Special Issues

Part 5

v     Education Funds

(i) General

Under Section 68 of Maharashtra Co-operative Societies Act, 1960 and rule no.53 of Maharashtra Co-operative Societies Rules, 1961, every society is compulsorily required to pay the amount fixed by State government as education fund to State Federal Society i.e. Maharashtra Co-operative Union.

      (ii)  Purpose

      The amount collected is utilized for the following purpose.

(a)    To study the problems of Co-operative Societies

(b)   To research complaints of Co-operative Societies

(c)    To bring about unity among members if they have any difference opinion

(d)   To publish books & articles giving information on the co-operative movement

(e)    To participate in conferences as a representative whenever necessary

(f)     To run training classes relating to the Co-operative movement

(g)    To issue certificates & diplomas after educating people

(iii)  Statutory Liability

As mentioned under Section 68 of Maharashtra Co-operative Act, 1960, every society is compulsory required to pay education fund at such rate as may be prescribed by State Government. The amount shall be paid within three months of the close of the Co-operative year. If the education fund is deliberately not paid by managing committee or concerned members of managing committee of the Society then they are personally liable to pay the amount of education fund to the Federal Society. Such amount will be recovered as arrears of land revenue as mentioned in Section 68(3) of the Act.

(iv)   Payment of Education Fund

Every housing Society is required to pay education fund at following rate.

(a)              For Co-operative Society within the jurisdication of Municipal Corporation, municipality, cantonment board @ Rs. 3/- per member, every year.

(b)              For Co-operative Society within the jurisdication of Grampanchayat  @ Rs.2/- per member, every year.

The above are the minimum rates applicable to housing Societies. If any Society wants to pay more education fund than mentioned above there is no maximum limit prescribed under the Act.

The payment should be made in name of Maharashtra Rajya Shakari Sangh Limited. In Mumbai it is collected by Mumbai Shakari Board Limited Dhanur Bldg. P.M. Road, Mumbai, 400001.