CHAPTER-2

PROFILE OF THE SOCIETY

Kottarakkara Taluk Housing Co-operative Society, 21 of 1969 is a cooperative
society Registered under this Act. The name of this society is Kottarakkara
Taluk Housing Co-operative Society Cliptham No.Q451 Kottarakkara - Kollam
District

ORGANISATIONAL PROFILE
Kottarakara housing co-operative society LTD No.Q451
Name & Address : Kottarakara Taluk Housing Co-operative Society
Ltd Q451,Kottarakkara p.o., Kollam Dist
Kerala pin-691 506

Date of Registration : 09-4-1973

Date of functioning : 07-7-1973
Head office : Kottarakara
Branches : Chadayamangalam
Class : C
Area of operation : Kottarakara Taluk
Liability : Limited
Number of members : 8466
Number of Board of
Directors : 11
Total Loan : 11, 50, 55,389
Total Deposit : 16, 0537498
Total working Capital: 16, 93, 39,129
BRIEF HISTORY OF KOTTARAKKARA TALUK CO-
OPERATIVE HOUSING SOCIETY Ltd Q451
Kottarakkara Taluk Housing Co-operative Society, Registered under KCS Act
No. 21 of 1969 on April 9th 1973. Society started functioning on 07-7-1973.
Now the society has passed through more than 50 years of its services. The
society is functioning under the administrative control of the co-operative
department.
Society introduced many schematic programs for the upliftment of its members
and customers and take care of fulfil these needs and requirements. Society
provides facilities like loans,deposits,chitty etc.
At present there are eight employees working in the society. Also there are 11
Board members.

Area of Operation
Entire Kottarakkara taluk
Objectives of the Society
 Acquiring land for the members of the Society to put up houses. Make
the lands so acquired fit for construction. Prepare the layout and fix the
price of the plots and give them to the members subject to the
conditions decided by the Society.
 Constructing buildings for the accommodation of members or providing
financial assistance for building constructions.
 Provide financial assistance for renovating the houses of the Society
members or for enlarging the existing imaginations.
 Earn the necessary capital for the operation of the Society.

 Provide and contribute to public facilities like road ,parks,

Playgrounds etc for the comfort of the member
 Buy and sell building materials in bulk for building houses for the
members of the society.
 Provide technical advices to the members to build low-cost houses.
 As a part of expanding the activities of the society to other areas,
conduct cooperative justice medical stores, x-ray lab units and
paramedical institutes. Market Coirfed products and Spices Board
products on commission basis.
Liability of members:
The liability of the members for the debts of the group shall be
limited to the value of the shares taken by them.

Authorized Share capital

100000 A class shares of rs.500 each and 40000 class B shares of Rs.50 each
and the maximum receivable from the Hon’ble Government of Kerala is 2000
class A shares of Rs.500 each which will be Rs.530 Lakhs.

Those who are interested in receiving financial assistance society, eligible

relatives of the members who have to be party to the mortgages to be paid, or to
join any investment schemes of the group can be enrolled as B class member.
The number of shares at the rate of 25 Rs and entry fee of Rs.1 should be
collected from each member who is added as B class. B class members are only
entitled to participating mortgages, join as a guarantor for the purpose of
insurance and join various investments projects of the groups they don’t have
the right to contest in the election of the governing body of the society or vote in
GB meetings.

Membership
Anyone who is above 18 yrs of age of sound mind, who lives within
the society boundary, on behalf of himself, his wife, mother, or minor children,
who is homeless and who needs to renovate or enlarge the house without a
house, can become a member of the society.

A member shall be a member of the society from the date of acceptance of A

class member ship.

Application for membership and allotment of shares

The application for membership and allotment of shares must be submitted

to the secretary in the form approved by the society. The governing committee
must take a decision on the application within one month of receiving the
application for membership. But if the applications are rejected, the applicant
must be informed in writing within 15 days with the reason. If there is objection
to this decision of the committee, the person can appeal to the registrar or the
officer authorised by the registrar, the decision of the register or the concerned
officer will be final. Each member should hold at least one share but not more
than Rs.65000/-per members.
A certificate or certificates showing the value of the share or shares signed by
the secretary the president and a committee member shall be issued to each
members .In case the share certificate is lost, a fee of Rs.1 will be charged for
issuing a second one.
Each member shall not be permitted to withdraw any share or shares held by
him, but the committee shall be empowered to permit any member to withdraw
his share subject to the following conditions.
If he has fully discharged his obligations in the society.

Funds

The capital required for the functioning of the Society can be raised in the
following ways.

 Shares
 Loans and grants from the govt
 Loans and grants from Kerala State Co operative Housing Federation.
 Loans from other aided institution recognised by the Registrar of
Co-operatives and Kerala State Co operative Housing Federation.

Maximum Borrowing Amount

The aggregate amount which the group may borrow from members or others
by way of investment or otherwise shall not exceed 50 times of its developed
share capital and reserves.
Investments

Investments can be classified into 3 types

1) Fixed deposit:

Fixed deposit is the deposit of a fixed amount for a fixed period of time. In
fixed deposit no amount less than 100 Rs or for a period of less than 30 days is
accepted.

The rate of interest on Fixed deposits is fixed by the govt or Registrar of co-
operative societies from time to time. Interest on fixed deposits is to be paid
only as agreed at the time of deposit.

2) Savings Deposit:

Savings deposit is the investment of money as savings. This investments starts

with a minimum deposit of Rs.500.It can also be received from members. From
such investments, it can also be diverted to the loan account as per the
instructions of the investor, withdrawn using the drawal slip issued by the group
and converted into fixed investment. Interest on such investment may be
allowed as may be declared by the Registrar of Co-operative Societies from
time to time.

3) Recurring Deposit:

This deposit is made monthly in the amount of Rs10 or its multiples and
matures in 60 months. Both members and non-members can join this
investment. Irrespective of the date of first joining of this deposit, the
subsequent monthly deposit amount shall be paid to the group on or before the
5th day of the respective English month. Interest at the rate of 12% will be
charged on the defaulted deposit and the outstanding instalments. The deposit
amount shall not be returned within the deposit period under any
circumstances .The amount paid will be returned with 8% interest on maturity.
The necessary sub-conditions for this investment scheme shall be passed by the
Group Committee and approved by the Joint Registrar.

Loans

A Loan is a sum of money that are owed from the society by one or more
members .Major types of loans are Housing Loan, Gold Loan ,Deposit Loan.

1. Housing Loan: A housing loan is a secured loan that is obtained to

purchase a property by offering it as collateral. It is also used for
renovating the houses of society members or for enlarging the existing
houses. The repayment period of the loan is subject to a maximum of 15
years and maximum loan amount provided by the society is up to
15lakhs.
2. Gold loan: Gold is a secured loan. The society keeps the gold and gives
the amount based on its valuation. A gold is generally is a short to
medium term loan. The interest rate is 10%. The maximum loan amount
is up to 5 lakhs. The interest rate is comparatively low. The gold is
covered under insurance.
3. Deposit loan: These types of loans are availed against their deposits,
mainly FD loans and RD loans. The interest rate of these types of loans is
2% greater than of FD.

CHITTY

A chitty is both a savings and credit product. It bear a pre-determined value and
is of fixed duration. Each scheme admits a specific number of members whose
monthly contributions adds up to the total value of the chit fund at the end of the
term.

Chitty Schemes provided by Kottarakkara Primary Housing Society

 Instalment No of members& Total Amount
Months
25000 40 1000000
10000 100 1000000
12500 40 500000
8000 25 200000
5000 20 100000
4000 25 100000

Services Offered

 RTGS-Online Banking Services

 E-Pass Book
 SMS Banking facilities

Administration

The administration of the society shall be vested in a nine member

administrative committee subject to the decisions taken by the General Meeting
time to time.

Governing body

There will be 11 members in the Board of Directors. Out of the 11 positions to

be elected to the Board of Directors, one positions is reserved the SC/ST
representative, three positions for the women representative and one position for
the representative of the members with investment above 10000 Rs .The deposit
should not be withdrawn or taken as collateral or incur other liabilities.

The committee shall meet once a month or as and when required to conduct the
affairs of the group. The quorum of the Governing Body shall be four. The
notice of the Governing Body meetings shall be sent to the members by the
secretary at least 3 days prior to the date of the meeting. All matter before the
Governing Body shall be decided by a majority vote of the members present. In
the event of a president or someone else presiding may cast a casting vote.
When a matter relating to any member of the committee is discussed personally,
the said member should not be present at the time when that matter is being
discussed. In urgent cases where there is not enough time to convene a
committee meeting and in such manner as the committee may decide on the
occasion, the secretary shall have the authority to circulate and receive the
proposal of the committee members. The decision thus taken shall be submitted
to the next committee meeting and approved .If there is a difference of opinion
on any issue while circulating in this way, they said decision will not be
effective even if there is a majority. If a member of the committee is absent
from 4 consecutive committee meetings, his membership of the committee shall
be automatically forfeited, but the committee shall have the power to re-appoint
him for reasons to be ascertained and recorded by the committee.

Subject to the decisions taken by the committee from time to time the various
office-bearers of the society shall have the following powers.

BOARD MEMBERS

1. Adv.V.P. Prasanth (President)

2. V.S.Somarajan (Director)
3. Nasrudheen.M (Director)
4. Ravinadhan pillai.M (Director)
5. Vishwanadhan pillai.M (Director)
6. Manmadhan Nair .A (Director)
7. K.C .Narayanan (Director)
8. Beena Rekthanan (Director)
9. Vanitha.B (Director)
10.Pushpa Kumari.B (Director)
 11.Manikandan Pillai(Director)

President: Exercise oversight control. The powers of the president include

presiding over the board meetings and general meetings, verifying the agenda
and certifying the attendance in the absence of the president and the powers of
the president have been delegated in writing to the vice president, the vice
president shall have the power to exercise on the powers of the president. The
society president honanrium may be awarded subject to the circulars and budget
issued by the registrar from time to time.

Secretary: The secretary shall be responsible for the executive management of

the Association subject to the control of the president...All bonds and
documents executed in the name of the Association shall be in the name of the
secretary. The secretary will be responsible for presenting and conducting the
case on the behalf of the group. All receipts payable to the group shall be signed
by the secretary unless any other employee has been authorised by the
Governing Body .The daily schedule of the group should be properly written
and signed by the secretary daily. It is the responsibility of the secretary to
manage the subordinate staff and keep the accounts and other valuable
documents in an orderly manner.

General Meeting: sovereignty over the affairs of the society shall be vested in
the General Meeting of the society members. A general meeting shall be held
once a year for the Management of the affairs of the association. The general
meeting shall carry out the following matters. The General meeting shall not
interfere in the exercise of the powers delegated to the governing body as per
the terms.

 Elect and remove committee members

 Approve the annual report of the group to be sent to the registrar and
funding bodies.
 Consider Registrar Annual Audit Certificate.
 Amend existing terms or create new ones.
 Dismiss members
 Consider complaints brought on behalf of any member of the Committee.
 Approve figures and statements submitted by the Government or Housing
federation
 Pass the annual budget of the society.
 Formulate action programs for the respective year
 Making Profit Sharing.

ORGANISATIONAL STRUCTURE
Board of Directors

President

Secretary

Senior Clerk

Junior Clerk

Attender Grade II

Part Time Sweeper

Books maintained by the society
 Cash Book
 Day Book
 General ledger
 Coin bar Register
 Cash in Transit Register
 SB ledger
 FD Register and certificate
 FD loans Register
 Loan issue Register
 Bills collection Register
 Minutes Book
 Receipt book
 Attendance Register
 House fed Register
 GDCS Register(chitty ledger)
 Chitty Minutes
 ARC Register
 Stock Register
 Risk fund Register
 Liability Register
 Membership Register( maintained for A&B class members)
 Impression Register
 Dispatch Register
 Collection Agent Attendance Register
 Cheque Issue Register
 Acquaintance Register
 Execution Petition Register