Notification – 2
Notification – 1
Notice for Annual General Meeting (AGM) 2020
Revised Debit Credit Policy
Crescent Cooperative Ltd (CCL) Anantnag J & K Head Office: General Bus Stand, Anantnag Kashmir (www.ccljk.org, Phone: 9469719408) Revised Debit, Credit Policy of CCL (Policy of Borrowing and Lending) (Effective from February 1st 2019) Crescent Cooperative Limited (CCL) Anantnag is an autonomous financial institution. It aims to provide its members a hassle free medium for ‘interest free financial transactions’. To achieve its aims the cooperative has devised its debit credit policy strictly in accordance to ‘Sharia’ rules that provide a guideline for interest free transactions. Following is a broad outline of its Debit Credit Policy A. Policy of Borrowing Funds (Debit Policy): The Cooperative will borrow funds under following four heads. The Cooperative will borrow funds from its members to create a pool of resources/funds called as ‘Credit Capital’ to run its business. This credit capital will be raised by accepting funds from the members (creditors) under two categories: Compulsory credits: Every member will have to pool a compulsory credit as decided by BOD to be retained by the Coop. till the member is willing to continue his/her membership. Investment credits: This type of credit will be accepted by the Coop. from any of its members, who are willing to invest their earnings/surplus in the business of the Cooperative. Such creditors (members) will be partners in the Cooperative business on the principle of profit loss sharing under a time bound frame work. The Cooperative will accept surplus funds from its members under the principle of ‘Wadiah’ with special permission to use them, without any loss incurred on the members. Such funds will have no right in any gains of the Cooperative. To inculcate the habit of thrift and savings the Coop. will accept thrift and saving amounts from its members as simple credit. Such amounts will not be subject to any risk of loss incurred by the Coop. However in case of Coop. gains some voluntary gift returns will be paid to such members. The cooperative will also accept large scale investment loans from members / non-members on mutually agreed upon terms and conditions provided there is not involvement of any interest (Riba) in these transactions. B. The Policy of Lending Funds (Credit Policy): The cooperative will lend its members under following 5 heads: The cooperative will fulfill the credit needs of its members, for acquiring the needed assets, through the interest free practice of ‘Bia Transactions’ viz. ‘Credit Sale’ etc. where in the required assets will be arranged/ purchased by the cooperative as per the demands and requirements of its members and will be then ‘Sold on Credit’ to them under mutually agreed upon sales price and recovery terms and conditions (i.e. EMI etc.) 2. The cooperative will also fulfill the credit needs of its members for acquiring needed assets on the Principle of ‘Ijerah’ i.e. leasing/ purchasing on rental bases. Note:- Craft centers and other business enterprises run by members can also be financed under these schemes of credit sale and Ijerah. 3. The cooperative will also fulfill the ‘genuine credit needs’ of its members (which cannot be covered under ‘credit sale’ or ‘ijerah schemes’) through ‘cash credit scheme’ under pre determined recovery terms conditions and levy some service charge on them for arranging the credit. However the income earned through such service charges will in no way be added to the gains of the creditors but will be strictly spent to meet the official expenses of the cooperative only. 4. The cooperative will also fulfill the credit needs of its members under ‘self employment schemes’ under this scheme the gainful ‘self employment projects’ of it’s members will be financed through the principle of ‘Mazaribat’ i.e. partnership of capital and labour. In this scheme capital needed for the project will be provided by the cooperative while the labour and expertise of the member will be utilized. The profit, loss if any and recovery of credit will be governed by predetermined terms and conditions. 5. The cooperative will also fulfill the credit needs of its members under ‘employment generation/investment projects. Under this scheme the gainful employment generation/ investment projects launched by its members can be financed through principle of ‘Musharikat’ i.e. joint venture projects with pre-determined terms and conditions. In this scheme the capital needed for the project will be shared by all the partners in the venture while the labor/expertise needed will be utilized against any salary or service charges.
(Monthly Update) January 2019
CRESCENT COOPERATIVE LTD(CCL )
H.O :Gen.bus Stand, Near S.K.Tax Solutions, Islamabad, Kashmir.
website : www.ccljk.org Phone :9469719408.
* (A Registered Autonomous Interest Free Financial Institution. )
*
(Monthly update )
January 2019.
*
*1. Payments during the month.*
a) Advances granted :
Rs 52,923.
b) Fluidity Reserves:
Rs 2000.
c) Safekeeping deposits returned:
Rs Nil .
d) Special loans returned :
Rs Nil .
e) Cooperative education expenses :
Rs Nil .
f) Miscellaneous expenses :
Rs 390.
g) Saving deposits returned :
Rs Nil .
i)Investment Deposits returned:
Rs 400,000.
Total payments :
Rs 4,55,313.
*
*2) Receipts during the month.*
a) Cost of forms:
Rs 200.
b) Membership fee :
Rs 400.
c) Profits :
Rs 20,000.
d) Share capital :
Rs 2,000.
e) Credit Capital:
Rs 20,000.
f) Musharika return
Rs 25,000.
g) Murabah returns:
Rs 1,17,023.
h)Muzariba returns:
Rs Nil .
i) Cash credit retu:
Rs 5,000.
j) Safekeeping received :
Rs Nil .
k) Loans:
Rs 40,000.
Total receipts :
Rs 2,29,623.
*
3. Cases financed :
One .
*
4. General membership granted: Four
*
5. Associate membership granted : Nil
*
Notes :
1. The overall financial status of the coop. as on Ending January 2019 is being ascertained and will be shared soon. Inshaallah.
2. For any further details or clarification feel free to contact 9469719408, 9797133710.
Exe officer CCL.
Special Generalbody Meet. ( Held on. 20-01-2019)
CRESCENT COOPERATIVE LTD(CCL )
H.O :Gen.bus Stand, Near S.K.Tax Solutions, Islamabad, Kashmir.
website : www.ccljk.org Phone :9469719408.
* (A Registered Autonomous Interest Free Financial Institution )
*
PRESS RELEASE.
A Special General Body Meeting of the Cooperative was held today (January 20th 2019) at Dawat Restaurant General Bus Stand Anantnag to consider the Amendments in its Articles of Association (AOA) in light of the Amendments made by the Govt. in Self Reliant Cooperatives Act 1999. The required quorum of members to pass the Resolution of amendments attended the said meeting, thereby after proper deliberations on the subject, the resolution of amendments in the AOA was unanimously passed.
It is pertinent to mention here that Crescent Cooperative Ltd (CCL) is an autonomous interest free financial institution registered with the Govt. under Self Reliant Cooperatives Act 1999. The Cooperative is successfully providing interest free financial services to its members since April 2015. Till date it has sponsored 77 Credit policies among its 118 basic members. Any permanent resident of J&K state desirous to avail the services offered by the Cooperative can obtain its membership. Associate membership is also provided to children in order to inculcate the habit of thrifts among them.
About fifty persons attended today’s meeting and took part in the decision making process of the cooperative.
Exe officer CCL.
Modified AOA
In the name of Allah
And Allah Has Permitted ‘Bia’ And Prohibited ‘Riba’. (Al Qur’an)
Crescent Cooperative Ltd (CCL) Anantnag J & K
Regd. Head Office : General Bus Stand. Anantnag Kashmir 192101 (www.ccljk.org , Phone: 9469719408)
Proposed amendments in the AoA.
To be considered for approval in special general body meeting on 20-01-2019.
Amendment in Article 3. Area of operation:
nt Article | osed Article |
rea of operation of the erative will be south Kashmir. | rea of operation of the erative will be state of J&K. |
Amendment in Article 4. Aims and objectives:
Present Article | Proposed Article |
iv. To accept the surplus of the members in the form of deposits etc. | iv. To accept surplus of the members in the form of thrift amounts and credit capital etc. |
Amendment in Article 5. Services:
Present Article | Proposed Article |
i.Accept deposits of different nomenclatures on which profits/ dividends will be paid as decided by BOD from time to time. | i.Accept thrifts and credits of different nomenclatures on which profits/dividends will be paid as decided by BOD from time to time. |
Amendment in Article 6. Membership:
Present Article | Proposed Article |
ii. To encourage the habit of thrift among the children they may be admitted as Associate Members | ii. To encourage the habit of thrift, |
without voting rights and payment to equity capital. | the children/desirous persons may be admitted as Associate Members without voting rights and payment to equity capital. |
Amendment in Article 7. Member’s rights and obligations: A) Rights:
Present Article | Proposed Article |
iv. A member has right to receive dividend on equity/surplus deposits out of profits earned during the period on such rates as are decided by the Board of Directors from time to time. | iv. A member has right to receive dividend on equity/credit capital out of profits earned during the period on such rates as are decided by the Board of Directors from time to time. |
Amendment in Article 8. General Body:
Present Article | Proposed Article |
The supreme authority of the cooperative will be General Body. The number of the members may increase from time to time so it will not be possible to conduct the general Body by inviting all members of the cooperative so a representative general body will be called in which at least 5% of total members will be invited to participate by giving a written published/electronic notice stating time, date and place of meeting along with statement of business to be transacted. For the purpose of selecting 5%members, selection will be on the basis of quantum of equity holding in the cooperative by any individual. The | The supreme authority of the cooperative will be the General Body, comprising of all the members of the cooperative. For effective and in time decision making regarding the smooth functioning of the cooperative, a Representative General Body of the cooperative is created to transact the routine business of the General Body. The said General Body comprises of all core members and all such general members who each would have introduced ten persons to the cooperative for grant of membership. The Representative General Body shall be competent to take all steps that may |
General Body shall be competent to take all steps that may be considered necessary in the interests of the cooperative. The General Body will be held at least once a year to transact the following business: | be considered necessary in the interests of the cooperative. The General Body/ Representative General Body meet will be held at least once a year to transact the following business: |
Present Article | Proposed Article |
Amendment in Article 18. Finance:
Present Article | Proposed Article |
i.The initial authorized capital of the Crescent Cooperative Ltd.(CCL)Anantnag will be Rs. 2,00,000.00 made up of 700 shares. There will be two categories of shares, category A of Rs 500 and Category B of Rs 200 only. vi. a) Deposits will be accepted from associate members in shape of savings, current, fixed deposits.
| i.The authorized capital of the Crescent Cooperative Ltd. (CCL) Anantnag will be Rs. 5,00,000/- made up of 1000 equal shares. The value of each share will be Rs 500. vi. a) Funds in the form of equity capital, deposits and loans will be accepted from members/associate members to run the business of the cooperative.
members/associate members/institutions run and managed by members of the cooperative on the principle of ‘wadiah’ i.e safe keeping.
|
Amendment in Article 19. Arbitral Tribunals:
In case of any dispute relating to the constitution, management or business of cooperative arises among members the dispute shall be referred to Arbitral Tribunal. | In case any dispute relating to the constitution, management or business of the cooperative arises among members the dispute shall be referred to Arbitral Tribunal for settlement. The said Arbitral Tribunal will consist of four members elected by the General Body of the cooperative from among its members or others and headed by the Deputy Registrar Cooperatives District Anantnag. |
TOTAL EIGHT AMENDMENTS
Meeting Notice
In the name of Allah
And Allah Has Permitted ‘Bia’ And Prohibited ‘Riba’. (Al Qur’an)
Crescent Cooperative Ltd (CCL) Anantnag J & K
Head Office : General Bus Stand. Anantnag Kashmir 192101
(www.ccljk.org, Phone: 9469719408)
Notice for Special General Meeting
As per the instructions issued by the Registrar Co-operative Societies J&K Vide Circular No. RCC/SS/Amendment-01/4973-50 dated 03-01-2019, the Self Relient Co-operatives have been directed to make necessary amendments in the Articles of Association of their respective Co-operatives in light of the Governer Act No. LII of 2018. Dated 16-12-2018. (The J&K Self Relient Co-operative (amendment) Act 2018).
As such in exercise of the powers conferred under section 29 (2) of J&K SRC Act of 1999, it is hereby notified for the information of all the concerned that a special meeting of the General body of the Co-operative is being convened on 20th of January (Sunday) 2019 at 1:45pm sharp to consider and pass the resolution regarding the amendments in the AoA of the Co-operative as required under the different sections of the said Governor Act and others as needed by the Co-operative for its smooth functioning and ease of doing business. Further any other related issue raised by the members (if permitted) can also be discussed in the meeting.
Keeping in view the importance of the meeting, all worthy members of the Co-operative are humbly requested to make sure their presence in the meeting and take part in the decision making process. The copy of proposed amendments will be made available to the members (for their prior appraisal) in due course of time.
The venue of the meeting is: Dawat Restaurant, K.P Road Opp. General Bus Stand Ang.
Dated: 10 /01/2019 Chairman CCL
For and on behalf of BOD CCL
Copy to:
Dy. R. C. Anantnag for favour of information.
A. R. C. Achabal for favour of information.
Shariq Hussain and Associates (C. A.) for information
All basic members for compliance.
Office file.
Notification (Dated: 30-12-2018)
CRESCENT COOPERATIVE LTD(CCL )
H.O :Gen.bus Stand, Near S.K.Tax Solutions, Islamabad, Kashmir.
website : www.ccljk.org Phone :9469719408.
* (A Registered Autonomous Interest Free Financial Institution )
*
Notification
(Dated: 30-12-2018)
In light of the Governor Act No LII of 2018 dated: 16-12-2018 i. e. J&K Self Reliant Cooperative (Ammendment )Act,2018 and the decisions taken there of by the BOD of the Cooperative , it is hereby notified for the information of all the concerned that the services offered by this cooperative regarding accepting deposits of different nomenclatures are hereby stopped forthwith, till further regulations in this regard.
Exe. Officer CCL