Shares and deposit mobilization
Society has decided to mobilise fund through share capital and various types of Deposits. If anyone wants to join society he/she should become the member of the Society. There are two categories of member’s namely ordinary member and associate member.
Eligibility for Membership
Any citizen of India, subscribing to the objectives, policy and programs of the society and competent to contract under Indian Contract Act 1872(9) having residence or occupation in operational areas of the society i.e. in Bhatkal will be eligible to become member of the society.
Ordinary Member
An applicant will be enrolled as ordinary member of the society in accordance with clauses 4 and 5 of the bye laws of the society. Without prejudice to the provisions of the bye laws of the society, an individual, cooperative societies, government undertakings and SHG’s can apply for membership in a prescribed application form. For reasons of motivation and mobilization there will be four categories of ordinary members as below.
Diamond Club Members
Persons subscribing more than or equal to 5000 shares of the society worth Rs 100/- each, contributing 10% of the share amount i.e. Rs 50,000 or more towards the promotion fund (CPF) and pay admission fee of Rs 100/- shall be classified ad Diamond Club member.
Gold Club Member
Persons subscribing more than or equal to 1000 shares of the society worth Rs 100/- each, contributing 10% of the share amount i.e. Rs 10,000 or more towards the promotion fund (CPF) and paying Rs 100/- as admission fee shall be classified as Golden Club member
Silver Club Member
Persons subscribing 100 shares worth Rs 100/- each, contributing 10% of the share amount i.e. Rs 1000/- towards the promotion fund (CPF) and pay Rs 100/- as admission fee will be termed as Silver club member.
General Member
Persons subscribing minimum 10 shares (as decided by the board) worth Rs 100/- each, contribute 10% of share amount i.e. 100 towards promotion fund (CPF) and pay Rs 100/- as admission fee will be termed as General member