BMACBS

The Bheemunipatnam Mutually Aided Co-operative Building Society Ltd., 2443

Membership Admission

PROCEDURE FOR ADMISSION AS A MEMBER OF THE SOCIETY

  • Any citizen (major) of India and a native or residing in the Districts of Visakhapatnam or Vizianagaram or Srikakulam is eligible to apply for a Membership of the Society, on a plain paper addressed to the Secretary, The Bheemunipatnam Mutually Aided Co-operative Building Society Ltd., 2443, D.No.15-11-23, (Ground Floor), Gupta Street, Bheemunipatnam – 531 163.
  • On receipt of such an application, the Society sends the applicant a pre-admission form and informs the Schemes for which membership is open and provides the details of the Schemes to the applicant.
  • On receipt of the pre-admission form, the applicant shall decide to join a Scheme and return the duly signed pre-admission form.
  • The Society office scrutinizes the pre-admission form and process the application for necessary approvals. In case, it is rejected, the applicant shall be informed with the reason for rejection. In case, approved, the applicant shall be required to remit the initial payment and the processing fee (inclusive of the admission fee and the share capital). The admission fee is not refundable.
  • The Society on receipt of the initial payment and processing fee, will send the printed Admission Form with instructions to fill in the printed admission form.
  • On receipt of the Admission Form, the Society assigns a Membership number which shall be mentioned, invariably, in all correspondence with the Society and issue the photo identity card to be shown as the identity card of the applicant for voting and wherever and whenever demanded by the Society.
  • The Society purchases the land and develops it with the contributions, from time to time, by the applicant and secures the necessary approvals from the concerned authorities.
  • Thereon, the Society assigns a plot, on random basis, on payment of full cost of the plot (on No Profit – No Loss basis) and register it in the name of the applicant at the applicant cost.
  • The Society ensures the safety and maintenance of the layout till the applicant builds a house.
  • Every member, thus admitted, shall fully comply with the rules and regulations of the Society, issued from time to time.