Short Answer

Yes, as per the Gujarat Cooperative Societies Act, 1961 and Rules, 1965, a society is required to maintain a member register and a share ledger.

Detailed Explanation

Section 30 of the Gujarat Cooperative Societies Act, 1961 mandates that every society shall maintain a register of its members, containing details such as the name, address, occupation, and the date on which each person became a member. This register is crucial for maintaining transparency and accountability within the society. In practice, this member register serves as a vital document for verifying membership status, voting rights, and other related matters.

Additionally, Rule 34 of the Gujarat Cooperative Societies Rules, 1965 specifies that every society shall also maintain a share ledger. The share ledger must contain details of each share certificate issued, including the name of the shareholder, the share certificate number, the date of issue, and the number of shares held. The share ledger helps in tracking the ownership of shares within the society and facilitates the transfer of shares among members.

In real-world scenarios, the member register and share ledger play a crucial role during audits, elections, and other decision-making processes within the society. These records help in ensuring that only eligible members participate in the affairs of the society and that share transactions are properly recorded and accounted for.

For example, let's consider a scenario where a society is conducting elections for its managing committee. The member register would be used to verify the eligibility of candidates and voters, while the share ledger would help in determining the voting rights based on the shares held by each member.

Another practical example could be a situation where a member wishes to transfer their shares to another individual. In this case, the share ledger would be updated to reflect the transfer of ownership, ensuring transparency and legal compliance.

Overall, maintaining a member register and a share ledger is not only a legal requirement but also essential for the smooth functioning and governance of cooperative societies.

References

• Gujarat Cooperative Societies Act, 1961: Section 30

• Gujarat Cooperative Societies Rules, 1965: Rule 34