There shall be 2 different class of members.
Provided that where as a person ceases to be a member of the society under sub-Section ‘h’ of Section 6 he/she shall be eligible for re-admission as a member of the society if and when the sentence is annulled on appeal or revision.
(a) Application for admission as ‘A’ Class members shall be made to the President of the Society in the form prescribed for the purpose along with Rs.15/-(cost of one share + entrance fee Rs.5/-) and two recently taken passport size photographs of the applicant ,provided that there shall not be any entrance fee and photograph for ‘B’ class membership.Every such application shall be disposed of by the Board of Directors who shall have the power to grant admission or refuse it after recording reasons for refusal provided however that any person whose application has been refused by the Board of Directors may appeal in the first instance to the Registar of Co-operative societies and if the Registrar so directs,he shall be admitted as a member of the society.
(b) When a member resigns his membership,shall send a letter of resignation by registered post to the Secretary of the Society and such resignation shall take effect from the date on which the letter reaches him.The value of shares allowed to be withdrawn or the share capital of a member who has resigned his membership shall be paid back to him with dividend declared if any.The total share capital withdrawn or returned in any one year shall not however exceed ten percent of the aggregate paid upshare capital of the Society as it was on the 30th June,preceding. The limit shall not include the refunds under section 8 and 34.
Should a member cease to be eligible for membership either on account of the termination or resignation of his service in the Rubber Board,the Board of Directors shall remove his name from the list of members and shall pay back to him the share capital actually paid by him with the dividend declared,if any,after deducting therefrom any dues from him to the Society either as principal debtor or surety.
A past member shall be liable as provided in bye-law 3 for the debts due by the society as they existed on the date when he ceased to be a member for a period of two years from such date.
The estate of a deceased member shall be liable as provided in bye-law 3 for the debts due by the society as they existed on the date of his decease,for a period of two years after his decease.
Deposits may at the discretion of the Board of directors be received at any time from members only.Read More
Loans shall be given to ‘A’ class members only.But no member can claim a loan as a matter of right.There shall be 5 loans viz, Own Fund DCBRead More
On the application of 10 or more members,the Board of Directors may start and conduct chit fund to sRead More