Society Bye-laws

I. Name, Address & Area of Operation

1. The Society shall be known as Sitapur Basic Shikshak Vetan Bhogi Sahkari Rin Samiti Ltd..
2. The registered office of the Society is at: 39, Holinagar, Janpad Sitapur, UP - 261001
3. The area of operation of the Society extends to the district of Sitapur and such adjoining areas as may be approved by the Registrar from time to time.

II. Objects of the Society

The primary objects of the Society are:

1. To promote the economic and social welfare of its members through mutual aid and self-help.
2. To accept deposits from members in the form of savings, fixed deposits, and recurring deposits.
3. To advance loans to members for productive and provident purposes at fair rates of interest.
4. To undertake such other activities as are incidental and conducive to the attainment of the above objects, subject to the provisions of the Act.

III. Membership

1. Eligibility

Any person who:

1. Is an employee (working or retired) of the Basic Education Department in the area of operation;
2. Has attained majority;
3. Is of sound mind and is not an undischarged insolvent;
4. Has not been expelled from any cooperative society;

shall be eligible for admission as a member, subject to approval by the Board.

2. Admission Procedure

1. Application for membership shall be in the prescribed form, accompanied by the prescribed fees and documents.
2. The Secretary shall conduct the first review.
3. The Managing Director shall grant final approval.
4. A unique Member ID and Share Certificate shall be issued upon approval.

3. Rights of Members

1. To attend and vote at General Meetings (one member, one vote).
2. To stand for election to the Board, subject to eligibility.
3. To receive share dividends as declared.
4. To inspect the books of accounts during office hours with prior notice.
5. To avail the services of the Society as per these Bye-laws.

4. Duties of Members

1. To abide by the Act, Rules, and these Bye-laws.
2. To maintain active participation in the Society's affairs.
3. To repay loans and dues punctually.
4. To keep personal records updated.

5. Cessation of Membership

Membership ceases upon: (a) voluntary withdrawal with notice; (b) death; (c) expulsion for misconduct; (d) continued default; or (e) any other ground under the Act.

IV. Share Capital

1. The authorized share capital of the Society shall be as approved by the General Body.
2. Each share shall be of the face value of ₹ 1,000.
3. No member shall hold more shares than the limit fixed by the Board.
4. Shares are not transferable except by way of nomination upon death.

V. Deposits & Loans

1. The Society may accept deposits from members in such form and on such terms as the Board may determine.
2. Loans shall be advanced only to members, for approved purposes, against adequate security.
3. Interest rates on deposits and loans shall be reviewed and fixed by the Board from time to time.
4. Detailed terms are published in the Society's schedule of rates and are available on the Society's platform.

VI. General Body & Annual General Meeting

1. The General Body shall be the supreme authority of the Society.
2. The Annual General Meeting (AGM) shall be held every year within six months of the close of the financial year.
3. Quorum for the AGM shall be one-fifth of the total members or 50 members, whichever is less.
4. Notice of 14 days shall be given to all members prior to the AGM.

VII. Board of Directors

1. The affairs of the Society shall be managed by a Board of Directors elected from among the members.
2. The Board shall consist of a Chairperson (Managing Director), Secretary, Treasurer, and such other members as decided.
3. The term of the Board shall be five years.
4. The Board shall meet at least once in every three months.

VIII. Accounts & Audit

1. The Society shall maintain accounts in accordance with the Act and Rules.
2. The financial year shall be from 1st April to 31st March.
3. The accounts shall be audited annually by a Government-approved auditor.
4. The audit report shall be presented at the AGM.

IX. Disposal of Profits

The net profits of the Society shall be disposed of as follows:

1. Not less than 25% shall be credited to the Reserve Fund.
2. A portion may be utilized for dividend on share capital (not exceeding the limit prescribed by the Registrar).
3. A portion may be utilized for member welfare, education, and such other purposes as approved by the General Body.

X. Dispute Resolution

1. Any dispute between members or between a member and the Society shall be referred to the Registrar for arbitration as per the Act.
2. The courts of Sitapur, Uttar Pradesh shall have exclusive jurisdiction for matters not resolvable under the Act.

XI. Amendment of Bye-laws

1. These Bye-laws may be amended by a resolution of the General Body passed by a two-thirds majority.
2. No amendment shall take effect unless registered with the Registrar.

XII. Dissolution

The Society may be dissolved only in accordance with the provisions of the Act, and the surplus, if any, shall be disposed of as directed by the Registrar.