Phone :: 044-28419711, 28550559
(the Society deemed to be Registered under Multi-State Cooperative Societies Act, 2002)
1. The Indian Overseas Bank Staff Co-operative Credit Society Ltd, Chennai is a Multi-State Co-operative Society deemed to be registered under the Multi State Co-operative Societies Act 2002.
2. The Society shall have a principal place of business which shall be the registered office of the Society. The Headquarters of the Society shall be at No.763, Anna Salai, Chennai – 600 002. The E-Mail address of the Society shall be iobsociety@gmail.com any change in the address and E-Mail address shall be notified to the Central Registrar within 15 days of its change and also published in local newspaper and shall be made by an amendment of its Byelaws after following the procedures laid down in section 11 of the Multi State Cooperative Societies Act, 2002.
3. The area of operation of the Society shall extend to the whole of India and the Society can open branches anywhere in India when necessary.
4. The Society is body corporate and can sue and to be sued in its name.
1) To borrow funds from members or others to be utilized for loans to members for useful purposes;
2) To act as agent for the joint purchase of the domestic and other requirements of its members;
3) To endeavor to render relief to needy or distressed members or to the members during their sickness accident and death.
4) To promote the economic and social betterment of its members through mutual aid in accordance with the Co-operative Principles.
5) Generally, to encourage Thrift, Self-help and Co-operation among the members.
6) To undertake such other activities conducive to further these objectives.
Any person employed in the Indian Overseas Bank and residing within the area of operations mentioned in byelaw No.1 may become a member and continue as such. When such qualification ceases to exist, the member shall cease to be a member.
No person, who is already a member of another Co-operative Credit Society, whether limited or unlimited except Land Mortgage Bank, shall be admitted as or be a member of this Society.
No application for admission shall be considered by the Board of Directors unless it is accompanied by two agreements in the forms provided for the purpose in appendix to these byelaws one with the Society and the other with the Officer Disbursing the salary of the Applicant, agreeing to the deduction from his salary of the installments of Share Capital, Loans if any, Thrift Deposit and other sums due to the Society. It shall not be open to the applicant after his admission as member, at any time to revoke or modify these agreements or to ask for a suspension of the recoveries, except with the express consent of the Board of Directors.
a) No member who has been resigned from the Society or from any other Society shall be eligible for readmission as member of the Society for a period of one year from the date of resignation.
b) No person shall be eligible for being or continuing as a Member of the Society if,
1) Has not attained the age of 18 years.
2) Has been adjudged by a competent Court to be an insolvent or an un-discharged insolvent.
3) Has been sentenced for any offence, other than that offence of a political character or an offence not involving moral turpitude and dishonesty and a period of 5 years has not elapsed from the date of expiry of the sentence.
4) His business is in conflict or competitive with the business of the Society; or
5) He has failed to the Subscriptions towards the Thrift Deposit and Family Welfare Deposit for a minimum period of three months in two consecutive years.
6) He has not attended three consecutive General Meeting of the Society and such absence has not been condoned by the Members of the General Meeting; or.
7) He has made any default in payment of any amount to be paid to the Society under the Byelaws of the Society.
| PERIOD OF MEMBERSHIP | WITH EFFECT FROM 01-12-2024 |
|---|---|
| 25 – 36 MONTHS | 70000 |
| 37 – 48 MONTHS | 110000 |
| 49 – 60 MONTHS | 140000 |
| 61 – 72 MONTHS | 170000 |
| 73 – 84 MONTHS | 190000 |
| 85 – 96 MONTHS | 230000 |
| 97 – 108 MONTHS | 260000 |
| 109 – 120 MONTHS | 280000 |
| ABOVE 120 MONTHS | 320000 |
Every member of the Society shall be required to pay the Society a Monthly Subscription of Rs.600/-. The amounts standing to the credit of the Subscriber with interest decided by the Board of Directors from time to time shall be paid to him / her on ceasing to be a member.
In case of death of Subscribe his / her nominee or his / her legal heir will be paid a sum decided by the Board of Directors from time to time.
a) Subject to Rule No.5d above a Subscriber shall be entitled for Assistance under the Scheme only after the First Instalment of Rs.600/- is received by the Society.
b) The amount of Assistance as indicated Under Rule No.7c, below shall be inclusive of Subscription received from the subscriber towards the scheme and interest accrued if any there on.
c) Subject to the Rule No.5d and 7b, above in the event of death of subscriber his / her Nominee or Legal Heir shall be eligible for Assistance as below with effect from 01/12/2024.
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