Welcome to LUCC

The Loni Urban Multi-State Credit & Thrift Co-operative Society (LUCC) – Our name suggests Luck, and it is no coincidence. We are destined towards greatness and we will be glad to share this luck with you.

We wish to take India to its former glory. India has a Golden past. We intend to bring in the Golden Era where there is financial, social, cultural and economical stability among all individuals.

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Helping Each Other

LUCC is a common boat for all the members to join hands to fulfill the dreams into reality with self recognizations.

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We Love What We Do

It gives us immense pleasure to have you serve towards the aforesaid direction and we warmly welcome you at LUCC.

Few Questions In Your Mind

Multi State Credit society is registered under Multi State Co-Operative societies act and rules. Society is not a personal institution owned by an individual but is a fully democratic organization managed by Board Of Directors who are elected by the members of the society in the Annual General Meetings and the Board Of Directors also take decisions in a collective manner with total transparency.

The Department of Co-Operatives constantly reviews the functioning of the society at regular intervals. Finance companies are usually owned by individuals and frame the so called policies according to the owners. The general members/ depositors/ Investors have no role to play. There are some possibilities of the absence of transparency. Members/ Investors have virtually no knowledge of the affairs/ legal provisions of N.B.F.C. and the statutory liabilities of the N.B.F.C. are also limited..

Laws regulating Cooperative Societies in India are:
(a) State Cooperative Societies Acts of individual states
(b) Multi-State Cooperative Societies Act, 2002 for the multi-state Cooperative societies with Area of operation in more than one State.

A multi-state Cooperative Society means a society registered or deemed to be registered under the Multi-State Cooperative Societies Act, 2002 and includes a national Cooperative society or a Federal Cooperative.

The Society uses the funds in lending to the members and investments as per the Co-operatives society Act/Rules/By-Laws. Society's lending is in the shape of small loans for business or personal use.

Yes, because Government of India has framed the laws/rules to ensure the security and safety of deposits and LUCC strictly abides by the rules and regulations framed by Central Government. The investment and operations of the society is continuously audited by the auditors of Ministry of Agriculture, Govt. of India.

A. An individual competent to contract under section 11 of the Indian Contract Act, 1872;
B. Any Multi-State Co-operative Society or any Co-operative Societies.
C. The Central Government;
D. The State Government ;
E. The National Co-operative Development Corporation established under the National Co-operative Development Corporation Act, 1962.
F. Any other Corporation owned or controlled by the Government:
G. Any Government company as defined in section 617 of the Companies Act 1956.
H. Such class or classes of persons or associations of persons may be permitted by the Central Registrar having regard to the nature and activities of a multi state co-operative society.

Yes, anyone who is keen on earning money through co-operation and fulfills the criteria set by the society to become an member first, then he has to convert himself into cooperative promoter.


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