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
PRELIMINARY
CENTRAL REGISTRAR AND REGISTRATION OF MULTI-STATE CO-OPERATIVE SOCIETIES
REGISTRATION AND FUNCTIONS OF FEDERAL CO-OPERATIVES
MEMBERS OF MULTI-STATE CO-OPERATIVE SOCIETIES AND THEIR DUTIES, RIGHTS AND LIABILITIES
DIRECTION AND MANAGEMENT OF MULTI-STATE CO-OPERATIVE SOCIETIES
PRIVILEGES OF MULTI-STATE CO-OPERATIVE SOCIETIES
PROPERTIES AND FUNDS OF MULTI-STATE CO-OPERATIVE SOCIETIES
AUDIT, ENQUIRY, INSPECTION AND SURCHARGE
SETTLEMENT OF DISPUTES
WINDING UP OF 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
PRELIMINARY
CENTRAL REGISTRAR AND REGISTRATION OF MULTI-STATE CO-OPERATIVE SOCIETIES
4Central Registrar5Multi-State co-operative societies which may be registered6Application for registration7Registration8Registration certificate9Multi-State co-operative society to be body corporate10Bye-laws of multi-State co-operative societies11Amendment of bye-laws of a multi-State co-operative society12When amendment of bye-laws comes into force13Change of name14Change of address15Publication of name by multi-State co-operative society16Liability17Amalgamation or transfer of assets and liabilities, or division of multi-State co-operative societies18Central Registrar to prepare scheme of amalgamation or reorganisation of a co-operative bank in certain cases19Promotion of subsidiary institution20Liability of a co-operative bank to Deposit Insurance and Credit Guarantee Corporation21Cancellation of registration certificate of multi-State co-operative societies in certain cases22Conversion of a co-operative society into a multi-State co-operative societyREGISTRATION AND FUNCTIONS OF FEDERAL CO-OPERATIVES
MEMBERS OF MULTI-STATE CO-OPERATIVE SOCIETIES AND THEIR DUTIES, RIGHTS AND LIABILITIES
25Persons who may become members26Nominal or associate member of society27Educational course for members28Members not to exercise rights till due payment made29Disqualification for member of a multi-State co-operative society30Expulsion of members31Vote of members32Manner of exercising vote33Restriction on holding of shares34Restriction on transfer of shares or interest35Redemption of shares36Transfer of interest on death of members37Liabilities of past member and estate of deceased memberDIRECTION AND MANAGEMENT OF MULTI-STATE CO-OPERATIVE SOCIETIES
38Constitution, powers and functions of general body39Annual general meeting of general body40Special general meeting of general body41Board of directors42Association of employees in management decision making process43Disqualifications for being a member of board44Prohibition to hold office of chairperson or president or vice-chairperson or vice-president in certain cases45Elections of members of board46Holding of office in co-operative society47Removal of elected members by general body48Nominee of Central Government or State Government on board49Powers and functions of board50Meeting of board51Chief Executive52Powers and functions of Chief Executive53Committees of board54Securing possession of records, etcPRIVILEGES OF MULTI-STATE CO-OPERATIVE SOCIETIES
55Charge and set-off in respect of share or contribution or interest of members56Share or contribution or interest not liable to attachment57Register of Members58Admissibility of copy of entry as evidence59Exemption from compulsory registration of instruments60Deduction from salary to meet multi-State co-operative society’s claim in certain cases61Government aid to multi-State co-operative societiesPROPERTIES AND FUNDS OF MULTI-STATE CO-OPERATIVE SOCIETIES
AUDIT, ENQUIRY, INSPECTION AND SURCHARGE
70Appointment and remuneration of auditors71Provision as to resolutions for appointing or removing auditors72Qualifications disqualifications of auditors73Powers and duties of auditors74Signature of audit report, etc75Reading and inspection of auditor’s report76Right of auditor to attend general meeting77Power of Central Government to direct special audit in certain cases78Inquiry by Central Registrar79Inspection of multi-State co-operative societies80Inspection of books of indebted multi-State co-operative societies81Costs of inquiry and inspection82Recovery of costs83Repayment, etcSETTLEMENT OF DISPUTES
WINDING UP OF MULTI-STATE CO-OPERATIVE SOCIETY
86Winding up of multi-State co-operative societies87Winding up of co-operative bank at the direction of Reserve Bank88Reimbursement to the Deposit Insurance Corporation by liquidator89Liquidator90Powers of liquidator91Disposal of surplus assets92Priority of contributions assessed by liquidator93Power of Central Registrar to cancel registration of a multi-State co-operative societyEXECUTION 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
106Copies of bye-laws, etc., to be open to inspection107Place of keeping and inspection of, registers and returns108Inspection of books of account, etc., of multi-State co-operative society109Annual accounts and balance-sheet110Minutes of proceedings of general meetings and of board and other meetings111Minutes to be evidence112Presumptions to be drawn where minutes duly drawn and signed113Inspection of minutes book of general meetings114Liquidator to be public servant115Notice necessary in suits116Power to amend Second Schedule117Bar of jurisdiction of courts118Indemnity119Opening of branches120Filing of returns121Certain Acts not to apply122Central Government’s power to give directions to specified multi-State co-operative societies in public interest123Supersession of board of specified multi-State co-operative society124Power to make rules125Power to remove difficulties126Repeal and saving