Multi-State Co-operative Societies Act, 2002
Bare 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 people's 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 number
- 39 of 2002
- Enacted
- 3 July 2002
- Contents
- 148 sections · 17 chapters
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Contents
Chapter I — Preliminary
Chapter II — Central Registrar And Registration Of Multi-State Co-Operative Societies
- Section 4 – Central Registrar
- Section 5 – Multi-State co-operative societies which may be registered
- Section 6 – Application for registration (preview)
- Section 7 – Registration (preview)
- Section 8 – Registration certificate (preview)
- Section 9 – Multi-State co-operative society to be body corporate (preview)
- Section 10 – Bye-laws of multi-State co-operative societies (preview)
- Section 11 – Amendment of bye-laws of a multi-State co-operative society (preview)
- Section 12 – When amendment of bye-laws comes into force (preview)
- Section 13 – Change of name (preview)
- Section 15 – Publication of name by multi-State co-operative society (preview)
- Section 16 – Liability (preview)
- Section 17 – Amalgamation or transfer of assets and liabilities, or division of multi-State co-operative societies (preview)
- Section 18 – Central Registrar to prepare scheme of amalgamation or reorganisation of a co-operative bank in certain cases (preview)
- Section 19 – Promotion of subsidiary institution (preview)
- Section 20 – Liability of a co-operative bank to Deposit Insurance and Credit Guarantee Corporation (preview)
- Section 21 – Cancellation of registration certificate of multi-State co-operative societies in certain cases (preview)
- Section 22 – Conversion of a co-operative society into a multi-State co-operative society (preview)
Sections
- Section 14 – Address (preview)
- Section 45-I – Functions of Authority (preview)
- Section 77 – Power of Central Government to direct special audit in certain cases (preview)
Chapter III — Registration And Functions Of Federal Co-Operatives
- Section 23 – Registration of federal co-operative (preview)
- Section 24 – Functions of federal co-operative (preview)
Chapter IV — Members Of Multi-State Co-Operative Societies And Their Duties, Rights And Liabilities
- Section 25 – Persons who may become members (preview)
- Section 26 – Nominal or associate member of society (preview)
- Section 27 – Educational course for members (preview)
- Section 28 – Members not to exercise rights till due payment made (preview)
- Section 29 – Disqualification for member of a multi-State co-operative society (preview)
- Section 30 – Expulsion of members (preview)
- Section 31 – Vote of members (preview)
- Section 32 – Manner of exercising vote (preview)
- Section 33 – Restriction on holding of shares (preview)
- Section 34 – Restriction on transfer of shares or interest (preview)
- Section 35 – Redemption of shares (preview)
- Section 36 – Transfer of interest on death of members (preview)
- Section 37 – Liabilities of past member and estate of deceased member (preview)
Chapter V — Direction And Management Of Multi-State Co-Operative Societies
- Section 38 – Constitution, powers and functions of general body (preview)
- Section 39 – Annual general meeting of general body (preview)
- Section 40 – Special general meeting of general body (preview)
- Section 41 – Board of directors (preview)
- Section 42 – Association of employees in management decision making process (preview)
- Section 43 – Disqualifications for being a member of board (preview)
- Section 44 – Prohibition to hold office of chairperson or president or vice-chairperson or vice-president in certain cases (preview)
- Section 45 – Establishment of Cooperative Election Authority (preview)
- Section 45A – Power of Chairperson (preview)
- Section 45B – Removal and suspension of Chairperson, Vice Chairperson and Members (preview)
- Section 45C – Disclosure and declaration of interest (preview)
- Section 45D – Resignation of Members (preview)
- Section 45E – Filling of casual vacancy (preview)
- Section 45F – Restriction of reemployment (preview)
- Section 45G – Vacancies, etc., not to invalidate proceedings of Authority (preview)
- Section 45H – Meetings of Authority (preview)
- Section 45J – Elections of members of board (preview)
- Section 45K – Appointment of Returning Officer and other officers (preview)
- Section 45L – Power to issue directions (preview)
- Section 46 – Holding of office in co-operative society (preview)
- Section 47 – Removal of elected members by general body (preview)
- Section 48 – Nominee of Central Government or State Government on board (preview)
- Section 49 – Powers and functions of board (preview)
- Section 50 – Meeting of board (preview)
- Section 51 – Chief Executive (preview)
- Section 52 – Powers and functions of Chief Executive (preview)
- Section 53 – Committees of board (preview)
- Section 54 – Securing possession of records, etc (preview)
Chapter VI — Privileges Of Multi-State Co-Operative Societies
- Section 55 – Charge and set-off in respect of share or contribution or interest of members (preview)
- Section 56 – Share or contribution or interest not liable to attachment (preview)
- Section 57 – Register of members (preview)
- Section 58 – Admissibility of copy of entry as evidence (preview)
- Section 59 – Exemption from compulsory registration of instruments (preview)
- Section 60 – Deduction from salary to meet multi-State co-operative society’s claim in certain cases (preview)
- Section 61 – Government aid to multi-State co-operative societies (preview)
Chapter VII — Properties And Funds Of Multi-State Co-Operative Societies
- Section 62 – Funds not to be divided by way of profit (preview)
- Section 63 – Disposal of net profits (preview)
- Section 63A – Establishment of Co-operative Rehabilitation, Reconstruction and Development Fund (preview)
- Section 63B – Rehabilitation and reconstruction of sick societies (preview)
- Section 63C – Financial assistance to multi-State co-operative societies for development (preview)
- Section 64 – Investment of funds (preview)
- Section 65 – Restriction on contribution (preview)
- Section 66 – Restriction on loans (preview)
- Section 67 – Restrictions on borrowings (preview)
- Section 68 – Restriction on other transactions with non-members (preview)
- Section 69 – Contributory provident fund (preview)
Chapter VIII — Audit, Inquiry, Inspection And Surcharge
- Section 70 – Appointment and remuneration of auditors (preview)
- Section 70A – Concurrent Audit (preview)
- Section 71 – Provision as to resolutions for appointing or removing auditors (preview)
- Section 72 – Qualifications disqualifications of auditors (preview)
- Section 73 – Powers and duties of auditors (preview)
- Section 74 – Signature of audit report, etc (preview)
- Section 75 – Reading and inspection of auditor’s report (preview)
- Section 76 – Right of auditor to attend general meeting (preview)
- Section 78 – Inquiry by Central Registrar (preview)
- Section 79 – Inspection of multi-State co-operative societies (preview)
- Section 80 – Inspection of books of indebted multi-State co-operative societies (preview)
- Section 81 – Costs of inquiry and inspection (preview)
- Section 82 – Recovery of costs (preview)
- Section 83 – Repayment, etc (preview)
Chapter IX — Settlement Of Disputes
- Section 84 – Reference of disputes (preview)
- Section 85 – Limitation (preview)
Chapter IXA — Redressal Of Complaints
- Section 85A – Co-operative Ombudsman (preview)
Chapter X — Winding Up Of Multi-State Co-Operative Society
- Section 86 – Winding up of multi-State co-operative societies (preview)
- Section 87 – Winding up of co-operative bank at the direction of Reserve Bank (preview)
- Section 88 – Reimbursement to the Deposit Insurance Corporation by liquidator (preview)
- Section 89 – Liquidator (preview)
- Section 90 – Powers of liquidator (preview)
- Section 91 – Disposal of surplus assets (preview)
- Section 92 – Priority of contributions assessed by liquidator (preview)
- Section 93 – Power of Central Registrar to cancel registration of a multi-State co-operative society (preview)
Chapter XI — Execution Of Decrees, Orders And Decisions
- Section 94 – Execution of decisions, etc (preview)
- Section 95 – Execution of orders of liquidators (preview)
- Section 96 – Attachment before award (preview)
- Section 97 – Central Registrar or arbitrator or person authorised to be civil court for certain purposes (preview)
- Section 98 – Recovery of sums due to Government (preview)
- Section 98A – Review of decision (preview)
Chapter XII — Appeals And Review
- Section 99 – Appeals (preview)
- Section 100 – No appeal in certain cases (preview)
- Section 101 – Review (preview)
- Section 102 – Interlocutory orders (preview)
Chapter XIII — Societies Which Become Multi-State Co-Operative Societies Consequent On Reorganisation Of States
- Section 103 – Co-operative societies functioning immediately before reorganisation of States (preview)
Chapter XIV — Offences And Penalties
- Section 104 – Offences and penalties (preview)
- Section 105 – Cognizance of offences (preview)
- Section 105A – Provisions of this Act not in derogation of any other law (preview)
Chapter XV — Miscellaneous
- Section 106 – Appointment of Co-operative Information Officer (preview)
- Section 106A – Copy of rules and bye-laws, etc., for inspection (preview)
- Section 107 – Place of keeping and inspection of, registers and returns (preview)
- Section 108 – Inspection of books of account, etc., of multi-State co-operative society (preview)
- Section 109 – Annual accounts and balance-sheet (preview)
- Section 110 – Minutes of proceedings of general meetings and of board and other meetings (preview)
- Section 111 – Minutes to be evidence (preview)
- Section 112 – Presumptions to be drawn where minutes duly drawn and signed (preview)
- Section 113 – Inspection of minutes book of general meetings (preview)
- Section 114 – Liquidator to be public servant (preview)
- Section 115 – Notice necessary in suits (preview)
- Section 116 – Power to amend Schedule (preview)
- Section 117 – Bar of jurisdiction of courts (preview)
- Section 118 – Indemnity (preview)
- Section 119 – Opening of branches (preview)
- Section 120 – Filing of returns (preview)
- Section 120A – Filing of applications, documents, inspections, etc., in electronic form (preview)
- Section 120B – Application of Banking Regulation Act, 1949 (preview)
- Section 121 – Certain Acts not to apply (preview)
- Section 122 – Central Government’s power to give directions to specified multi-State co-operative societies in public interest (preview)
- Section 123 – Supersession of board of specified multi-State co-operative society (preview)
- Section 124 – Power to make rules (preview)
- Section 125 – Power to remove difficulties (preview)
- Section 126 – Repeal and saving (preview)