Office of the Registrar of Cooperative Societies, Manipur, on Tuesday informed all interested Cooperative Societies registered under MCS Act, 1976 to submit applications for availing financial subsidies.
A notice issued by Registrar of Cooperative Societies, Manipur, Arambam Valentina, said that eligible cooperative societies will be recommended to the selection committee for selection of 18 primary cooperative societies each from hill and valley districts as well as Manipur Apex Handloom Weavers & Handicraft Artisans CS Limited as per the Budget provisions of the department.
It asserted that the selected societies will get the subsidies through the Direct Benefit Transfer (DBT) system. The selection will be done by a committee headed by administrative secretary constituted vide government order No.4/25/2003-Coop dated March 5, 2016, it mentioned.
It notified intending cooperative societies to apply in the prescribed application form available at Manipur State Cooperative Union, Lamphelpat on or before September 27 and submit it to the office of Registrar of Cooperative Societies, Manipur.
It further laid down terms and conditions for the applicants as per the Government Order No 4/25/2003-Co-op dated July 19, 2010. According to the terms, the applicant society will not be a loss making society as proved by the audited Profit & Loss Account and Balance Sheet.
It said that 80 per cent of the paid-up share capital of the applicant society should preferably be raised from the members or shareholders of the society or public, as the case may be. It noted that the government contribution of the share capital at any point of time shall not exceed 25 per cent of the paid up share capital or 10 per cent of authorised share capital of the society, whichever is lesser, unless necessitated otherwise by the needs of public policy.
If a society has already received share capital contribution in the past to the extent of at least 5 per cent of their share capital, further requests for share capital shall not be considered unless at least 30 per cent of the authorized share capital from shareholders has already been raised by the applicant society, it maintained.
It further said that the society should express its willingness to be inspected by the RBI, if the cooperative society is a bank. The conditions shall not however apply to those societies against whom loans are outstanding, or if any of their promoters have outstanding NCDC loans which are yet to be repaid. No grant of assistance to such societies shall be made, it added.
It also listed the documents to be submitted along with the application form with recommendation of concerned district/zonal offices which include a Last 3 years approved balance sheet with a Xerox copy of registration certificate; latest working report of the society duly signed by manager/president/secretary, proceedings of committee/board meeting for availing the subsidies duly approved by competent authority; Pre-receipt signed by manager/president/secretary with seal; latest affiliation/annual renewal fee receipt issued by Manipur State Cooperative Union, Lamphelpat.
It further said that a Xerox copy of Bank pass book of the society showing account no. and IFSC Code; bank authorization from the respective Bank (name of the society, Account No with IFSC & MICR of the bank detail) as well as Purpose of seeking fund in brief and Utilisation Certificate (if the society got subsidies from the Department in the past) must be submitted along with the application. It asserted that incomplete documents/forms in any respect will be rejected.
