LawgistAll Acts
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.
| Act Id | 200239 |
| Act Number | 39 |
| Enactment Date | 2002-07-03 |
| Act Year | 2002 |
| Ministry | Ministry of Agriculture and Farmers Welfare |
| Enforcement Date | 19-08-2002 |
- PRELIMINARY
- 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
- 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
- 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
- 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
- APPEALS AND REVIEW
- SOCIETIES WHICH BECOME MULTI-STATE CO-OPERATIVE SOCIETIES CONSEQUENT ON REORGANISATION OF STATES
- OFFENCES AND PENALTIES
- 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
