Section 2:
Definitions.
In this Act, unless the context otherwise requires,
(a) "bye-laws" means the registered bye-laws for the time being in force, and includes registered
amendments of such bye-laws;
(b) "committee" means the governing body of a co-operative society, by whatever name called, to
which the management of the affairs of the society is entrusted;
(c) "co-operative bank" shall have the same meaning as is assigned to it in the Deposit Insurance
Corporation Act, 1961 (47 of 1961);
(d) "co-operative society" means a society registered or deemed to be registered under this Act;
(e) "co-operative society with limited liability" means a co-operative society the liability of
whose members is limited by its bye-laws to the amount, if any, unpaid on the shares individually
held by them or to such amount as they may individually undertake to contribute to the assets of the
society, in the event of its being wound up;
(f) "co-operative society with unlimited liability" means a co-operative society the liability of
whose members is unlimited for the purpose of contributing jointly and severally to any deficiency in
the assets of the society in the event of its being wound up;
(g) "Deposit Insurance Corporation" means the Deposit Insurance Corporation established under
section 3 of the Deposit Insurance Corporation Act, 1961 (47 of 1961);
(h) "federal society" means a society
(a) not less than five members of which are themselves societies; and
(b) in which the voting rights are so regulated that the members which are societies have not
less than four-fifth of the total number of votes in the general meeting of such society;
(i) "financing bank" means a co-operative society, the objects of which include the creation of
funds to be lent to other co-operative societies;
(j) "Lieutenant-Governor" means the administrator of the Union territory of Delhi appointed by
the President under article 239 of the Constitution;
(k) "member" means a person joining in the application for the registration of a co-operative
society and a person admitted to membership after such registration in accordance with this Act, the
rules and the bye-laws, and includes a nominal and an associate member and the Central Government
when it subscribes to the share capital of a society;
(l) "officer" means the president, vice-president, chairman, vice-chairman, managing director,
secretary, manager, member of committee, treasurer, liquidator, administrator and includes any other
person empowered under the rules or the bye-laws to give directions in regard to the business of a
co-operative society;
(m) "prescribed" means prescribed by rules;
(n) "Registrar" means a person appointed to perform the functions of the Registrar of
Co-operative Societies under this Act, and includes any person appointed to assist the Registrar when
exercising all or any of the powers of the Registrar;
(o) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India
Act, 1934 (2 of 1934);
(p) "rules" means the rules made under this Act;
(q) "Tribunal" means the Delhi Co-operative Tribunal constituted under section 78.