Objects of the Society

The primary objectives of the society are to promote the economic and social interests of its members and especially with the followings;

♦  To provide credit facilities to its members at fair and reasonable rates of interest for provident and productive purposes.

♦  To encourage regular savings amongst members so that each member may cultivate the habit of making saving at least once monthly, with a view to building up funds for their individual future use.

♦  To stock consumer and producer goods for distribution to members and non-members; [with priority to members] at fair and reasonable price.

♦  To operate warehouses and cold room facilities for the storage of these consumer and producer goods  and let out these facilities to interested parties;

♦  To acquire acres of land for sale or Estate development to meet the housing needs of  members or for industrial purposes as a form of investment for the economic benefit of members;

♦  To undertake or invest in Real Estate and housing developments for the acquisition of its members and other interested parties.

♦  To undertake and invest in new ventures beneficial to its members and the societies as approved by the Management Committee. These include projects financing with good feasibility Studies etc.

♦  To undertake service businesses that will cater for the primary needs of members and other patrons, like block making industry, petrol station, warehousing, cottage industry, etc, managed in the overall interest of members and the societies.

♦  To encourage fixed deposits from members out of which a fund may be established for giving short-term loans to members, to acquire stock of shares and other rewarding ventures.

♦  To raise capital through share holdings by members in the society’s to undertake such other activities as are necessary for the attainment of these objects.

♦  To engage in any other economic or social activity as may be approved by the general meeting of members;

♦  To manage financial portfolios carefully by investing in stocks but guided by the decision of members. In this way, the society shall become part owners of in businesses that produce goods and services that members buy;

♦  To seek loans for industrial /housing development from banks, the cooperative circle and other financial institutions;

♦  To secure wholesale mortgage, either for on-lending to members or for housing development and let or sell such dwellings on mortgage basis.

♦  To do anything within the law and enter into any transaction which in the society’s opinion is necessary to ensure the proper performance of its functions or the attainment of the above listed objects.

♦  To take measures that would promote among the members, the spirit of thrift, mutual-help and self-help based on cooperative principles.