THE TISCO MILLS COMBINED CO-OP. CR. SOCIETY LTD.,JAMSHEDPUR

REGISTERED UNDER ACT VI OF 1935 / REGD. NO.33R OF 12-08-1938.

1. The Society which is registered under the Bihar and Orissa Act VI of 1935 shall be called The Tisco Mill Combined Co-operative Credit Society Limited; Jamshedpur.

2. The registered Office of the Society shall for the present be Near Merchant Mill and adjacent to East Plant First Aid (Inside Works) Jamshedpur. In the event of any change in the situation of the Registered Office, notice of such change shall be sent to the Registrar of Co-operative Societies, Jharkhand.

3. The object of the society are (1) to encourage thrift, self-help and co-opertion amongst the members and (2) to create funds to be lent out to, or invested for, its members or for their benefit, but subject always to the provisions of the Bihar and Orissa Co-operative Societies Act VI of 1935.

CAPITAL

4. The capital of the Society shall be raised by means of shares of Rs.10/- each to be subscribed by members only limited to 30,00,000 shares.

MEMBERSHIP-ELETION-CESSATION

5. The membership of the Society shall be open to the permanent employees of M/S. Tata Iron & Steel Co., Limited, Jamshedpur, M/S. Tata Steel Processing and Distribution Ltd., Jamshedpur, and M/S Jamshedpur Continuous Annealing and Processing Company Pvt. Limited, Jamshedpur, who are not a member of any other credit co-operative society of any department situated inside or outside the Tisco Works above the age of 18 years residing in Jamshedpur, who have subscribed to the application for registration or who may herein after be elected according to the rules.

6. Every member shall pay an entrance fee of Rs.1/- and take at least one share in the Society and shall sign his name in a register containing a list of names, description and address of the members of the Society in token of his acceptance of these bye- laws. When a member has paid his entrance fee and the first installment of his share, he shall be deemed to have acquired all the rights, obligations and responsibilities of a member of the society as laid down in the Bye-laws.

7. Every person desirous of becoming a member shall send in an application in a form to be prescribed by the Committee of management supported by two members of the society to the Secretary, who shall lay the application before the Committee. In the case of rejection, his supporters shall have a right of appeal to the General Meeting. The election of a member shall be duly notified to him.

8. Membership shall cease by : (1) Resignation presented to and accepted by the Committee, but no member shall be permitted to resign who is in debt to the society. (2) Expulsion. (3) Bankruptcy. (4) Permanent removal of residence from the prescribed area, and otherwise ceasing to be qualified under Bye-law 5. (5) Death. (6) Insanity

A member shall also cease to be a member if he transfers all the shares he holds in accordance with these Bye-laws.

10. No member shall be allowed to hold more than 5,000 shares, the value of the share or shares subscribed by each member, may be paid in full in one sum or in successive monthly installments of not less Rs.10/- per share, (or shares may be paid at such calls as may be determined by the General meeting.)

11. Interest at the rate of 6% per annum shall be levied on all deferred payment of share installment from the date on which the payments fall due. If the payments due on account of shares remain unpaid for more than three months, the Committee may declare such shares forfeited together with all payments made thereon and the rights of membership attaching to those shares extinct. Such shares may be renewed within a period of three months from the date of the notice of forfeiture on payment of all arrear amounts including interest and a renewal fee of Twenty Five paise per share.

12. Shares may be transferred with the consent of the Committee of Management to a member or members but shares shall be held for a period of at lease 12 months before they can be transferred, and no member shall be permitted to alienate, in any way, any share belonging to him while indebted to the society.

13. (a) In the event of a member severing his connection with the society or being expelled on any ground other than default of share payment, the net value of the share held by him after deducting the amount due by him to the society shall be paid to him within six months from the date of cessation of membership. (b) In the case of a member’s death such amounts shall be paid to the person nominated in accordance with Rule 10, if there is no person so nominated, to his legal representative. (c) Shares of a deceased member may be transferred to his heir or nominee if he or she is eligible as a member and duly elected as such.

15. A member shall be entitled to a certificate under the Common Seal of the society specifying the share or shares held by him. If such a certificate is worn out or lost, it may be renewed on payment of Twenty Five Paise only.

THE FUNDS OF THE SOCIETY AND BORROWING POWERS

16 To carry out the purpose of the society, the society may receive deposits at interest from members only, open cash credit with the Jharkhand State Co-op. Bank Ltd. up to a limit fixed at the General Meeting provided that the maximum amount of liability shall not exceed 20 times the paid up share capital, reserve & other funds of the society.

LIABILITY AND REPRESENTATION

17. (a) The liability of the members for the debts of the society shall be limited to 10 times the value of shares. (b) The liability of the past member for the debts of the society as they existed at the time when he ceased to be a member shall continue for a period of two years from the date of his creasing to be a member. (c) The estate of a decreased member shall be liable for a period of two years from the time of his decease for the debts of the society as they existed at the time of his decease.

18. All documents creating a charge or obligation on the society shall bear the Common seal of the society, be signed by the Chairman and the paid Secretary or the Account or Senior Assistant by three members of the Committee of Management of the society. All receipts for deposits and call money, and repayment of loan, the Chairman or any office bearer of the society duly authorize by the Committee may sign. The Secretary or the Account or senior Assistant of the society is however authorize by to sign cash receipts for deposits, call money and repayment of loan and all receipts for cash deposited in Banks

GENERAL MEETING

19. The supreme authority of the society shall be vested in a general meeting. Every member shall have one vote only irrespective of the number of shares held by him. On all questions the opinion of the majority shall prevail and the Chairman shall have a casting vote. 10% of the registered members or 150 members which ever is less shall constitute a quorum. No proxy shall be allowed.

20. The General Meeting must maintain a general supervision over the business of the society, specially over the acts of the Committee of management, and must take all steps that may be considered necessary in the interest of the society.

21. The General Meeting shall be of two kinds – Ordinary and Extra-Ordinary.

22. An ordinary general meeting shall be convened by the secretary within 4 months of the receipt of audit note containing the balance sheet duly certified by the Auditor. Its duties shall be:

(1) To receive and consider the report and statement of accounts of the Managing Committee and to review the work of the society during the past year.

(2) To elect not less than three Auditors who shall not be members of the Committee of management with suitable remuneration which will be decided by the Committee of management.

(3) The Committee of Management will consist of 18 (Eighteen) members including the Chairman and two Vice-Chairmen. Chairman will be elected exclusively from S.O.P. & O.P.R. members of M/S. Tata Steel Ltd., The remaining 17 seats in the Committee of Management will be filled by election from amongst the members of the respective departments together constituted by grouping of various Mills and Departments. Of M/S Tata Steel Ltd., M/S Tata Steel Processing and Distribution Ltd. and M/S. Jamshedpur Continuous Annealing and Processing Co. Pvt. Ltd., up to 09 viable groups in such a manner they may get proportionate and judicious representation in the Committee of Management as far as possible, followed by the Jharkhand Co-operatives Societies (Amendment) Act 2015 and out of which 50% of the seats will be reserved for women members, in which two seats shall be reserved for the scheduled caste or scheduled tribe women members in the management. The seats so reserved shall be filled up from amongst the women members by global election or by co-option by the Management. The members so elected, will then elect one Chairman and two Vice-Chairmen from amongst themselves. The Grouping of Departments together and the number of Committee Members to be elected and reserved seats for women members for each departments together shall be decided by the Committee of Management if required, subject to the approval of the Annual General Meeting before election

Electoral Name of the No. of male No of women Zone No. Departments member to be members to be together Elected Elected Zone No.

01. S.O.P and O.P.R. 01 Nos.

02. Jamshedpur Contineous 01 Nos. Annealing and Processing Co.Pvt. Ltd.,

03. Wire Rod Mill, M.Mill and New Bar Mill. 01 Nos.

04. Cold Rolling Mill & HRIR. 01 Nos.

05. L.D.1, MED and Misc. 01 Nos. 09 Nos. (Misc. Dept. denotes except the globally elected Departments mentioned ) or co-opted

06. L.D.3. & T.S.C.R., B.Furnace, Sinter Plant, Eng.services, Pellet Plant . 01 Nos.

07. Hot Strip Mill & L.D.2 & Slab Caster. 01 Nos.

08. Tata Steel Processing And Distribution Ltd./ 01 Nos. Tata Steel Downstream Products Ltd.

09. Coke Plant, Security And ‘G’’I’’H’ Blast Furnace. 01 Nos. 09 Nos. 09 Nos. Total seats : 18 Nos.

N.B. : Total members in the Committee of Management to be elected 18 Nos. out of which 50% reserved post for women members to beElected globally or by co-option by the management (Two women Seats to be reserved for S.C.& S.T. candidates) as guided by Jharkhand State Co-op Act.2015. (4) To hear and consider any appeal from the decision of the Committee of Management. (5) To take notice of any subject which effect the financial position of the society and to pass resolutions with regard to them. (6) To decide the maximum amount which any member may borrow at one time. (7) To transact any other business that may be brought up. (8) To decide the maximum amount of liability to be incurred during the year subject to bye law (16). (9) To fix the rate of interest to be paid by borrowers and to give general direction to the committee of management regarding rules for deposits. (10) To empower the Committee of management, if it considers it necessary, to levy penal interest for default and fines payable by such members as fail without good cause to attend General Meeting, to fix the rate of penal interest and fines, (11) To fix the maximum period for which loans shall be granted.

23. The Committee may, whenever it thinks fit, and shall upon the requisition in writing, signed by 10% or more registered members and presented to the secretary by any one of the signatories, convene as Extra- Ordinary General Meeting within a month from the date of such requisition.

24. Notice of General Meeting mentioning the place, date and hour of the meeting and business to be transacted thereat shall be circulated or posted to all the members at least seven days before the date on which the meeting is to be held. The notice with signature of all members to whom it was circulated together with all replies received from members shall be placed before the Meeting in order to satisfy the meeting that it was properly announced.

25. If at the hour fixed for an Ordinary or extra ordinary Meeting a quorum is not forth coming, the Chairman shall, if the meeting has been called on the requisition of members, dissolve it; if otherwise convened he shall postpone the Meeting to a date at least seven days and not more than two weeks later, and the business to be transacted at the postponed meeting, shall be the same and no other than that proposed for the original date of the meeting. At such postponed meeting if a quorum is still not forth-coming resolution may be carried by the majority of 3/4th of the members present.

26. The members of the committee of Management shall be elected annually at the General Meeting of share holders on the principle that 1/3 of the members of the Committee shall retire in turn every year allowing the remaining members to continue for another terms. The names of the retiring members shall be determined and notified by the general body in the meeting before election is taken place. Note :- As per Bihar gazette 2nd Sept. 1989. The rules changed as follows.

ELECTION RULES

21(A) Notwithstanding any rule and bye-laws of any society the election of the members of the managing committee, office bearers there of and the delegates of the society shall be held in a special General Meeting in accordance with rule 21-B to 21-X.

26.(a) No member of the society is eligible to be a member of the Committee of Management who is a defaulter in payment of kists, and if a member subsequently defaults and does not clear of his dues within three months from the date it fall due he shall cease to be a member of the management committee.

27. If a member of the committee cease to be a member of the society or without reasonable cause fails to attend three consecutive meetings or is defaulter in payment of three (3) consecutive kists, the other members of the committee shall appoint another member to take his place till the next General Meeting. If a Vacancy in any office should arise during the years, the members of the committee of management may appoint and ad- interium chairman and vice-chairmen who shall hold office till the next General meeting.

28. The Committee shall meet as often as may be required for the transaction of business of the society at such time and place as may be fixed and notice thereof shall be circulated to all the members of such Committee. The Chairman of the Committee shall preside at such Committee meeting but in his absence one of the Vice-Chairmen will preside, but in the absence of both, the members may elect their own Chairman from amongst the member present. Half of the members of the Committee shall constitute a quorum. The proceedings of the Committee Meeting shall be recorded in a minute book to be kept for the purpose and shall be signed by all members including the Chairman. In case of every resolution on an item of business involving a money transaction the voting of each member present whether for or against the resolution shall be recorded.

29. The duties of the Committee of Management shall be as follows:- (1) To raise funds subject to the provision of bye-law 16. (2) To elect new members. (3) To deal with applications for loans, and to determine the security to be taken. (4)To receipt and disburse money as may be required. (5)To prepare a statement of accounts which shall include an abstract of Receipts and Expenditures classified under different heads, a Balance Sheet setting forth assets and liabilities and Profit and Loss statement and Annual Report for the ordinary general meeting. (6) To check the security of each loan outstanding and deal with cases of arrears and failure to observed obligations undertaken. (7) Subject to any general regulations governing the conditions of service of employees of Co-operative institutions framed by the Registrar from time to time and also subject to any instruction specially given by the Registrar in any individual case, to appoint, transfer, promote, suspend, degrade and dismiss salaried, non salaried and other employees as the work and interest of the institution may require and funds permit. (8) To transact all other business not expressly assigned to the General meeting incidental to the management of the society.

30. (a) The business of the meeting of the Committee of Management shall be conducted in accordance with the procedure laid down by the Registrar, Co-operative Societies Bihar, for the purpose from time to time. (b) The members of the Committee of Management shall be responsible for the good management of the Society. They shall be liable to the society for any willful neglect of their duties and for any distribution of profits or assets contrary to the provisions of the Bihar and Orissa Co-operative societies Act VI of 1935 and these bye-laws.

31. The Committee of Management shall, from time to time, lay down the respective duties of the Secretary and Treasurer. The Committee of Management may delegate all or any of its power if they so desire to the Chairman, Vice-Chairmen, Secretary or to a Committee composed of any 3 members of the Committee. AUDIT OF SOCIETY’S ACCOUNTS

32. The accounts of the society shall be audited at least quarterly by the auditors deleted at the Annual General Body meeting. LOAN TO MEMBERS

33. The society shall make no loan except to members. Loans may be granted to members, subject to the bye-law No.5 for necessary purposes, buy they shall not be granted for any unnecessary purposes. No loan shall be granted to any member exceeding 10 times the value of his share or shares actually paid or for Tata Steel Employees 15 time his actual wages including pay, dearness allowance or for Tata Ryerson employees 12 times of current two months average Gross payment, whichever is less, subject always to the maximum as may be fixed up at the general meeting. Further within the limitation of maximum as fixed up by the General Body, the society may sanction its member in shape of Ordinary Loan, Emergency Loan and any other type of loans by allotting shares as fixed up by the General Body. The rate of interest to be fixed by the General Body in A.G.Meeting.

34. Loan shall be granted at a uniform rate which shall be determined from time to time by the annual General Meeting and which shall not exceed 12% per annum. Compound interest shall not be charged; but penal interest may be levied on arrears at rates authorized by the General Meeting or prescribed by the Management Committee under bye-law Sec. 22 (10).

35. Application for loans shall be submitted to the secretary with a clear and true statement of the purpose for which they are required and in a form to be prescribed by the Committee for the purpose and they shall be dealt with by the Committee of Management according to its discretion. Save in very exceptional and urgent case no loan advance shall be given until it has been approved by the Committee.

36. Every loan must be expended on the object for which it was given and a borrower shall be bound to give satisfactory proof to the Committee when called upon to do so regarding the employment of the loan. If a loan is misapplied, the Committee shall have power to require repayment in full with interest and in addition to impose a penal interest at double the rate fixed.

Bye-Law No. 37 (a) At least one surety is necessary for a loan up to a member’s, own paid up share money, up to double the share money at least two sureties, and for an amount more than double the share money three or more sureties are to be given but no surety is necessary for a loan up to a member’s own provident fund deposits in the society. (b) The Committee shall have power to call on borrowers to furnish fresh surety in place of any surety who ceases to be a member of the society, if was a member at the time he became surety for the loan, or when sureties leave Jamshedpur for good. (c) Every applicant must also sign a slip addressed to his superior officer authorizing the deduction of the installment fixed from his pay each month before he gets it.

38. Repayment of installments shall be fixed by the Committee of Management at the time the loan is granted with reference to the purpose to which the loan is to be applied and also to the borrowers’ circumstance of income, but no loan shall be granted for any period exceeding that which may time to time be fixed by the General Meeting. The Committee of Management may grant an extension of time in exceptional circumstance to be notified to the Committee in writing before the repayment of the installment falls due but no extension should be granted except with the written consent of the sureties.

39. If a borrower fails to pay interest or any installment of principal on the due date and if the committee of Management does not grant any extension of time, the whole loan shall become immediately payable irrespective of any condition on which the loan was made.

40. Any sum outstanding against a member who dies, withdraws, or in expelled or otherwise ceases to be a member, shall be immediately payable irrespective of any condition on which the loan was made.

41. If the Committee find that the security for an outstanding loan has become insufficient, it shall call on the borrower to provide satisfactory security and in default shall call in the loan at once.

42. Notwithstanding anything contained above the society reserves to itself the right of calling in any outstanding loans on four week notice, but this power shall not be exercised save when there is a general run upon the society by its creditors, or when the borrowers of the society or their sureties are in such position that the funds of the society are endangered or in any other exceptional circumstance. RULES REGARDING DEPOSITS.

43. Subjects to the control and direction of General Meeting, the Committee of Management shall decide the terms and the rate of interest for various kind of deposits. PROFITS

44. The business year of the society shall close on the 31st March of every year. At the close of the year work the net profit shall be distributed as follows :- (1) 35% of it shall go to the Reserve Fund. (2) Dividend on the shares shall be paid at a rate which shall not exceed @12%. (3) The balance, if any, may be placed to Reserve or in any fund for the benefit of the members or their employees or may be paid as bonus to employees with due sanction of the General Meeting by way of reward for rendering efficient and sincere services to the society or may be carried forward If a dividend is not drawn within one year from the date on which it is announced at the General Meeting all claims to it shall be extinguished and be transferred to charity fund.

RESERVE FUND

45. The reserve fund shall consist of:- (a) 35 percent of the profits annually placed to the fund in accordance with rule 44 (1); (b) Any sums allocated to it out of profit or otherwise; (c) Entrance fees after deducting of the preliminary expenses incurred in constituting the society’ and (d) The value of all shares forfeited to the society.

46. (a) The reserve fund shall belong to the society and be indivisible amongst the members. It shall ordinarily be invested in Government Securities, Post Office Saving Bank, Bank of Bengal Shares. East Indian Railway Scrip, in Calcutta Municipal or Port Trust Debentures, the Bihar & Orissa Provincial Corporative Bank or any Co-Operative Institution approved by the Registrar. (b) After the 4th year of the working of the society it shall invest separately 50 percent of its reserve and thereafter shall invest separately half of its allotment to the Reserve Fund each year.

47. The reserve fund shall be available for any of the following purpose:- (a) To cover any losses arising from any unforeseen circumstances, such drawing upon it being reimbursed to the fund from the next accruing profits. (b) To meet any call on the society which cannot be meet otherwise, such payment being reimbursed to the fund when fresh collections are made and; (c) To serve as security for any loans which the society has to contract. In the case of dissolution of the society, the serve fund shall be applied to such purpose as may be determined with the approval of the Registrar of Cooperative societies, Jharkhand, by the majority of members.

MISCELLANEOUS

48. Every member shall be supplied with a copy of the bye-laws of the society free of cost. Any of the bye-laws may be altered, rescinded or new bye-laws may be made at a general Meeting held in accordance with the rules made by Government in this behalf and such amendment shall come into force after it has been registered by the Registrar, co-operative societies.

49. The society shall keep a copy of the Co-operative Societies Act VI and VIII of 1935 and of the rules made be the Government under the Act and copy of bye-laws open to inspection free of charge at all reasonable times at its registered Office. All account books, bye-laws and all other records shall be open to the inspection of the members only while the committee of Management is sitting.

50. The Committee of Management may frame rules without prejudice to any of the foregoing bye-laws or to the provision as of the Bihar and Orissa Co-operative societies Act VI of 1935 as regards the transaction of business in connection with the grant and repayment of loans and payment and withdrawal of the deposits, and may make additions to and alteration in them from time to time.

DISSOLUTION

51. The society may be wound up with the approval of the Registrar of the Co-operative Societies, Bihar, if three fourths of the members present at a General Meeting specially summoned to consider the question, vote for it.

GENERAL

52. All matters not specially provided for, shall be decided according to the terms of the Bihar and Orissa Co-operative Societies Act (VI of 1935) and the rule framed thereunder. These are the Bye-laws referred to, in our application for registration dated the 5th October 1937. Certified that these Bye-laws of the TISCO MILLS COMBINED CO-OPERATIVE CREDIT SOCIETY, LTD., Jamshedpur have been duly registered in my office under section II of Bihar and Orissa Co-operative Societies Act VI of 1935. (Sd.)N.BAKSI Registrar, Co-operative Societies Dated – Patna Bihar and Orissa The 12th Aug. 1938.