Vishala Karnataka Government and Private Employees housing co-operative society ltd. The society was established under Karnataka Co-operative Act 1959(8) Regn No. HSG-1/109/HHS/49078/2016-17 DT 07-10-2016. The board members are from various well established and reputed public and private sectors.
Objectives of the society:
To acquire and develop lands for the purpose of providing plots/sites in a gated community with all the modern amenities for the benefit of its members and associate members. To achieve the goal of serving to our members, our team with dedication and enthusiasm works with various authorities and developers.
What is Co-Operative Society?
The Word Co-Operative Means Working together and with others for a common purpose. The Co-Operative Society is a voluntary association of persons, who join together with the motive of welfare of the members. They are driven by the need to protect their economic interest in the face of possible exploitation at the hands of middleman obsessed with the desire to earn greater profits.
A Co-Operative is an autonomous association of people united voluntarily to meet their common economic, social and cultural needs and aspiration through a jointly owned and democratically controlled business. In Short Co-Operative Society can be defined as a jointly owned enterprise engaging in the production or distribution of goods or supplying of services, operated by its members for their mutual benefits, typically organized by consumers or farmers.
1)Voluntary Membership :-
The Membership of Co-Operative Society is voluntary. A person is free to join a co-operative society, and can also leave anytime as per his desire. There can’t be any compulsion for him to join or quit a society. Although processor, a member is required to serve a notice before leaving the Society. Membership is open to all irrespective of their religion , caste and gender.
2) Legal Status :-
Registration of a Co-Operative society is Compulsory, This accords a separate identity to the Society which is distinct from Members. The Society can enter into contracts and hold property in it’s name, sue and be sued by others. As a result of being a separate legal entity. It is not affected by the entry or exit of it’s Member.
3) Limited Liability :-
The Liability of a Member of a Co-Operative Society is limited to the extent of the amount contributed by them as Capital. This define the maximum risk that a Member can be asked to bear.
4) Control :-
In a Co-Operative Society the power to take decision lies in the hands of an elected managing Committee. The right to vote gives the Member a chance to choose the members who will constitute the managing committee, and this lends the Co-Operative society a democratic character.
5) Service Motive :-
The Co-Operative Society through it’s purpose lays emphasis on the values of mutual help and welfare. Hence, The motive of service Dominates it’s working if any surplus is generated as a result of its operations, it is distributed amongst the members as dividend in conformity with the ‘’bye-laws” of the Society
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