1. Whether this society is a Government Body?
This Society is registered under the Co-operative Societies Act 1912 and now Governed under the Tamil Nadu Co-operative Societies Act 1983 and Rules 1988 and functioning under Administrative Control of the Housing and Urban Development Department, Government of Tamil Nadu.

2. What is the role of the Government with these societies ?
The Government Administers these societies under the control Registrar of Co-operative Societies, Housing Department in accordance with the Provisions under Tamil Nadu Co-operative Societies Act 1983 and Rules 1988 through its Regional Deputy Registrar (Housing).

3. How to avail the services rendered by the society ?
You can just walk in to the society to avail the services by becoming a member.

4.What is the procedure to become member of the society ?.
You have to collects Form No-16 to become ‘A’ Class member of the society and requisite membership forms for becoming associate member which are available with the society for different services rendered by the society.

5. Who is ‘A’ Class Member ?
A-Class Member of the society will have voting power as well as entitled to contest for the elections to the Board of Directors of the society. Further ‘A’ class member alone can participate in the proceedings of General Body Meeting.

6. Who is an Associate Member and what is his role in the society?
Persons interested in the property to be mortgaged to the society will be admitted as Associate Members who will be co-applicant to the loan. They can also avail the services like availing Jewel Loan / Fixed Deposit / buying plots.

7. What is the value of per share and entrance fees?.
The Value per share is Rs.100 and Entrance fees is Rs.5/- and associate member admission fee is Rs.5/-

8. Who are the Management of the Society?
The Management shall vest with president and 10 Board of Directors elected by the members of the society.

9. Who could become Board of Director in the society?
Only ‘A’ Class members of the society could become a Director to be elected by other ‘A’ Class members in the election process.

10. Who will participate in the proceedings of the General Body Meeting of the society?
All ‘A’ Class Members shall participate in the proceedings of the General Body Meeting.

11. Whether the Elected Board of Directors are paid any remuneration?
No, Board of Directors work honorary.

12. Does this society comes under the purview of RTI?

13. Who is the Public Information Officer /Assistant PRO?
Mr.R.Jayakumar, Manager / is P.I.O Mr.R.Govardanan,Manager /is APRO

14. Whether Deposits can be made with the Society ?
Yes, This society is permitted to raise funds through Deposits by provision in its bylaws.

15. Whether the deposits made with the society and the interest earned on such deposit enjoys any tax concessions ?
Co-operative Society members are exempted from the deduction TDS for the deposits made by them with the society as per sec.194A (3) I.T.Act.

16. Is there any limit to make deposits?
No. There is no limits to invest in deposits by submitting deposit application form.

17. What is the procedure to make deposits?
Deposits can be made in cash or by cheque.

18. How the interest payable on deposits are worked ?
Simple Interest i.e F.D amount x Rate of interest 12x 100

19. Whether the deposits made by the members of the society are safe and secured ?
Yes the Deposits made by the members are safe since the society is lending only secured loans.

20. What is the procedure to renew deposit?
Renewal application along with duly discharged F.D.R to be submitted for renewal.

21. Whether interest is allowed on deposits when the same is not renewed on due date?
Only on further renewal of deposit the interest will be allowed from date of maturity.

22. Whether a deposit made here can be foreclosed if permissible what will be the penalty ?
Yes the deposit can be foreclosed and on fore closure interest will be allowed at such rates on such deposit for such admissible rate for the period held minus one percent.

23. Can a depositor avail loan on deposits and what will be the rate of interest?
Yes, 85% of the amount –invested can be availed as loan and interest rate will be charges @ Deposit Interest rate plus 2% .

24. What loans can be availed from the Society ?
One can avail Jewel Loan / House Mortgage Loan / Fixed Deposit Loan from the society.

25. Please Explain Loan Interest calculation method ?
Diminishing Balance method or monthly rest. i.e Interest = Outstanding loan amount x rate of interest / 12 x 100.

26. How the EMI for loan is fixed ?
EMI is calculated for the amount lent @ Rs.1550/- per lakh for the interest rate of 14%

27. What are the Scrutiny fee collected for House Mortgage Loans ?
Rs.500/- collected from the members towards scrutiny fees.

28. What is the default loan recovery procedure ?
Notices are served to members. In the event of chronic default arbitration proceedings under sec 90 of Tamil Nadu Co-operative Societies Act 1983 are initiated and further proceedings are continued to recover the dues.

29. Whether the interest paid on the loan taken from the society enjoys tax exemption /Rebate ?
Housing Loan taken from the society enjoys Income tax Rebate under 80-C

30. What are the procedures under taken by the society for sanction Mortgage Loan /Jewel Loan/ F.D with members of the society ?.
Loans are sanctioned to the members for the property lying within the limits of area of operation of the society according to their eligibility as per the regulations of the society.

31. What insurance covers are made to the member of the society?
Compulsory Fire and insurance cover for all the properties under House Mortgage loans and Housing loans. Burglary Insurance made for Jewels pledged for Jewel Loan.

32. What is the procedure to redeem the documents pledged for House Mortgage Loan ?
Once the loan amount is paid in full, one can redeem the documents by the next day.

33. How the House Mortgage Loan discharged by the member is evidenced?
The House Mortgage loan discharge is evidenced by Registering a Receipt Deed in favour of the Member at the concerned Sub-Registrar Office.

34. What is the procedure to redeem the jewels pledged in society ?
Once the loan amount is paid in full, the jewels are returned immediately to the borrowers on his surrendering the receipt.

35. Explain System of sale of plots by the society ?
When a House Site Scheme is launched by the Society, it causes advertisement in leading dailies and invites booking of plots by the members / purchasers under first come first serve basis.

36. What are the benefits available for buying a plot from the society ?
Clear Title, Bank loan facility and Stamp duty exemption as per the G.O.M.S. No.2179, Co-operation dated 21/09/1966 i.e when a property is purchased by any one as on date 7% of the value of the properly is collected as stamp duty to Government of Tamil Nadu exchequer and 1% Registration Charges will be collected. Hence when a person buys property from society 7% of stamp duty will be borne by Government of Tamil Nadu.

37. Who will execute the Sale Deed by the society in favour of Purchasers / Member ?
An officer of the Society who is authorized will execute the Sale Deed in favour of the Members/Purchasers.

38. What are the certificate issued to member of the society and its purposes ?
Certificate of interest paid for I.T.Purpose, Certificate of possession of original documents to get Metro water, E.B, Drainage connection, Certificate of loan dues for P.F.withdrawal , take over of loans etc.,

39. Does the society offer Locker Facility ?
Society is preparing to provide Locker facilities and are expected shortly

40. Who conducts the audit of the society ?
Director of Co-operative Audit, Ministry of Finance, Government of Tamil Nadu conducts audit to the society.

41. Does the society has its own premises ?
Yes the society is housed in its own building with a built up area of 6000 Sq.ft constructed in 8.5 grounds.

42. What are the future proposals of the society ?
Society has proposed to construct a Community Hall at Madhavaram and provide Locker facility in the office premises.

43. How the public are informed to get awareness about the activities of the society ?
Through advertisements in the dailies, hand bits, pamphlets, hoardings

44. What is the Rating about the performance of the society ?
It is I.S.O 9001: 2008 certified institution and is awarded ‘A’ Class in audit conducted by Government of Tamil Nadu.

45. Who are the General customer of the society ?
The society has customers ranging from the Lower class to upper Class.

46. Whether society sustained any loss in any year in all these existence of 101 years ?
the society is working in profit since its inception.

47. Whether bylaw of the society can be made available to the members ?
Bylaws of the society are readily available to the members and can be obtained by remitting the requisite charges.

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