Membership and share terms
Becoming a member, holding shares, dividend, and leaving the Society.
Version 1, in force from 3 November 2026.
This wording is awaiting the Society’s legal review and may change. Any change is published here as a new version, and the interest rate agreed on a term deposit never changes for its term.
Membership
- Membership is open to persons who meet the conditions in the bye-laws, on payment of the admission fee and the share capital the bye-laws require.
- A member has the rights and duties the Act and the bye-laws give, including attending and voting at general meetings as they provide.
Shares
- Shares are allotted at their face value once the branch approves the allotment. The Society issues a share certificate for each approved allotment.
- No member may hold more shares than the bye-laws allow.
- Shares cannot be transferred except as the bye-laws provide.
Dividend
Dividend is paid on shares only as declared by the general meeting out of the Society's profits, at a rate within the limits the law sets, and is credited as the declaration says.
Leaving the Society
- A member may surrender shares and resign as the bye-laws provide. The share amount is refunded after any amount the member owes the Society is recovered.
- The Society has a first charge on a member's shares and dividend for any amount the member owes it.
The Society and these terms
Yashodhan Co-operative Credit Society Limited (the Society) is registered under the Maharashtra Co-operative Societies Act, 1960. These terms sit alongside that Act, the rules made under it and the Society's bye-laws; where they differ, the Act, the rules and the bye-laws prevail. The Society may change these terms; a change is published here as a new version and applies from the date shown, except that the interest rate agreed on a term deposit does not change for its term.
Your details
- Keep your address, mobile number, email address and nominee up to date with your branch.
- The Society relies on the KYC documents you give it, and may ask for them again as the law requires.
- The Society sends alerts, receipts and statements to the mobile number and email address it holds for you. Tell your branch within 30 days if an entry looks wrong.
Disputes
Disputes are settled as the Maharashtra Co-operative Societies Act, 1960 provides. Courts at the place of the Society's registered office have jurisdiction.