Jammu and Kashmir Co-Operative Societies Act, 1989

Bare Act · 1989

Act number: 10 of 1989
Enacted: 8 July 1989
Contents: 184 sections

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Section 1 – Short title, extent and commencement
Section 2 – Definitions
Section 3 – The Registrar
Section 4 – Societies which may be registered
Section 5 – Application for registration of Co-operative Societies
Section 6 – Registration (preview)
Section 7 – Registration certificate (preview)
Section 8 – Registration with limited or unlimited liability (preview)
Section 8A – Conversion (preview)
Section 9 – Amendment of the bye-laws of Co-operative Society (preview)
Section 10 – Power to direct amendment of bye-laws (preview)
Section 11 – Change of name of Co-operative Society (preview)
Section 12 – When amendment of bye-laws comes into force (preview)
Section 13 – Change of liability (preview)
Section 14 – Amalgamation, transfer of assets and liabilities and division of Cooperative Societies (preview)
Section 15 – Cancellation of registration certificate of Co-operative Societies in certain cases (preview)
Section 16 – Re-organisation of Societies (preview)
Section 17 – Persons who may become members (preview)
Section 18 – Nominal or associate members (preview)
Section 19 – Member not to exercise rights till due payment made (preview)
Section 20 – Votes for members (preview)
Section 21 – Manner of exercising vote (preview)
Section 22 – Restrictions on holding of shares (preview)
Section 23 – Restriction on transfer of shares or interest (preview)
Section 24 – Transfer of interest on death of member (preview)
Section 25 – Liability of a past member and estate of deceased member (preview)
Section 26 – Final authority in a Co-operative Society (preview)
Section 27 – Annual general meeting (preview)
Section 28 – Special general meeting (preview)
Section 29 – Election and nomination of members of Committees (preview)
Section 29A – Bar to election, nomination and continuance as member of Committees (preview)
Section 29B – Qualification for membership of the Committees (preview)
Section 30 – Supersession/removal of Committee (preview)
Section 30A – Transitional provision (preview)
Section 30B – Transitory provision for revival of certain Cooperative Banks (preview)
Section 31 – Securing possession of records (preview)
Section 32 – Acts of Co-operative Societies not to invalidate by certain defects (preview)
Section 32A – Autonomy in all financial and internal administrative matters (preview)
Section 33 – Co-operative Societies to be bodies corporate (preview)
Section 34 – First charge of Co-operative Society on certain assets (preview)
Section 35 – Declaration for creating charge (preview)
Section 36 – Charge and set off in respect of shares or interest of members in the capital or a Co-operative Society (preview)
Section 37 – Shares or interest not liable to attachment (preview)
Section 38 – Register of members (preview)
Section 39 – Proof of entries in Co-operative societys books (preview)
Section 40 – Exemption from compulsory registration of instruments (preview)
Section 41 – Exemption from certain taxes, fee and duties (preview)
Section 42 – Deduction from salary to meet societys claim in certain cases (preview)
Section 43 – Direct partnership of Government in Co-operative Societies (preview)
Section 44 – Indirect partnership of Government in Co-operative Societies (preview)
Section 45 – Principal Government Partnership Fund (preview)
Section 46 – Subsidiary Government Partnership Fund (preview)
Section 47 – Approval of Government of purchase of shares (preview)
Section 48 – Liability to be limited in respect of certain shares (preview)
Section 49 – Restriction on amount of dividend (preview)
Section 50 – Indemnity of apex and central societies (preview)
Section 51 – Disposal of share capital and dividend etc (preview)
Section 52 – Disposal of Principal Government Partnership Fund and Subsidiary Government Partnership Fund on winding up of an apex or a central society (preview)
Section 53 – Principal Government Partnership Fund and Subsidiary Partnership Fund not to form part of assets (preview)
Section 54 – Agreement by Government and apex societies subject to the foregoing provisions of this Chapter (preview)
Section 55 – Other forms of Government aid to Co-operative societies (preview)
Section 56 – Provisions of this Chapter to over-ride other laws (preview)
Section 57 – Fund not to be divided (preview)
Section 58 – Procedure for calculation of profits (preview)
Section 59 – Disposal of net profits (preview)
Section 60 – Investment of funds (preview)
Section 61 – Restriction on loans (preview)
Section 62 – Instructions on borrowings (preview)
Section 63 – Restriction on other transactions with non-member (preview)
Section 64 – Audit (preview)
Section 65 – Communication of defects in audit to Co-operative society (preview)
Section 66 – Inspection of books of a Co-operative society (preview)
Section 67 – Inquiry by Registrar (preview)
Section 68 – Costs of inquiry (preview)
Section 69 – Surcharge (preview)
Section 70 – Dispute which may be referred to arbitration (preview)
Section 71 – Recovery of money by Financing Bank (preview)
Section 72 – Reference of disputes to the authorities or arbitration (preview)
Section 73 – Recovery of sums advanced (preview)
Section 73A – Registrar’s obligations (preview)
Section 74 – Winding up of Co-operative Societies (preview)
Section 75 – Liquidator (preview)
Section 76 – Powers of liquidator (preview)
Section 77 – Cancellation of registration of a Co-operative Society (preview)
Section 78 – Definitions (preview)
Section 79 – State and other Agriculture and Rural Development Banks (preview)
Section 80 – Powers of Agriculture and Rural Development Bank to advance loans and to hold lands (preview)
Section 81 – Appointment of Trustee and his powers and functions (preview)
Section 82 – Trustee to be a Corporation sole (preview)
Section 83 – Issue of debentures by the Board (preview)
Section 84 – Powers to borrow money by issue of bonds or by way of loan (preview)
Section 85 – Charge of debentures holders on certain properties (preview)
Section 86 – Guarantee by Government of Principal of, and interest on debentures bonds etc (preview)
Section 87 – Security for loans (preview)
Section 88 – Mode of dealing with applications for loans (preview)
Section 89 – Other Guarantees by the Government (preview)
Section 90 – Order granting loan conclusive of certain matters (preview)
Section 91 – Priority of mortgage over certain claims (preview)
Section 92 – Right of Agriculture and Rural Development Bank or of the State Agriculture and Rural Development Bank to purchase mortgaged property (preview)
Section 93 – Mortgages executed in favour of Agriculture and Rural Development Bank to stand vested in State Agriculture and Rural Development Bank (preview)
Section 94 – Registration of mortgages in favour of Agriculture and Rural Development Bank (preview)
Section 95 – Restriction or lease and transfer (preview)
Section 96 – Recovery of loans by Agriculture and Rural Development Bank (preview)
Section 97 – Power of Agriculture and Rural Development Bank to receive money and grant discharges (preview)
Section 98 – Right of Agriculture and Rural Development Bank to pay prior debts of Mortgagor (preview)
Section 99 – Distraint when to be made (preview)
Section 100 – Power of sale when to be exercised (preview)
Section 101 – Power of Agriculture and Rural Development Bank where mortgaged property is destroyed or security becomes insufficient (preview)
Section 102 – Power of Board or of Trustee to distrain and sell property etc (preview)
Section 103 – Title of purchaser not to be questioned on the ground of irregularity etc (preview)
Section 104 – Mortgage not to be questioned on insolvency of mortgagor (preview)
Section 105 – Appointment of Receiver and his powers (preview)
Section 106 – Mortgager’s powers to lease (preview)
Section 107 – Registration of documents executed on behalf of an Agriculture and Rural Development Bank or of the State Agriculture and Rural Development Bank (preview)
Section 108 – Delegation of certain power by the Board (preview)
Section 109 – Sections 102, 103 and 104 of the Transfer of Property Act, 1882 to apply to notice under this Chapter (preview)
Section 110 – Power of the Board to make regulations (preview)
Section 111 – Mortgage Bank to be Agricultural Class (preview)
Section 112 – Over-riding effect (preview)
Section 113 – Housing Co-operative Societies (preview)
Section 114 – Definition for purposes of this Chapter (preview)
Section 115 – Issue of debentures (preview)
Section 116 – Appointment and powers of trustee (preview)
Section 117 – Vesting property in trustee (preview)
Section 118 – Guarantee by Government of principal of, and interest on debentures (preview)
Section 119 – Guarantee Fund (preview)
Section 120 – Rights of debenture holders (preview)
Section 121 – Raising of loans from Government and funding agencies at National and International levels (preview)
Section 122 – Accepting of deposit (preview)
Section 123 – Distraint when to be made (preview)
Section 124 – Distraint how to be effected (preview)
Section 125 – Sale of property distrained (preview)
Section 126 – Power of sale of mortgage and property when and how to be exercised (preview)
Section 127 – Application for sale and manner of sale (preview)
Section 128 – Application to set aside sale (preview)
Section 129 – Disposal of sale proceeds (preview)
Section 130 – Grant of certificate to purchaser (preview)
Section 131 – Delivery of property to purchaser (preview)
Section 132 – Appointment and power of receiver (preview)
Section 133 – Title of purchaser not impeachable for irregularities (preview)
Section 134 – Eviction of defaulter member and tenants etc. and applicability of the Residential and Commercial Tenancy Act, 2012 (preview)
Section 135 – Appointment of Sale Officers (preview)
Section 136 – Mortgages executed in favour of Housing Society to stand vested in Housefed (preview)
Section 137 – Requirement when property mortgaged is destroyed or security is rendered insufficient etc (preview)
Section 138 – Power of Board and Trustee to direct distraint sale (preview)
Section 139 – Mortgage not to be questioned in insolvency of mortgagor (preview)
Section 140 – Right of Housing Society to pay prior debts of mortgagor (preview)
Section 141 – Power of Housing Society regarding mortgages transferred to Housefed (preview)
Section 142 – Mortgages executed by Manager of Joint Hindu Family (preview)
Section 143 – Non-applicability of Land Acquisition Act to Lands of Housing Societies (preview)
Section 144 – Proof of document or entries in documents (preview)
Section 145 – Application of this Chapter to loans advance by Housing Society from funds not borrowed from Housefed (preview)
Section 146 – Application of provisions of Transfer of Property Act, Samvat 1977 to notices (preview)
Section 147 – Officers of Housing Societies and Sale Officers not to bid at sales (preview)
Section 148 – Delegation of powers of Board (preview)
Section 149 – Board’s power of supervision (preview)
Section 150 – Regulation under this Chapter (preview)
Section 151 – Power to make rules (preview)
Section 152 – Enforcement of charges (preview)
Section 153 – Execution of orders etc (preview)
Section 154 – Attachment of property before award or order (preview)
Section 155 – Registrar or person empowered by him to be civil court for certain purposes (preview)
Section 156 – Recovery of sum due to Government (preview)
Section 157 – Constitution of Co-operative Appellate Tribunal (preview)
Section 158 – Constitution of Co-operative Appellate Tribunal (preview)
Section 159 – Limitation for appeal (preview)
Section 160 – Revision (preview)
Section 161 – Review (preview)
Section 162 – Interlocutory orders (preview)
Section 163 – Offences (preview)
Section 164 – Cognizance of offences (preview)
Section 165 – Address of a Co-operative Society (preview)
Section 166 – Copy of Act, Rules and Bye-laws to open to inspection (preview)
Section 167 – Prohibition against the use of the word “Co-operative” (preview)
Section 168 – Notice necessary in suits (preview)
Section 169 – Travelling and other allowances etc (preview)
Section 170 – Securities etc (preview)
Section 171 – Companies Act not to apply (preview)
Section 172 – Saving of existing societies (preview)
Section 173 – Indemnity (preview)
Section 174 – Power of Civil Court (preview)
Section 175 – Bar of Jurisdiction of Courts (preview)
Section 176 – Power to make rules (preview)
Section 177 – Repeal and savings (preview)

Contents