1.Voluntary and Open Membership
Cooperatives are voluntary organizations, open to all persons able to use their services and willing to accept the responsibilities of membership, without gender, social, racial, political or religious discrimination.
2. Democratic Member Control
Cooperatives are democratic organizations controlled by their members, who actively participate in setting their policies and making decisions. Men and women serving as elected representatives are accountable to the membership. In primary cooperatives members have equal voting rights (one member, one vote) and co-operatives at other levels are also organized in a democratic manner.
3. Member Economic Participation
Members contribute equitably to, and democratically control, the capital of their cooperative. At least part of that capital is usually the common property of the cooperative. Members usually receive limited compensation, if any, on capital subscribed as a condition of membership. Members allocate surpluses for any or all of the following purposes: developing their cooperative, possibly by setting up reserves, part of which at least would be indivisible; benefiting members in proportion to their transactions with the cooperative; and supporting other activities approved by the membership.
4. Autonomy and Independence
Cooperatives are autonomous, self-help organizations controlled by their members. If they enter into agreements with other organizations, including governments, or raise capital from external sources, they do so on terms that ensure democratic control by their members and maintain their cooperative autonomy.
5. Education, Training and Information
Co-operatives provide education and training for their members, elected representatives, managers, and employees so they can contribute effectively to the development of their co-operatives. They inform the general public – particularly young people and opinion leaders – about the nature and benefits of co-operation.
6. Cooperation among Co-operatives
Cooperatives serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional and international structures.
7. Concern for Community
Cooperatives work for the sustainable development of their communities through policies approved by their members.
- Every member must hold 500 shares of Rs. 10/- each
- Membership will be closed after retirement/transfer /death of member or he/she can close voluntarily.
- In case of death of member the share capital amount will be transferred to his/her nominee. The transfer is not complete until the name of the transferee has been duly entered in the KYC of the Society.
- Dividend is paid by society to its members based on their share capital.
WHO CAN BE A MEMBER OF THE SOCIETY?
Any employee may be admitted as a member if he/she is on the regular rolls of BHEL HPEP and PE&SD
HOW ONE CAN JOIN THE SOCIETY AS A MEMBER?
The application for membership of the society shall be submitted by the applicant at Society office along with latest pay slip and KYC form, and should pay Rs.6100/- towards the following:
500 shares of Rs.10/- each
Entrance Fee RS.100/-
Thrift Rs. 1000/-
HOW DOES OUR MEMBERSHIP WORK?
- Every member of the society shall have voting right to select managing committee for the prescribed period.
- A Member can avail loans at affordable interest rates, Subject to availability of funds.
- A Member can grow his/her money by investing in various deposit schemes with high ROI.
- A Member can educate himself with the help of Member Education center at the society office.
- A Member can attend various awareness programs conducted by the society from time to time.
- A Member can avail value added services provided by society