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The Multi-State Co-operative Societies Act

An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operative s as peoples institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto.
2002
List of Chapters & Sections

  1. PRELIMINARY

  2. 1
     Short title, extent and commencement
  3. 2
     Application
  4. 3
     Definitions

  • CENTRAL REGISTRAR AND REGISTRATION OF MULTI-STATE CO-OPERATIVE SOCIETIES

  • 4
     Central Registrar
  • 5
     Multi-State co-operative societies which may be registered
  • 6
     Application for registration
  • 7
     Registration
  • 8
     Registration certificate
  • 9
     Multi-State co-operative society to be body corporate
  • 10
     Bye-laws of multi-State co-operative societies
  • 11
     Amendment of bye-laws of a multi-State co-operative society
  • 12
     When amendment of bye-laws comes into force
  • 13
     Change of name
  • 14
     Change of address
  • 15
     Publication of name by multi-State co-operative society
  • 16
     Liability
  • 17
     Amalgamation or transfer of assets and liabilities, or division of multi-State co-operative societies
  • 18
     Central Registrar to prepare scheme of amalgamation or reorganisation of a co-operative bank in certain cases
  • 19
     Promotion of subsidiary institution
  • 20
     Liability of a co-operative bank to Deposit Insurance and Credit Guarantee Corporation
  • 21
     Cancellation of registration certificate of multi-State co-operative societies in certain cases
  • 22
     Conversion of a co-operative society into a multi-State co-operative society

  • REGISTRATION AND FUNCTIONS OF FEDERAL CO-OPERATIVES

  • 23
     Registration of federal co-operative
  • 24
     Functions of federal co-operative

  • MEMBERS OF MULTI-STATE CO-OPERATIVE SOCIETIES AND THEIR DUTIES, RIGHTS AND LIABILITIES

  • 25
     Persons who may become members
  • 26
     Nominal or associate member of society
  • 27
     Educational course for members
  • 28
     Members not to exercise rights till due payment made
  • 29
     Disqualification for member of a multi-State co-operative society
  • 30
     Expulsion of members
  • 31
     Vote of members
  • 32
     Manner of exercising vote
  • 33
     Restriction on holding of shares
  • 34
     Restriction on transfer of shares or interest
  • 35
     Redemption of shares
  • 36
     Transfer of interest on death of members
  • 37
     Liabilities of past member and estate of deceased member

  • DIRECTION AND MANAGEMENT OF MULTI-STATE CO-OPERATIVE SOCIETIES

  • 38
     Constitution, powers and functions of general body
  • 39
     Annual general meeting of general body
  • 40
     Special general meeting of general body
  • 41
     Board of directors
  • 42
     Association of employees in management decision making process
  • 43
     Disqualifications for being a member of board
  • 44
     Prohibition to hold office of chairperson or president or vice-chairperson or vice-president in certain cases
  • 45
     Elections of members of board
  • 46
     Holding of office in co-operative society
  • 47
     Removal of elected members by general body
  • 48
     Nominee of Central Government or State Government on board
  • 49
     Powers and functions of board
  • 50
     Meeting of board
  • 51
     Chief Executive
  • 52
     Powers and functions of Chief Executive
  • 53
     Committees of board
  • 54
     Securing possession of records, etc

  • PRIVILEGES OF MULTI-STATE CO-OPERATIVE SOCIETIES

  • 55
     Charge and set-off in respect of share or contribution or interest of members
  • 56
     Share or contribution or interest not liable to attachment
  • 57
     Register of Members
  • 58
     Admissibility of copy of entry as evidence
  • 59
     Exemption from compulsory registration of instruments
  • 60
     Deduction from salary to meet multi-State co-operative society’s claim in certain cases
  • 61
     Government aid to multi-State co-operative societies

  • PROPERTIES AND FUNDS OF MULTI-STATE CO-OPERATIVE SOCIETIES

  • 62
     Funds not to be divided by way of profit
  • 63
     Disposal of net profits
  • 64
     Investment of funds
  • 65
     Restriction on contribution
  • 66
     Restrictions on loans
  • 67
     Restriction on borrowings
  • 68
     Restrictions on other transactions with non-members
  • 69
     Contributory provident fund

  • AUDIT, ENQUIRY, INSPECTION AND SURCHARGE

  • 70
     Appointment and remuneration of auditors
  • 71
     Provision as to resolutions for appointing or removing auditors
  • 72
     Qualifications disqualifications of auditors
  • 73
     Powers and duties of auditors
  • 74
     Signature of audit report, etc
  • 75
     Reading and inspection of auditor’s report
  • 76
     Right of auditor to attend general meeting
  • 77
     Power of Central Government to direct special audit in certain cases
  • 78
     Inquiry by Central Registrar
  • 79
     Inspection of multi-State co-operative societies
  • 80
     Inspection of books of indebted multi-State co-operative societies
  • 81
     Costs of inquiry and inspection
  • 82
     Recovery of costs
  • 83
     Repayment, etc

  • SETTLEMENT OF DISPUTES

  • 84
     Reference of disputes
  • 85
     Limitation

  • WINDING UP OF MULTI-STATE CO-OPERATIVE SOCIETY

  • 86
     Winding up of multi-State co-operative societies
  • 87
     Winding up of co-operative bank at the direction of Reserve Bank
  • 88
     Reimbursement to the Deposit Insurance Corporation by liquidator
  • 89
     Liquidator
  • 90
     Powers of liquidator
  • 91
     Disposal of surplus assets
  • 92
     Priority of contributions assessed by liquidator
  • 93
     Power of Central Registrar to cancel registration of a multi-State co-operative society

  • EXECUTION OF DECREES, ORDERS AND DECISIONS

  • 94
     Execution of decisions, etc
  • 95
     Execution of orders of liquidator
  • 96
     Attachment before award
  • 97
     Central Registrar or arbitrator or person authorised to be civil court for certain purposes
  • 98
     Recovery of sums due to Government

  • APPEALS AND REVIEW

  • 99
     Appeals
  • 100
     No appeal in certain cases
  • 101
     Review
  • 102
     Interlocutory orders

  • SOCIETIES WHICH BECOME MULTI-STATE CO-OPERATIVE SOCIETIES CONSEQUENT ON REORGANISATION OF STATES

  • 103
     Co-operatives societies functioning immediately before reorganisation of States

  • OFFENCES AND PENALTIES

  • 104
     Offences and penalties
  • 105
     Cognizance of offences

  • MISCELLANEOUS

  • 106
     Copies of bye-laws, etc., to be open to inspection
  • 107
     Place of keeping and inspection of, registers and returns
  • 108
     Inspection of books of account, etc., of multi-State co-operative society
  • 109
     Annual accounts and balance-sheet
  • 110
     Minutes of proceedings of general meetings and of board and other meetings
  • 111
     Minutes to be evidence
  • 112
     Presumptions to be drawn where minutes duly drawn and signed
  • 113
     Inspection of minutes book of general meetings
  • 114
     Liquidator to be public servant
  • 115
     Notice necessary in suits
  • 116
     Power to amend Second Schedule
  • 117
     Bar of jurisdiction of courts
  • 118
     Indemnity
  • 119
     Opening of branches
  • 120
     Filing of returns
  • 121
     Certain Acts not to apply
  • 122
     Central Government’s power to give directions to specified multi-State co-operative societies in public interest
  • 123
     Supersession of board of specified multi-State co-operative society
  • 124
     Power to make rules
  • 125
     Power to remove difficulties
  • 126
     Repeal and saving