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In order
to provide financial
assistance to the
Co-operative Societies other
than Federal Co-operative
Societies under section 55
of the Sikkim Co-operative
societies Act, 1978, the
State Government hereby lays
down the following norms,
namely: - |
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1. The
Co-operative Society shall
furnish its audited balance
sheet of the proceeding
co-operative year
2. The Co-operative Society
shall obtain\ the
recommendations of the
Circle Co-operative
Inspector and District or
Divisional Office of
Registrar of Co-operative
Societies.
3. The rates of subsidy for
each category of the
co-operative society shall
be as indicated in the
schedule. The above rates of
subsidy shall be revised by
the Government from time to
time.
For each type of subsidy,
the following conditions
shall be fulfilled : -
(1) Managerial Subsidy.
(a) The office bearer of the
Co-operative Society shall
have the following minimum
qualifications: -
(i) Secretary/Manager -
Class X passed and
(ii) Salesman - Class VIII
passed and above
(b) The office bearer should
be a local domicile of
Sikkim,
(c) Minimum 20, members
should be enrolled every
year.
(d) Society should have
increased its turnover by at
least 10 % over last year.
(e) In case of Multipurpose
Co-operative, in addition to
above (a) to (d), it should
have achieved at least, 30 %
loan recovery, 10 %
marketing of agricultural
produces and 10 % fertilizer
distribution
(2) Rental Subsidy
(a) The C0-operative Society
should not have its own
building
(b) The Co-operative Society
should furnish details
indicating name of the house
owner, date of occupation,
house rent approved be the
Committee and total space
occupied.
(3) Interest Subsidy
(a) The Co-operative Society
should have availed loan
from financial institutions
for taking agricultural and
animal husbandry, marketing
and other allied activities
(b) The Co-operative Society
shall furnish a certificate
issued by the auditor
indicating total interest
paid by the Society in the
last three years
(c) No subsidy will be
released on consumption loan
transactions.
4) Working Capital
The Co-operative Society
should submit its audited
financial statements
indicating paid up share
capital, borrowings from
financial institutions,
assets and liabilities,
reserves and profit/loss
accounts of the proceeding
year and business
development plans with
target of the current year.
5) Pre-operative
Expenses.
(a) The Subsidy for
pre-operative expenses shall
be given to meet up
establishment costs like
furniture/fixture and
equipments, weights and
measures, signboards and
printing of books of
accounts and cash memos.
(b) It is a time grant and
given only to the newly
registered Societies,
(c) The above financial
assistance to the
Co-operative Societies shall
be subject to availability
of fund. |
