FREQUENTLY ASKED QUESTIONS |
PAKISTAN MULTIPURPOSE COOPERATIVE SOCIETY LTD. PMCS |
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| FAQS |
| Frequently asked Questions (FAQ�S) Regarding
PAKISTAN MULTIPURPOSE COOP. SOCIETY LTD. 1) What do you mean by a Multipurpose Cooperative Society? ANSWER Usually Cooperative Societies are for a single economic activity such as housing, consumer goods, banking, agriculture etc. But the proposed Multipurpose Society can undertake any commercial/manufacturing enterprise for which it has in-house or hired expertise, necessary funds and approval of the board of Directors of the proposed society. 2) Why should we go for all such businesses under cooperative system? Why not a joint stock company? ANSWER Cooperative setups have certain tax concessions. Moreover, a cooperative venture cannot be a single family dominated business. It is very much democratic in nature. Cooperative set up restricts holding of controlling shares by any one person or a group. Also, cooperative business provides opportunities for leadership and service to community. The social work element of cooperatives is recognized universally, that is why there is ICA ( a UN affiliated body). 3) How I am assured that my investment will be secure and safe? ANSWER The PMCS is not a bank or a deposit taker. Your funds will go for such business(es) which are historically safe such as land development, cooperative schools, in-house contracting and construction business etc. Each new business to be undertaken by the PMCS will be first scrutinized by the BOD of the society, a brief feasibility will be prepared and approved by the General Body and the Punjab Government. This way, all precautions humanly possible will be taken. 4) As an expatriate who is not physically present to watch society�s day to day progress, how I would know that society is functioning well? ANSWER Usually, the society keeps its members informed of periodical progress through Newsletters. But we will also have our Website with up-to-date information. 5)- Can I withdraw my funds anytime? ANSWER The bye-laws provide this facility. You can give a notice to the society to withdraw your funds and if there is no liability outstanding against you, the refund will be given after a specified time given in bye-laws. 6)- If I want to work in any of society�s projects, will I be entertained? ANSWER Yes and No. Yes, if you have requisite professional or technical expertise to fill up a vacancy and you accept the remuneration offered to you as per market rates, You can work as society�s employee in that particular project for which you are suitable. But if the society manages to find an outsider with better qualifications, more experience and reasonable salary, the outsider will be preferred. 7)- Can you forecast return on my investment? ANSWER No. All business activities have to be well calculated and well managed. We have to minimize chances of any loss to members. Therefore, we may go in land Development and housing also since real estate seldom runs into losses. However, a 15% to 20% profit on society�s running ventures will be a realistic forecast. 8)- Who are going to manage the Society? ANSWER Procedurally speaking, the election of the office bearers of the Board of Directors Will be done on the day of society�s registration and the inaugural meeting of the society. However, the board will consist of persons of integrity, experience, high level of reputation as achievers and to top it all, persons of high status in the Government or professional community. In any case, my role will be pivotal for sometime since I have envisioned the concept. Canalview, Westwood, Valancia, Izmir, Valancia Homes and Valancia Cooperative Schools are my cooperative trophies. We are sure that each member of the proposed society will be an asset in one way or the other, Including you. |
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