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Bar News Acts League

The Multi-State Co-operative Societies Act, 2002

Act ID: 2002

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."

Table of Contents

147 Sections

Ch. 1

PRELIMINARY

S.1Short title, extent and commencement.S.2Application.S.3Definitions.

Ch. 2

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

S.4Central Registrar.S.5Multi-State co-operative societies which may be registered.S.6Application for registration.S.7Registration.S.8Registration certificate.S.9Multi-State co-operative society to be body corporate.S.10Bye-laws of multi-State co-operative societies.S.11Amendment of bye-laws of a multi-State co-operative society.S.12When amendment of bye-laws comes into force.S.13Change of name.S.14Address.S.15Publication of name by multi-State co-operative society.S.16Liability.S.17Amalgamation or transfer of assets and liabilities, or division of multi-State co-operative societies.S.18Central Registrar to prepare scheme of amalgamation or reorganisation of a co-operative bank in certain cases.S.19Promotion of subsidiary institution.S.20Liability of a co-operative bank to Deposit Insurance and Credit Guarantee Corporation.S.21Cancellation of registration certificate of multi-State co-operative societies in certain cases.S.22Conversion of a co-operative society into a multi-State co-operative society.

Ch. 3

REGISTRATION AND FUNCTIONS OF FEDERAL CO-OPERATIVES

S.23Registration of federal co-operative.S.24Functions of federal co-operative.

Ch. 4

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

S.25Persons who may become members.S.26Nominal or associate member of society.S.27Educational course for members.S.28Members not to exercise rights till due payment made.S.29Disqualification for member of a multi-State co-operative society.S.30Expulsion of members.S.31Vote of members.S.32Manner of exercising vote.S.33Restriction on holding of shares.S.34Restriction on transfer of shares or interest.S.35Redemption of shares.S.36Transfer of interest on death of members.S.37Liabilities of past member and estate of deceased member.

Ch. 5

DIRECTION AND MANAGEMENT OF MULTI-STATE CO-OPERATIVE SOCIETIES

S.38Constitution, powers and functions of general body.S.39Annual general meeting of general body.S.40Special general meeting of general body.S.41Board of directors.S.42Association of employees in management decision making process.S.43Disqualifications for being a member of board.S.44Prohibition to hold office of chairperson or president or vice-chairperson or vice-president in certain cases.S.45Establishment of Co-operative Election Authority.S.45APower of Chairperson.S.45BRemoval and suspension of Chairperson, Vice Chairperson and Members.S.45CDisclosure and declaration of interest.S.45DResignation of Members.S.45EFilling of casual vacancy.S.45FRestriction of reemployment.S.45GVacancies, etc., not to invalidate proceedings of Authority.S.45HMeetings of Authority.S.45JElections of members of board.S.45KAppointment of Returning Officer and other officers.S.45LPower to issue directions.S.46Holding of office in co-operative society.S.47Removal of elected members by general body.S.48Nominee of Central Government or State Government on board.S.49Powers and functions of board.S.50Meeting of board.S.51Chief Executive.S.52Powers and functions of Chief Executive.S.53Committees of board.S.54Securing possession of records, etc.

Ch. 6

PRIVILEGES OF MULTI-STATE CO-OPERATIVE SOCIETIES

S.55Charge and set-off in respect of share or contribution or interest of members.S.56Share or contribution or interest not liable to attachment.S.57Register of members.S.58Admissibility of copy of entry as evidence.S.59Exemption from compulsory registration of instruments.S.60Deduction from salary to meet multi-State co-operative society?s claim in certain cases.S.61Government aid to multi-State co-operative societies.

Ch. 7

PROPERTIES AND FUNDS OF MULTI-STATE CO-OPERATIVE SOCIETIES

S.62Funds not to be divided by way of profit.S.63Disposal of net profits.S.63AEstablishment of Co-operative Rehabilitation, Reconstruction and Development Fund.S.63BRehabilitation and reconstruction of sick societies.S.63CFinancial assistance to multi-State co-operative societies for development.S.64Investment of funds.S.65Restriction on contribution.S.66Restriction on loans.S.67Restrictions on borrowings.S.68Restriction on other transactions with non-members.S.69Contributory provident fund.

Ch. 8

AUDIT, ENQUIRY, INSPECTION AND SURCHARGE

S.70Appointment and remuneration of auditors.S.70AConcurrent Audit.S.71Provision as to resolutions for appointing or removing auditors.S.72Qualifications disqualifications of auditors.S.73Powers and duties of auditors.S.74Signature of audit report, etc.S.75Reading and inspection of auditor?s report.S.76Right of auditor to attend general meeting.S.77Power of Central Government to direct special audit in certain cases.S.78Inquiry by Central Registrar.S.79Inspection of multi-State co-operative societies.S.80Inspection of books of indebted multi-State co-operative societies.S.81Costs of inquiry and inspection.S.82Recovery of costs.S.83Repayment, etc.

Ch. 9

SETTLEMENT OF DISPUTES

S.84Reference of disputes.S.85Limitation.

Ch. 10

REDRESSAL OF COMPLAINTS

S.85ACo-operative Ombudsman.

Ch. 11

WINDING UP OF MULTI-STATE CO-OPERATIVE SOCIETY

S.86Winding up of multi-State co-operative societies.S.87Winding up of co-operative bank at the direction of Reserve Bank.S.88Reimbursement to the Deposit Insurance Corporation by liquidator.S.89Liquidator.S.90Powers of liquidator.S.91Disposal of surplus assets.S.92Priority of contributions assessed by liquidator.S.93Power of Central Registrar to cancel registration of a multi-State co-operative society.

Ch. 12

EXECUTION OF DECREES, ORDERS AND DECISIONS

S.94Execution of decisions, etc.S.95Execution of orders of liquidators.S.96Attachment before award.S.97Central Registrar or arbitrator or person authorised to be civil court for certain purposes.S.98Recovery of sums due to Government.S.98AReview of decision.

Ch. 13

APPEALS AND REVIEW

S.99Appeals.S.100No appeal in certain cases.S.101Review.S.102Interlocutory orders.

Ch. 14

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

S.103Co-operative societies functioning immediately before reorganisation of States.

Ch. 15

OFFENCES AND PENALTIES

S.104Offences and penalties.S.105Cognizance of offences.S.105AProvisions of this Act not in derogation of any other law.

Ch. 16

MISCELLANEOUS

S.106Appointment of Co-operative Information Officer.S.106ACopy of rules and bye-laws, etc., for inspection.S.107Place of keeping and inspection of, registers and returns.S.108Inspection of books of account, etc., of multi-State co-operative society.S.109Annual accounts and balance-sheet.S.110Minutes of proceedings of general meetings and of board and other meetings.S.111Minutes to be evidence.S.112Presumptions to be drawn where minutes duly drawn and signed.S.113Inspection of minutes book of general meetings.S.114Liquidator to be public servant.S.115Notice necessary in suits.S.116Power to amend Schedule.S.117Bar of jurisdiction of courts.S.118Indemnity.S.119Opening of branches.S.120Filing of returns.S.120AFiling of applications, documents, inspections, etc., in electronic form.S.120BApplication of Banking Regulation Act, 1949.S.121Certain Acts not to apply.S.122Central Government?s power to give directions to specified multi-State co-operative societies in public interest.S.123Supersession of board of specified multi-State co-operative society.S.124Power to make rules.S.125Power to remove difficulties.S.126Repeal and saving.