22-February-2023

MULTI STATE CO.OP. SOCIETY

Cooperative Society is an organization that is formed by a group of people whose primary objective is the promotion of the economic interest of its members. A  Multi State Cooperative Society’s(MCS)registration is done in accordance with the  Multistate Cooperative Societies Act (MSCS Act) 2002,  and  the act is since  amended in 2011. The unique factor in MSCS is  that, they are licensed to  operate in more than one State, whereas, State  cooperative societies can function only in the vicinity  a district or a state.

A MSC is governed by the Dept. of Corporation, Govt of India and not by State Registrar.  The laws, conditions and stipulations for MSC are different from that of State Governed Societies. Some of the stringent rules for   MSCs are that  at least fifty members should be a part of the society in each state, where the society is licensed to operate. Other Stipulation is that,  no person below the age of eighteen/  a insolvent person/ person with  poor credit history/ criminal record can be a member of MSC.  The act also envisages minimum quarterly board of member meeting,   and  its  minutes  be recorded and filed. Central Registrar has the atmost  power to conduct  surprise  audit at  any time on the instance of  inconsistencies is  reported  by any of its members. Central Registrar is closely monitoring, controlling MSCs so that frauds, misappropriations, etc are  very seldom reported  in  them. A  member of the society, is eligible for bonus or dividend depending up the net  profit derived  and that will be proportionate to their share capital amount. 

There are different types of cooperative societies in India, like  for    labour, housing, agricultural credit   etc.. The Credit societies are those who are  accepting   deposits  and lending monies    from/to its members and  function like banks,  but  for its members only. 

Malankara Multistate Cooperative Credit Society (MMSCCS) is a Credit Society governed by rules and regulations laid down by Central Registrar of Multistate Co.op. Society under the Department of Corporation, Govt India. The rules and regulations of the accepting   deposits and lending  monies from /to members  are being  governed by the byelaws of the society which is approved by the Central Registrar. Malankara Multistate Cooperative Credit Society  is functioning in three states of Kerala  Karnataka & Tamil Nadu and thus  accommodating  members from these States,  which will enable  greater business. wider data base, growth, profit and stability.

MMSCCS is governed by a board  of Directors elected by its members and the macro level  control is under the chairman and a managing director of the society . 

Thrissur is  the cultural capital of Kerala, but well known for the existence of a number of well reputed financial institutions and well maintained  cooperative societies. Among such  many cooperative societies Malankara Multistate Cooperative Credit Society Ltd (MMSCCS) is the most prominent,  professionally  managed society, perhaps  the only one  in South India.  MMSCCS is promoted by Dr. Boby Chemmanur,   Guinness  World  record winner, top class businessman, Philanthropist  and his backing along  supplement the creditworthiness and reputation of  the professionally managed  Board of Directors of   MMSCCS.

Vision of Malankara  Multi state Co. Op. Society –

To Disseminate our Benevolence to Everyone, Everywhere and Always