BIHAR STATE CO-OPERATIVE MARKETING UNION LTD. PATNA  
Bihar-Jharkhand    
 
“आओ बिहार “ HAPPY NEW YEAR 2012
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  1. The authorised share capital of the union shall be Rs. 500 (Rs. Five hundred) crores rupees divided into Fifty lacs shares of Rs. 1000/- each. The authorised share capital may at anytime be increased by resolution of the General meeting provided that such resolution being in effect an amendment of Bye-laws shall require registration by the Registrar before put into effect.
  2. Duplicate share certificate shall be issued on payment ofRs. 5 in case the certificate is lost, destroyed and/or worn out.(a) The full value of the share shall be paid up on allotment of shares.
  3. (b) Existing members holding share of Rs. 200/- per share shall be called upon by the Board of Directors to pay the balance amount of Share money. If any member does not like to continue as member on this condition, he is at liberty to resign from membership and his share money will be refunded.(c) It shall be incumbent on the societies falling under category A to subscribe a minimum of five shares and for Societies falling under category 'C' minimum one share. Representatives of Societies which do not subscribe to this minimum number of Shares shall not be eligible for election to the Board of Directors.
  4.  No individual member can hold shares exceeding 1/5th of the total share capital of the Union.
  5. Share certificate bearing a distinctive number shall be issued for every share or shares subscribed. A member may transfer his share after holding it or them for one year to another member with the approval of the Board of Directors. The transfer is not complete untill the transfer has been approved by the Board of Directors and entered in the share Register and such fee as the Board of Directors may prescribe has been paid.
  6. The liability of a member shall be limited to the value of share/ shares held by him.
  7.  No member shall exercise the rights of member unless or until
    he has made such payment to the Union in respect of membership
    as prescribed in para II (b).
  8. No member shall acquire interest in the union unless he avails
    the facilities being provided by the Union and unless it enters
    into business activities being undertaken by the Union.

In the event of ceasation of membership under Byelaws
No.-8 the amount of share money paid up by him shall be
returned to the member concerned within six months from
the date of ceasation of his membership after adjustment
of dues, if any.

In the case of member's death, the question of transfer of
his share or interest in capital of the Union shall be dealt
with
in accordance with the provision of byelaws (6C).

 
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