Notice of Special General Body Meeting

Notice is hereby given that the Special General Body Meeting of the Madgaon School Complex Co-operative Credit Society Ltd. will be held on Wednesday, 23rd February 2022, at 3:00 p.m at Mezzanine mini hall of Madgaon School Complex Co-operative Credit Society Ltd. 1st Floor, Osia Complex, SGPDA Grounds, Margao, Goa to consider the following business. All members are requested to attend the meeting in person (limited to first 30 members) or can attend via Google meet.

AGENDA

  1. To Approve proposed amendment to Bye-laws No. 32
  2. To Approve proposed amendment to Bye-laws No. 68(1)
  3. To Approve proposed amendment to Bye-laws No. 34
  4. To discuss about enhancement of sitting allowances of Board of Directors.

By order of the Board of Directors

             Sd/-

Mr Sandeep Mohan Redkar
Secretary
Margao –Goa
Date: 15/02/2022

NOTE:

  1. In case there is no Quorum till 3.00 p.m. the meeting will stand adjourned and the meeting will be conducted at 3.30 p.m. on the same day and the same place, to transact the business on the Agenda and resolutions taken at the meeting will be final.
  2. If any suggestions are to be made or question to be asked or any clarification is required, the same should be sent in writing to the society’s office at Margao, by post or in person or by email, so as to reach Three (03) days before the meeting date.
  3. The proposed amendment as per agenda No. 1, 2 & 3 are available in the society’s office and copy of the same can be collected in person or can be read on Society’s website www.madgaonschoolcomplex.com.
  4. For Google meet link whatsapp No. 9403965626 from 2.30 pm to 3.30 pm on 23rd February 2022.

1)    To increase authorised share capital to 5 Crores.

Bye- Laws Clause NoExisting Bye-LawAmendment proposed to Bye-LawReason for Ammendment
32The Authorised Share  capital of the society shall be of Rs.3,00,00,000/- divided into 3,00,000 shares. Share of Rs.100 each. The limit may be raised with specific permissions of registering Authority.The Authorised Share  capital of the society shall be of Rs.5,00,00,000/- divided into 5,00,000 shares. Share of Rs.100 each. The limit may be raised with specific permissions of registering Authority.Share capital of the society will cross Rs.3,00,00,000 and to meet the growing demand of the society.

2)    To increase the loan limit to 15 lakhs.

Bye-Laws Clause NoExisting Bye-LawAmendment proposed to Bye-LawReason for Ammendment
68 (1)Long Term Loan (L.T. Loan)Long Term Loan may be granted to any eligible member 20 times to his gross salary or Rs.10,00,000/-  ( Rupees Ten Lakhs Only) whichever is less by the Board of DirectorsLong Term Loan (L.T. Loan)Long Term Loan may be granted to any eligible member 20 times to his gross salary or Rs.15,00,000/-          ( Rupees Fifteen Lakhs Only) whichever is less by the Board of DirectorsRequest from the members due to the rise in salaries. (VIIth  Pay Commission )

3)    To increase the limit of holding of shares.

Bye-Laws Clause NoExisting Bye-LawAmendment proposed to Bye-LawReason for Ammendment
34Limit of holding of sharesA member is at liberty to apply for purchase of more shares at any time, provided that no member shall hold more than 1/10 of the total paid up share capital of the society or the maximum to Rs.25,000/- ( Rupees Twenty Five Thousand Only) OR the limit prescribed/notified by the Registrar from time to time.Limit of holding of sharesA member is at liberty to apply for purchase of more shares at any time, provided that no member shall hold more than 1/10 of the total paid up share capital of the society or the maximum to Rs.75,000/- ( Rupees Seventy Five Thousand Only) OR the limit prescribed/notified by the Registrar from time to time.Due to increase in loan limit.