Membership:-C-Max Credit Co-Operative Society Ltd.
  • CMAX REGULAR MEMBER

    No person shall be admitted as a member of a multi state co-operative society except the following namely.
    1) An individual, competent to contract under section 11 of the Indian Contact Act , 1872
    2) Any multi-state cooperative society or any cooperative society; (except similar type of Co-operative Society)
    3) The Central Government,
    4) A State Government
    5) The National Cooperative Development Corporation established under the National Cooperative Development Corporation Act,1962
    6) Any other corporation owned or controlled by the Government
    7) Any government company as defined in section 617 of the Companies Act,1956
    8) Such class or classes or persons or association of persons as may be permitted by the Central Registrar having regard to the nature and activities of a multi-state cooperative society.

  • CONDITIONS FOR REGULAR MEMBERSHIP

    1. An applicant will be enrolled as ordinary membership upon fulfilling the following condition :
    (a) He has applied in writing in the prescribed form.
    (b) He has paid the admission fees Rs 10/- and acquired at least one shares of the society.
    (c) He has given a declaration that he is not a member of any other similar Co-operative Society.
    (d) He has fulfilled all other conditions laid down in the acts, the rules and the bye laws of the Society.
    (e) The Board of Directors of the society approves the application to admit as a member.
    2. No person shall be eligible for admission as a member of the Society if he :-
    1. Has not attained the age of 18 years.
    2. Has been adjusted by the competent court to be insolvent or an undercharged insolvent.
    3. Has been sentenced for any offence, other than offence of a political character or an offence not involving moral turpitude and dishonesty and a period of five years has not elapsed from the date of the expiry of the sentence.

  • RIGHTS AND DUTIES OF MEMBER

    Every member of the Society shall have the following Rights and Duties :
    A member shall be entitled to exercise his right as a member from the date of admission as a member.
    (a) Right to vote in the general body meeting.
    (b) Take part in election and contest for any post as per provision of the Act, Rules and bye-laws of CMAX .
    (c) Inspect member registers, books of accounts or any other record and obtain certified copies of the resolutions or documents on a payment of fee as may be prescribed by the board of directors from time to time.

  • DISQUALIFICATIONS OF MEMBER

    No persons shall be eligible for being or continuing as a member of CMAX if :-
    a) His/her business is in conflict or competitive with the business of CMAX.
    b) He/her has defaulted in payment of any amount to be paid to the society and has not
    cleared that amount even after 30 day notice for the clearance of defaulters.
    c) He/ She has not attended three consecutive general meeting of the Multi-State Co-operative Society and such absence has not been condoned by the members in the general body meeting of the society.
    d) He did not make annual transaction of the value of at least Rs 1000/- continuously two consecutive years.

  • WITHDRAWL AND RESIGNATION OF MEMBER

    1) A member may withdraw and resign from the membership after two years and giving at least 3 months notice in writing and withdraw his share capital with the approval of the Board of Directors. The approval shall not be given while such a member indebted, to the Society. During any co-operative year, the aggregated with drawl shall not exceed 10% of the paid up share capital as on 31st march of the preceding year.
    2) A member who withdraws or resigns from the membership will not be allowed to become a member again for a period of two years from the date of his resignation unless he repays the amount withdrawn by him from the society.

  • EXPULSION OF A MEMBER

    Society may, by a resolution passed by a majority of not less than two thirds of the member present and voting at a general meeting held for the purpose, expel a member for acts, which are detrimental to the proper working of society.
    a) On expulsion from, the society, in accordance with the provisions of the Act and Rules, a person will cease to be a member. Such expulsion may involve forfeiture of shares at the sole discretion of the society, provided that the member concerned shall not be representation in the matter.
    b) No member of the society who has been expelled shall be eligible for re admission as a member of the society for a period of one year from the date of such expulsion.

  • CESSATION OF MEMBERSHIP

    The Membership of society may case of:-
    I. Resignation of member duly approved by the Board of the member.
    II. Cancellation of registration of the member society;
    III. Transfer of all the shares to another member of the society;
    IV. Expulsion of member by the general body;
    V. Incurring any of the disqualifications of membership

  • NOMINATION

    a) A member may nominate a person to receive the member’s interest in the society after his/her death. Nomination shall be made in the prescribed from and entered in the register kept by the Society for the purpose. Prior approval of the Board shall be necessary if person to be nominated is of the Society.
    b) Nomination can be revoked an employee and fresh nomination be made on any number of times after due intimation in writing to the Society and on payment of prescribed fee as may be determined by the Board from time to time for every subsequent nomination

  • DEATH OF A MEMBER

    On the Death of a member, the Society may pay or transfer to the person or persons nominated a sum representing the value of the member’s interest in the Society with in six months from the data of death of the member, In the absence of nomination, the Society may pay to such person as may appear to the Board of Director to be entitled to receive the same as heir or legal representative of the deceased member on his or their executing an appropriate deed of indemnity in favour of the society.

  • LIABILITY OF A MEMBER

    The liability of a member shall be limited to the share capital subscribed by him

  • LIABILITY OF PAST MEMBERS AND ESTATE OF A DECEASED MEMBER

    1. The liability of a past member or of the estate of a Deceased member of the Society for the debts of the Society as they existed:-
    • In the case of a past member, on the date on data on which he ceased to be a member,
    • In the case of a deceased member, on the date of his Death Shall continue for a period of two years from such date.
    2. However, where the society is ordered to be wound up under Section 86 of the Act, the liability of a past member who ceased to be a member or of the estate of a deceases member who died within two years immediately preceding the date of the order of winding up, shall continue until the entire liquidation proceedings are completed. But such liability shall extend only to the debts of the society as they existed on the date of cessation of membership or death as the case may be.

  • LIEN ON SHARES,DIVIDENDS AND DEPOSITS

    The Society have the first and paramount lien or charge upon all the shares, dividends and deposit of any member or past member for all dues from him/her to the Society from time to time. The Society may set off any sum credited by or payable to the member or past member against payment of any liability of such member or past member.

  • TRANSFER OF SHARE

    A member may transfer his/her share or shares after holding them for not less than one year to another member. The Board of Director may approve such transfer of shares from the existing member on completion of such terms and conditions as may be fixed by the Board of Director.

  • CMAX NOMINAL MEMBER

    The Society at its discretion may admit a person on payment of a non refundable fee of Rs10/- as a nominal member provided that such nominal member shall not be entitled to subscribe to the shares of the Society or have any interest in the management there of including right to vote, be elected as a director of the board or participate in the general body meeting.

CONTACT US
REGISTERED OFFICE:
605-606 Jaina Tower IInd Distt. Center,
Janakpuri, New Delhi-110058
Email.Id- Complaints@cmaxgroup.in
Website :- www.cmaxcredit.in
Contact No: 8750-8750-97
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