The Multi-State Co-operative Societies Act `2002

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

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     Central Registrar
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     Multi-State co-operative societies which may be registered
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     Application for registration
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     Registration
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     Registration certificate
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     Multi-State co-operative society to be body corporate
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     Bye-laws of multi-State co-operative societies
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     Amendment of bye-laws of a multi-State co-operative society
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     When amendment of bye-laws comes into force
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     Change of name
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     Change of address
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     Publication of name by multi-State co-operative society
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     Liability
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     Amalgamation or transfer of assets and liabilities, or division of multi-State co-operative societies
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     Central Registrar to prepare scheme of amalgamation or reorganisation of a co-operative bank in certain cases
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     Promotion of subsidiary institution
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     Liability of a co-operative bank to Deposit Insurance and Credit Guarantee Corporation
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     Cancellation of registration certificate of multi-State co-operative societies in certain cases
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     Conversion of a co-operative society into a multi-State co-operative society
  • REGISTRATION AND FUNCTIONS OF FEDERAL CO-OPERATIVES

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     Registration of federal co-operative
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     Functions of federal co-operative
  • MEMBERS OF MULTI-STATE CO-OPERATIVE SOCIETIES AND THEIR DUTIES, RIGHTS AND LIABILITIES

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     Persons who may become members
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     Nominal or associate member of society
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     Educational course for members
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     Members not to exercise rights till due payment made
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     Disqualification for member of a multi-State co-operative society
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     Expulsion of members
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     Vote of members
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     Manner of exercising vote
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     Restriction on holding of shares
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     Restriction on transfer of shares or interest
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     Redemption of shares
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     Transfer of interest on death of members
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     Liabilities of past member and estate of deceased member
  • DIRECTION AND MANAGEMENT OF MULTI-STATE CO-OPERATIVE SOCIETIES

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     Constitution, powers and functions of general body
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     Annual general meeting of general body
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     Special general meeting of general body
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     Board of directors
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     Association of employees in management decision making process
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     Disqualifications for being a member of board
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     Prohibition to hold office of chairperson or president or vice-chairperson or vice-president in certain cases
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     Elections of members of board
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     Holding of office in co-operative society
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     Removal of elected members by general body
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     Nominee of Central Government or State Government on board
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     Powers and functions of board
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     Meeting of board
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     Chief Executive
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     Powers and functions of Chief Executive
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     Committees of board
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     Securing possession of records, etc
  • PRIVILEGES OF MULTI-STATE CO-OPERATIVE SOCIETIES

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     Charge and set-off in respect of share or contribution or interest of members
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     Share or contribution or interest not liable to attachment
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     Register of Members
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     Admissibility of copy of entry as evidence
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     Exemption from compulsory registration of instruments
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     Deduction from salary to meet multi-State co-operative society’s claim in certain cases
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     Government aid to multi-State co-operative societies
  • PROPERTIES AND FUNDS OF MULTI-STATE CO-OPERATIVE SOCIETIES

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     Funds not to be divided by way of profit
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     Disposal of net profits
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     Investment of funds
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     Restriction on contribution
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     Restrictions on loans
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     Restriction on borrowings
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     Restrictions on other transactions with non-members
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     Contributory provident fund
  • AUDIT, ENQUIRY, INSPECTION AND SURCHARGE

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     Appointment and remuneration of auditors
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     Provision as to resolutions for appointing or removing auditors
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     Qualifications disqualifications of auditors
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     Powers and duties of auditors
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     Signature of audit report, etc
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     Reading and inspection of auditor’s report
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     Right of auditor to attend general meeting
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     Power of Central Government to direct special audit in certain cases
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     Inquiry by Central Registrar
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     Inspection of multi-State co-operative societies
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     Inspection of books of indebted multi-State co-operative societies
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     Costs of inquiry and inspection
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     Recovery of costs
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     Repayment, etc
  • SETTLEMENT OF DISPUTES

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     Reference of disputes
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     Limitation
  • WINDING UP OF MULTI-STATE CO-OPERATIVE SOCIETY

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     Winding up of multi-State co-operative societies
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     Winding up of co-operative bank at the direction of Reserve Bank
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     Reimbursement to the Deposit Insurance Corporation by liquidator
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     Liquidator
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     Powers of liquidator
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     Disposal of surplus assets
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     Priority of contributions assessed by liquidator
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     Power of Central Registrar to cancel registration of a multi-State co-operative society
  • EXECUTION OF DECREES, ORDERS AND DECISIONS

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     Execution of decisions, etc
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     Execution of orders of liquidator
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     Attachment before award
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     Central Registrar or arbitrator or person authorised to be civil court for certain purposes
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     Recovery of sums due to Government
  • APPEALS AND REVIEW

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     Appeals
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     No appeal in certain cases
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     Review
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     Interlocutory orders
  • SOCIETIES WHICH BECOME MULTI-STATE CO-OPERATIVE SOCIETIES CONSEQUENT ON REORGANISATION OF STATES

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     Co-operatives societies functioning immediately before reorganisation of States
  • OFFENCES AND PENALTIES

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     Offences and penalties
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     Cognizance of offences
  • MISCELLANEOUS

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     Copies of bye-laws, etc., to be open to inspection
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     Place of keeping and inspection of, registers and returns
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     Inspection of books of account, etc., of multi-State co-operative society
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     Annual accounts and balance-sheet
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     Minutes of proceedings of general meetings and of board and other meetings
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     Minutes to be evidence
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     Presumptions to be drawn where minutes duly drawn and signed
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     Inspection of minutes book of general meetings
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     Liquidator to be public servant
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     Notice necessary in suits
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     Power to amend Second Schedule
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     Bar of jurisdiction of courts
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     Indemnity
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     Opening of branches
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     Filing of returns
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     Certain Acts not to apply
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     Central Government’s power to give directions to specified multi-State co-operative societies in public interest
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     Supersession of board of specified multi-State co-operative society
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     Power to make rules
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     Power to remove difficulties
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     Repeal and saving