee of Rs. 10 must be paid at the time of application for Membership.
4.2.A one-time membership fee of Rs. 50 must be paid at the time of application for Nominal Membership.
4.3.The membership fee is non-refundable.
4.4.The membership fee may be waived at the discretion of the Board of Directors.
5. SHARES:
5.1.Members must purchase a minimum number of shares, as determined by the Board of Directors.
5.2.Nominal Members are not required to purchase shares.
5.3.The purchase of shares represents ownership in the Co-operative and gives members a voice in the management and direction of the Society.
5.4.The price of shares is determined by the Board of Directors and may be amended from time to time.
5.5.Members may purchase additional shares at any time.
6. DUES:
6.1 Members must pay annual dues to maintain their membership in good standing.
6.2 The amount of annual dues will be determined by the Board of Directors and may be amended from time to time.
6.3 Members who do not pay their annual dues within 60 days of the due date may have their membership terminated.
7. TERMINATION:
7.1. Membership may be terminated for non-payment of annual dues, violation of the Co-operative's bylaws, or other reasons as determined by the Board of Directors.
7.2. Nominal Membership may be terminated for violation of the Co-operative's bylaws or other reasons as determined by the Board of Directors.
7.3. Members and Nominal Members will be notified in writing of any termination of their membership.
7.4. Terminated members are not entitled to any refund of their membership fee or any unearned portion of their annual dues.
7.5. Terminated members and Nominal Members must immediately surrender their membership card and any other property of the Society in their possession.
8. REINSTATEMENT:
8.1. A terminated member may apply for reinstatement within one year of termination.
8.2. Reinstatement will be at the discretion of the Board of Directors and may be subject to the payment of back dues, a reinstatement fee, and other conditions as determined by the Board.
9. RESPONSIBILITY OF MEMBERS:
9.1. Members are responsible for keeping their contact information up-to-date with the Society.
9.2. Members must promptly notify the Society of any changes to their contact information, including their address, phone number, and email address.
9.3. Members are responsible for keeping their account with the Society in good standing.
9.4. Members must use their membership card only for transactions for which it is intended. Misuse of the membership card may result in termination of membership.
10. RESPONSIBILITY OF NOMINAL MEMBERS:
10.1. Nominal Members are responsible for keeping their contact information up-todate with the Society.
10.2. Nominal Members must promptly notify the Society of any changes to their contact information, including their address, phone number, and email address.
10.3. Nominal Members are responsible for ensuring that their account with the Society is in good standing.
11. CHANGES TO POLICY:
11.1. The Board of Directors may make changes to this policy from time to time.
11.2. Members and Nominal Members will be notified of any changes to this policy.
11.3. Members and Nominal Members are responsible for keeping themselves informed of changes to this policy.
The above policy outlines the eligibility requirements, application process, membership fees, shares, dues, termination and reinstatement procedures, and responsibilities of Members and Nominal Members of Winners Royal Varsha Credit Co-operative Society Limited. This policy is subject to change and members and nominal members are advised to periodically review it for updates.
