Welcome to the world of Karnataka State Souharda Federal Cooperative Ltd, the first Apex Body of New generation cooperatives in India. Souharda Federal Cooperative is a democratically elected self-regulatory organization of the cooperatives registered under Karnataka Souharda Sahakari Act, 1997.

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The earliest co-operatives were set-up among the weavers, in other words workers in cottage industries, who were the first and the hardest hit by the development of the mercantile economy and the industrial revolution.

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Conversion of Cooperative Societies under KCS Act, 1959 to KSS Act, 1997

Any type of cooperatives other than housing cooperatives may convert themselves to KSS Act, subject to following conditions :

  • There shall be no any governments' financial involvement in the cooperative in the form of share capital, subsidy, grant or loan.
  • No housing cooperative can convert themselves to KSS Act.
  • Cooperatives those who want to convert to KSS Act shall not have loan from DCCB's at the time of conversion. However they can avail this facility after conversion.

Procedure of conversion :

The basic guidelines for the formation of Co-operatives under Karnataka Souharda Sahakri Act, 1997 are as follows :

  • Permission from General Body : Any society or bank which intends to convert itself to KSS Act shall convene a General Body or a special General Body and shall take its approval for conversion. The matter shall come in agenda. The General shall also approve the proposed byelaws after converting it to KSS Act.
  • Proposal for conversion : The society or Bank shall submit the proposal of conversion to the registrar of area concerned along with :
    • Application in prescribed form
    • 5 copies of byelaws
    • Recent audit report
    • Member list with their share details.
    • Details of board of directors with their financial commitments to the cooperative society.
    • No due certificate from DCCB.
    • Registration certificate and byelaws under old Act.
  • Election to new Board : within 2 months from the date of conversion cooperative shall hold election for its board.

Please note : In the case of Urban Cooperative Banks, Prior permission of Reserve Bank of India is necessary while converting any UCB to new Act.

 

The basic guidelines for the formation of Co-operatives under Karnataka Souharda Sahakri Act, 1997 are as follows:

  • Promoters meeting
  • Collecting initial share capital
  • Registration
  • Election to first Board
  • Beginning of activities
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