Section List

39/2002 - The Multi-State Co-operative Societies Act, 2002 ▶

Act Number: 39

Act Name: The Multi-State Co-operative Societies Act, 2002

Year: 2002

Enactment Date: 2002-07-03

Long Title: 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.

Ministry: Ministry of Cooperation

Department:

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