"Unity is strength" is the main principle of co-operatives as the success of co-operatives depends on staying united. Unity is the strong expression, tendency and state of moving together in one mind. The force created by this movement in unison is called force. Every co-operative must realize that unity is their strength. Therefore members must refrain from any act that destroys it. That is why Ektai Bal or 'Unity is Strength' is the main principle of cooperatives.
An organization formed and managed under the Cooperative Act by a number of like-minded people for mutual economic benefit is called a Cooperative Society. All the profits earned by the cooperative are not distributed among the members. A minimum of 15% of this must be mandatorily deposited in the Reserve Fund and 3% in the Cooperative Development Fund. However, a maximum of 10% of the profit earned for other purposes can be reserved if specified in the bye-laws of the cooperative. The rest is distributed among the shareholders as per the decision of the general meeting.
Steps for Registration of Co-operative Societies:
The application of at least 20 (twenty) adult general public and related documents should be submitted to the Upazila or Thana Cooperative Office as per Cooperative Societies Registration Policy-2013. The Upazila or Thana Cooperative Officer verifies the submitted documents himself or the Assistant Inspector on the ground. After verification, the Upazila or Thana Cooperative Officer sends the verified report and the documents submitted by the applicant to the District Cooperative Officer.
If there is no objection regarding the registration of the District Cooperative Officer, he shall issue the registration and send all the documents related to the registration to the concerned cooperative office and the applicant.
Suppose there is an objection to the registration. In that case, the inspector of his office will conduct an investigation on the ground and in the light of the investigation report, for granting registration or correcting the documents or rejecting the roster, all the documents related to the registration will be sent to the applicant through the concerned upazila or thana cooperative officer.
Required Documents:
1. Application form in the prescribed form mentioned in the Co-operative Societies Rules
2. Original copy of treasury challan for three hundred and forty-five (345) rupees
3. Three broad bye-laws signed by the members
4. Minutes of the organizational meeting
5. Income-expenditure account
6. Estimated budget for two years
7. National Identity Card or Citizenship Certificate
8. Legal undertaking
9. Tenancy (Office) Agreement
10. Lists of names with photographs of proposed Management Committee members
Terms as defined in the following laws or rules or regulations: Co-operative Societies Act, 2001 (Amended, 2002 and amended 2013) Co-operative Societies Rules, 2004 Value Added Tax Rules, 1991 Co-operative Societies Registration Rules, 2013
Relevant laws and regulations:
1. Co-operative Societies Act, 2001 (Amended, 2002 & Amended, 2013)
2. Cooperative Societies Rules, 2004
3. Value Added Tax Rules, 1991
4. Cooperative Societies Registration Policy, 2013
