For carrying a business banking a cooperative is need to be formed by two or more people who readily make investments to carry on with the process. The member of a co-operative bank is the shareholder of the bank and in another word, he has to purchase the shares of the company to become the member. In co-operative banking sectors there are usually two kinds of shares.
In class A, shares are purchased by a person to become the member of the co-operative bank. Customers must be careful with this kind of memberships and the bank usually have some rules and criteria while issuing the membership. The criteria of the applicants will be checked thoroughly by the board of directors and they will issue memberships only to the most eligible ones.
The amount of shares is determined according to the face value of the shares and not as per the market value. Face value is common to for all members and the number of shares that a person can purchase is unlimited. While opening a membership only one share will be issued by the book but once he become the member he can additionally take any number of shares he want. But there is a maximum limit.
Nominal membership where the a person becomes a member only for the pledging of gold loans.
Share accounting package is one of the latest software developed by us which helps in documenting the details of the shares of the bank. In this sector have to take the share of the bank and thus the details of each of the shares are documented to them with the help of this software. Here we further created the form of the applicant, details of the co-operative bank, share the members details and divide the calculation on the financial year’s end.