Bare Acts

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.

बहुराज्यय सहकारी सोसाइटी अधिनियम, 2002

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Act Details

Act Number:

Act Year:

2002

Location:

Enactment Date:

7/3/2002

Enforcement Date:

19-08-2002

Ministry:

Ministry of Cooperation

Full List of Sections

PRELIMINARY

Section 1 to Section 3

Section 1

Short title, extent and commencement.

Section 2

Application.

Section 3

Definitions.

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

Section 4 to Section 22

Section 4

Central Registrar.

Section 5

Multi-State co-operative societies which may be registered.

Section 6

Application for registration.

Section 7

Registration.

Section 8

Registration certificate.

Section 9

Multi-State co-operative society to be body corporate.

Section 10

Bye-laws of multi-State co-operative societies.

Section 11

Amendment of bye-laws of a multi-State co-operative society.

Section 12

When amendment of bye-laws comes into force.

Section 13

Change of name.

Section 14

Address.

Section 15

Publication of name by multi-State co-operative society.

Section 16

Liability.

Section 17

Amalgamation or transfer of assets and liabilities, or division of multi-State co-operative societies.

Section 18

Central Registrar to prepare scheme of amalgamation or reorganisation of a co-operative bank in certain cases.

Section 19

Promotion of subsidiary institution.

Section 20

Liability of a co-operative bank to Deposit Insurance and Credit Guarantee Corporation.

Section 21

Cancellation of registration certificate of multi-State co-operative societies in certain cases.

Section 22

Conversion of a co-operative society into a multi-State co-operative society.

REGISTRATION AND FUNCTIONS OF FEDERAL CO-OPERATIVES

Section 23 to Section 24

Section 23

Registration of federal co-operative.

Section 24

Functions of federal co-operative.

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

Section 25 to Section 37

Section 25

Persons who may become members.

Section 26

Nominal or associate member of society.

Section 27

Educational course for members.

Section 28

Members not to exercise rights till due payment made.

Section 29

Disqualification for member of a multi-State co-operative society.

Section 30

Expulsion of members.

Section 31

Vote of members.

Section 32

Manner of exercising vote.

Section 33

Restriction on holding of shares.

Section 34

Restriction on transfer of shares or interest.

Section 35

Redemption of shares.

Section 36

Transfer of interest on death of members.

Section 37

Liabilities of past member and estate of deceased member.

DIRECTION AND MANAGEMENT OF MULTI-STATE CO-OPERATIVE SOCIETIES

Section 38 to Section 54

Section 38

Constitution, powers and functions of general body.

Section 39

Annual general meeting of general body.

Section 40

Special general meeting of general body.

Section 41

Board of directors.

Section 42

Association of employees in management decision making process.

Section 43

Disqualifications for being a member of board.

Section 44

Prohibition to hold office of chairperson or president or vice-chairperson or vice-president in certain cases.

Section 45

Establishment of Co-operative Election Authority.

Section 45A

Power of Chairperson.

Section 45B

Removal and suspension of Chairperson, Vice Chairperson and Members.

Section 45C

Disclosure and declaration of interest.

Section 45D

Resignation of Members.

Section 45E

Filling of casual vacancy.

Section 45F

Restriction of reemployment.

Section 45G

Vacancies, etc., not to invalidate proceedings of Authority.

Section 45H

Meetings of Authority.

Section 45I

Functions of Authority.

Section 45J

Elections of members of board.

Section 45K

Appointment of Returning Officer and other officers.

Section 45L

Power to issue directions.

Section 46

Holding of office in co-operative society.

Section 47

Removal of elected members by general body.

Section 48

Nominee of Central Government or State Government on board.

Section 49

Powers and functions of board.

Section 50

Meeting of board.

Section 51

Chief Executive.

Section 52

Powers and functions of Chief Executive.

Section 53

Committees of board.

Section 54

Securing possession of records, etc.

PRIVILEGES OF MULTI-STATE CO-OPERATIVE SOCIETIES

Section 55 to Section 61

Section 55

Charge and set-off in respect of share or contribution or interest of members.

Section 56

Share or contribution or interest not liable to attachment.

Section 57

Section 58

Admissibility of copy of entry as evidence.

Section 59

Exemption from compulsory registration of instruments.

Section 60

Deduction from salary to meet multi-State co-operative society?s claim in certain cases.

Section 61

Government aid to multi-State co-operative societies.

PROPERTIES AND FUNDS OF MULTI-STATE CO-OPERATIVE SOCIETIES

Section 62 to Section 69

Section 62

Funds not to be divided by way of profit.

Section 63

Disposal of net profits.

Section 63A

Establishment of Co-operative Rehabilitation, Reconstruction and Development Fund.

Section 63B

Rehabilitation and reconstruction of sick societies.

Section 63C

Financial assistance to multi-State co-operative societies for development.

Section 64

Investment of funds.

Section 65

Restriction on contribution.

Section 66

Restriction on loans.

Section 67

Restrictions on borrowings.

Section 68

Restriction on other transactions with non-members.

Section 69

Contributory provident fund.

AUDIT, ENQUIRY, INSPECTION AND SURCHARGE

Section 70 to Section 83

Section 70

Appointment and remuneration of auditors.

Section 70A

Concurrent Audit.

Section 71

Provision as to resolutions for appointing or removing auditors.

Section 72

Qualifications disqualifications of auditors.

Section 73

Powers and duties of auditors.

Section 74

Signature of audit report, etc.

Section 75

Reading and inspection of auditor?s report.

Section 76

Right of auditor to attend general meeting.

Section 77

Power of Central Government to direct special audit in certain cases.

Section 78

Inquiry by Central Registrar.

Section 79

Inspection of multi-State co-operative societies.

Section 80

Inspection of books of indebted multi-State co-operative societies.

Section 81

Costs of inquiry and inspection.

Section 82

Recovery of costs.

Section 83

Repayment, etc.

SETTLEMENT OF DISPUTES

Section 84 to Section 85

Section 84

Reference of disputes.

Section 85

Limitation.

REDRESSAL OF COMPLAINTS

Section 85A

Co-operative Ombudsman.

WINDING UP OF MULTI-STATE CO-OPERATIVE SOCIETY

Section 86 to Section 93

Section 86

Winding up of multi-State co-operative societies.

Section 87

Winding up of co-operative bank at the direction of Reserve Bank.

Section 88

Reimbursement to the Deposit Insurance Corporation by liquidator.

Section 89

Liquidator.

Section 90

Powers of liquidator.

Section 91

Disposal of surplus assets.

Section 92

Priority of contributions assessed by liquidator.

Section 93

Power of Central Registrar to cancel registration of a multi-State co-operative society.

EXECUTION OF DECREES, ORDERS AND DECISIONS

Section 94 to Section 98A

Section 94

Execution of decisions, etc.

Section 95

Execution of orders of liquidators.

Section 96

Attachment before award.

Section 97

Central Registrar or arbitrator or person authorised to be civil court for certain purposes.

Section 98

Recovery of sums due to Government.

Section 98A

Review of decision.

APPEALS AND REVIEW

Section 99 to Section 102

Section 99

Appeals.

Section 100

No appeal in certain cases.

Section 101

Review.

Section 102

Interlocutory orders.

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

Section 103

Co-operative societies functioning immediately before reorganisation of States.

OFFENCES AND PENALTIES

Section 104 to Section 105A

Section 104

Offences and penalties.

Section 105

Cognizance of offences.

Section 105A

Provisions of this Act not in derogation of any other law.

MISCELLANEOUS

Section 106 to Section 126

Section 106

Appointment of Co-operative Information Officer.

Section 106A

Copy of rules and bye-laws, etc., for inspection.

Section 107

Place of keeping and inspection of, registers and returns.

Section 108

Inspection of books of account, etc., of multi-State co-operative society.

Section 109

Annual accounts and balance-sheet.

Section 110

Minutes of proceedings of general meetings and of board and other meetings.

Section 111

Minutes to be evidence.

Section 112

Presumptions to be drawn where minutes duly drawn and signed.

Section 113

Inspection of minutes book of general meetings.

Section 114

Liquidator to be public servant.

Section 115

Notice necessary in suits.

Section 116

Power to amend Schedule.

Section 117

Bar of jurisdiction of courts.

Section 118

Indemnity.

Section 119

Opening of branches.

Section 120

Filing of returns.

Section 120A

Filing of applications, documents, inspections, etc., in electronic form.

Section 120B

Application of Banking Regulation Act, 1949.

Section 121

Certain Acts not to apply.

Section 122

Central Government?s power to give directions to specified multi-State co-operative societies in public interest.

Section 123

Supersession of board of specified multi-State co-operative society.

Section 124

Power to make rules.

Section 125

Power to remove difficulties.

Section 126

Repeal and saving.