Short Answer

Yes, as per the Gujarat Cooperative Societies Act, 1961, the society is required to maintain a master list of members and shareholding that is open to members.

Detailed Explanation

Section 29 of the Gujarat Cooperative Societies Act, 1961 mandates that every cooperative society shall maintain a register of its members, showing the names, addresses, and occupations of all members, the date on which each person was admitted as a member, and the date on which any person ceased to be a member. This register is to be kept at the registered office of the society and is open to inspection by any member during office hours.

Furthermore, Rule 23 of the Gujarat Cooperative Societies Rules, 1965 specifies that the register of members shall be maintained in Form 'H' as prescribed in the rules. This form includes details such as the name, address, occupation, and shareholding of each member. The society is required to update this register regularly to reflect any changes in membership or shareholding.

In practice, maintaining a master list of members and shareholding ensures transparency within the society and allows members to verify their own details and holdings. This also helps in conducting elections, determining voting rights, and distributing dividends based on shareholding. By keeping this information open to members, it promotes accountability and trust within the cooperative society.

Real-world Scenarios

• Scenario 1: Mr. Patel, a member of a cooperative housing society, wants to verify his shareholding and details in the society's records. He can request to inspect the register of members as per Section 29 of the Act.

• Scenario 2: During the annual general meeting, members can cross-check their details in the master list to ensure accuracy and raise any discrepancies if found.

• Scenario 3: A new member joining the society needs to be added to the master list with their relevant information and shareholding details.

References

• Section 29 of the Gujarat Cooperative Societies Act, 1961: Official PDF

• Rule 23 of the Gujarat Cooperative Societies Rules, 1965: Official PDF