Membership of the Federation shall be open to:
- Urban Co-operative Banks and Urban Credit Societies
- The State Federations /Association of Urban Banks and/or Credit Societies
- National Co-operative Union of India
- Any other organization useful for the furtherance of the objects of the Federation, with the approval of the Central Registrar of Co-operative Societies;
No individual shall be eligible for membership of the Federation in terms of section 25(2) of the Multi State Co-operative Societies Act,2002, as the Federation is a national co-operative society.
The application for membership shall be submitted in prescribed form and accompanied by following documents;
- an attested copy of the bye-laws of the society;
- an attested copy of the Resolution passed by the competent body of the society, deciding to obtain membership of the Federation ;
- a copy of latest annual report/audit report of the society;
- an attested copy of registration of the society;
- a bank draft towards admission fee as prescribed;
- a bank draft towards annual subscription as prescribed.
All institutions desirous of obtaining the membership of the Federation shall pay an admission fee of Rs.800/-at the time of enrolment which shall form an income of the Federation.
Members shall pay annual subscription as prescribed by the Board of Directors of the NAFCUB from time to time.
The annual subscription from members shall fall due at the commencement of each accounting year i.e., on the 1st day of April every year and shall be payable on or before 1st July of the year.
The membership of a Society shall cease:
- On cancellation of its registration by the Registrar of Co-operative Societies or winding up of the Society.
- On a member society deciding to withdraw from the membership of the Federation provided that such a decision is taken by a competent body of the society and is duly communicated to the Federation. The withdrawal in such cases shall take effect after three months from the date of such a resolution by the Federation subject to the payment of arrears, if any;
- On expulsion of the members and on incurring disqualifications as provided in the Act and the rules.
For reasons to be recorded in writing, the membership in the Federation may be terminated by a resolution of the general body passed by-tow –third majority present and voting, if:
- Activities of the member society are in conflict or competitive with the activities of NAFCUB, or
- Members society fails to represent in three consecutive meetings of the General Body and such absence has not been condoned by the majority of the members present and voting.
- Member society is in default of any payments to NAFCUB and such payments have been due and payable for a period of more than two years.
Provided that concerned member society shall be given an opportunity of making a representation in the matter before removal from membership.
Every member of the Federation, if otherwise eligible shall have the following rights as per bye-laws of the Federation:
- right to vote;
- right to receive notice and attend general body meetings;
- right to attend and take active part in proceedings of the committees of which he/she may be a member, and
- right to take part in elections and contest for any post as per provisions of the Act, Rules and bye-laws of the Federation.