Get a detailed understanding of India's society numbers, benefits, and requirements for obtaining it. Learn about the importance of maintaining records and compliance.
Society number refers to the unique identification number assigned to a registered society in India. A society is a non-profit organization formed for the betterment of its members, and the number serves as proof of its registration and existence. A co-operative society is an autonomous organization formed by individuals who come together to meet their common economic, social, and cultural needs and aspirations.
In this article, we will discuss the concept of society number, its importance, and the process of obtaining it in India.
Overview of Society Number in India
A society is a voluntary association of individuals who come together to achieve common goals. In India, a society can be registered under the Societies Registration Act, 1860. The act provides a legal framework for the registration and functioning of societies. Once a society is registered, it is assigned a unique number. This number serves as an official recognition of society and its existence.
In India, the Registrar of Co-operative Societies is responsible for registering co-operative societies and issuing numbers. The society number serves as a legal identity for the co-operative society and is used for all official purposes, such as filing taxes, applying for loans, etc.
Importance of Society Number in India
1. Legal Recognition
The number serves as proof of legal recognition of the society. It establishes the society as a separate legal entity and gives it the power to own property, enter into contracts, and sue or be sued in its name.
2. Eligibility for Grants
Many government and non-government organizations offer grants to registered societies for various purposes such as education, health, and social welfare. The society number is an essential requirement for availing of these grants.
3. Easy Identification
The society registration number helps in easy identification of the society. It is a unique identifier that distinguishes society from others and makes it easier for government agencies and other organizations to locate and communicate with society.
4. Maintaining Records
The number helps in maintaining accurate records of society. It makes it easier to keep track of society’s financial transactions, members, and activities.
Benefits of a Registered Society
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Legal Status
A registered society has a legal status, can enter into contracts, and own property in its name. This helps in conducting business activities and executing projects efficiently.
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Access to Funds
Registered societies are eligible for grants and loans from government and non-government organizations, which can help expand their activities and improve their members’ welfare.
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Member Protection
The Societies Registration Act, 1860 protects the members of a registered society. The act outlines the rights and obligations of the members and the society, which helps resolve disputes and maintain transparency in the society’s functioning.
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Tax Benefits
Registered societies are eligible for tax exemptions and concessions, which can help in reducing the financial burden on the society and its members.
Maintaining Records of a Registered Society
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Financial Records
The society should maintain accurate financial records, including details of income and expenses, which are essential for auditing and tax purposes.
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Membership Records
The society should maintain accurate records of its members, including their names, addresses, and contributions.
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Minutes of Meetings
Society should maintain minutes of its meetings, including the decisions and actions to be taken. This helps keep track of society’s activities’ progress and ensures accountability.
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Annual Reports
The society should prepare and submit annual reports to the Registrar of Societies, which provide an overview of the society’s activities and financial status.
Ensuring Compliance with the Societies Registration Act, 1860
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Objectives
The society should ensure that its activities are aligned with the objectives outlined in the memorandum of association and the Societies Registration Act, 1860.
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Rules and Regulations
The society should abide by the rules and regulations outlined in the memorandum of association and the Societies Registration Act, 1860. This helps maintain transparency and fairness in the functioning of society.
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Meetings and Elections
The society should hold regular meetings and elections, as outlined in the memorandum of association and the Societies Registration Act, 1860. This helps to ensure the participation of the members in the decision-making process and maintains the democratic nature of the society.
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Record Keeping
The society should maintain accurate and updated records of its activities and financial transactions, as outlined in the memorandum of association and the Societies Registration Act 1860. This helps in ensuring compliance with the laws and regulations and maintaining transparency.
Process of Obtaining Society Number in India
The process of obtaining a number involves the following steps:
Step 1: Forming a Society
The first step in registering a society is to form a society by bringing together individuals with common goals and objectives. The society should have a minimum of seven members.
Step 2: Preparing the Memorandum of Association
The next step is to prepare the memorandum of association, which outlines the society’s objectives, rules, and regulations. All the members of society should sign it.
Step 3: Filing the Application
The memorandum of association and the application for registration should be filed with the Registrar of Societies in the state where the society is located.
Step 4: Approval of the Registrar
The Registrar of Societies will review the application and the memorandum of association and may ask for additional information or clarification. Upon approval, the Registrar will issue a registration certificate, and the society will be assigned a unique number.
Step 5: Payment of Fees
The process of obtaining a society number also involves payment of fees, which may vary from state to state.
Conclusion
A society number is a unique identifier assigned to a registered society in India. It serves as a proof of legal recognition, eligibility for grants, and easy identification of the society. The process of obtaining a society number involves forming a society, preparing the memorandum of association, filing the application, obtaining approval from the registrar of societies, and paying the fees.
It is an important aspect of running a society and should be properly maintained. The society should also ensure that all its activities comply with the rules and regulations outlined in the memorandum of association and the Societies Registration Act, 1860.
Vakilsearch can provide comprehensive support throughout the society number registration process, ensuring compliance with legal and regulatory requirements.
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