2. 1) Registers to be verified
a) Property & Investment Register
i) Situation
ii) Date of acquisition
iii) Cost price and present market price. If the difference
between two is significant note should be given
regarding present market value
iv) Depreciation
v) Face value
vi) Interest due dates, interest realised
vii) Sales, purchases, profit or loss on sale
b) Fixed Deposits Register
i) Date of acceptance
ii) Date of maturity
iii) Interest due date
iv) Repayment
c) Surety Register
i) Loans are given against the personal security of the
debtor, in addition to a surety or guarantee given by two
members.
d) Register of recovery of loan from salaries & directly by
receipts from members.
e) Loan disbursement register
f) Members register and their pass books
i) Loan given and its repayment
ii) Confirmation of loan balances in person
2) Share holding
a) A member other than registered societies can hold least of
the two:-
i) 20% of total number of shares;
ii) Shares of value of Rs. 1000
3) Loan
a) Loan can be given only to members
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3. b) Loan can be given to another registered society by passing
special resolution
4) Investment of Funds
a) Investment can be in one or more of following
i) In the Central or State Co-operative bank
ii) In the shares, securities, bonds or debentures of any
other society with limited liability
iii) In co-operative banks as approved by the registrar
5) Appropriation of profits
a) At least 25% of the profits should be transferred to reserve
funds, before distribution of dividends or bonus to
members
b) Registrar can reduce transfer not below 10%
6) Contribution to charitable purpose
a) With the sanction of the registrar, an amount not
exceeding 10% of net profits remaining after compulsory
transfer to reserve fund
7) Overdue debts
a) It has to be classified as overdue from six months to five
years and more than five years.
b) Analysis of overdue debts from the point of view of
recovery and classify as good or bad
c) Analyse provision for doubtful debts
d) Compare the percentage of overdue debts to the working
capital and loans advanced with that of last years and see
the trend
8) Overdue interest
a) An overdue interest reserve is created and credit of
overdue Interest credited to interest account is reduced.
b) It is excluded while calculating profit
9)
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