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Legal Library
THE MULTI-STATE CO-OPERATIVE SOCIETIES ACT, 2002
All Acts
THE MULTI-STATE CO-OPERATIVE SOCIETIES ACT, 2002
ACT NO. 39 OF 2002 · Enacted [3rd July, 2002.] · 126 sections
PRELIMINARY
Section 1.
Short title, extent and commencement.
Section 2.
Application.
Section 3.
Definitions.
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.
Section 7.
Registration.
Section 8.
Registration certificate.
Section 9.
Multi-State co-operative society to be body corporate.
Section 10.
Bye-laws of multi-State co-operative societies.
Section 11.
Amendment of bye-laws of a multi-State co-operative society.
Section 12.
When amendment of bye-laws comes into force.
Section 13.
Change of name.
Section 14.
Change of address.
Section 15.
Publication of name by multi-State co-operative society.
Section 16.
Liability.
Section 17.
Amalgamation or transfer of assets and liabilities, or division of multi-State co-operative societies.
Section 18.
Central Registrar to prepare scheme of amalgamation or reorganisation of a co-operative bank in certain cases.
Section 19.
Promotion of subsidiary institution.
Section 20.
Liability of a co-operative bank to Deposit Insurance and Credit Guarantee Corporation.
Section 21.
Cancellation of registration certificate of multi-State co-operative societies in certain cases.
Section 22.
Conversion of a co-operative society into a multi-State co-operative society.
REGISTRATION AND FUNCTIONS OF FEDERAL CO-OPERATIVES
Section 23.
Registration of federal co-operative.
Section 24.
Functions of federal co-operative.
MEMBERS OF MULTI-STATE CO-OPERATIVE SOCIETIES AND THEIR DUTIES, RIGHTS AND LIABILITIES
Section 25.
Persons who may become members.
Section 26.
Nominal or associate member of society.
Section 27.
Educational course for members.
Section 28.
Members not to exercise rights till due payment made.
Section 29.
Disqualification for member of a multi-State co-operative society.
Section 30.
Expulsion of members.
Section 31.
Vote of members.
Section 32.
Manner of exercising vote.
Section 33.
Restriction on holding of shares.
Section 34.
Restriction on transfer of shares or interest.
Section 35.
Redemption of shares.
Section 36.
Transfer of interest on death of members.
Section 37.
Liabilities of past member and estate of deceased member.
DIRECTION AND MANAGEMENT OF MULTI-STATE CO-OPERATIVE SOCIETIES
Section 38.
Constitution, powers and functions of general body.
Section 39.
Annual general meeting of general body.
Section 40.
Special general meeting of general body.
Section 41.
Board of directors.
Section 42.
Association of employees in management decision making process.
Section 43.
Disqualifications for being a member of board.
Section 44.
Prohibition to hold office of chairperson or president or vice-chairperson or vice-president in certain cases.
Section 45.
Elections of members of board.
Section 46.
Holding of office in co-operative society.
Section 47.
Removal of elected members by general body.
Section 48.
Nominee of Central Government or State Government on board.
Section 49.
Powers and functions of board.
Section 50.
Meeting of board.
Section 51.
Chief Executive.
Section 52.
Powers and functions of Chief Executive.
Section 53.
Committees of board.
Section 54.
Securing possession of records, etc.
PRIVILEGES OF MULTI-STATE CO-OPERATIVE SOCIETIES
Section 55.
Charge and set-off in respect of share or contribution or interest of members.
Section 56.
Share or contribution or interest not liable to attachment.
Section 57.
Register of Members.
Section 58.
Admissibility of copy of entry as evidence.
Section 59.
Exemption from compulsory registration of instruments.
Section 60.
Deduction from salary to meet multi-State co-operative society’s claim in certain cases.
Section 61.
Government aid to multi-State co-operative societies.
PROPERTIES AND FUNDS OF MULTI-STATE CO-OPERATIVE SOCIETIES
Section 62.
Funds not to be divided by way of profit.
Section 63.
Disposal of net profits.
Section 64.
Investment of funds.
Section 65.
Restriction on contribution.
Section 66.
Restrictions on loans.
Section 67.
Restriction on borrowings.
Section 68.
Restrictions on other transactions with non-members.
Section 69.
Contributory provident fund.
AUDIT, ENQUIRY, INSPECTION AND SURCHARGE
Section 70.
Appointment and remuneration of auditors.
Section 71.
Provision as to resolutions for appointing or removing auditors.
Section 72.
Qualifications disqualifications of auditors.
Section 73.
Powers and duties of auditors.
Section 74.
Signature of audit report, etc.
Section 75.
Reading and inspection of auditor’s report.
Section 76.
Right of auditor to attend general meeting.
Section 77.
Power of Central Government to direct special audit in certain cases.
Section 78.
Inquiry by Central Registrar.
Section 79.
Inspection of multi-State co-operative societies.
Section 80.
Inspection of books of indebted multi-State co-operative societies.
Section 81.
Costs of inquiry and inspection.
Section 82.
Recovery of costs.
Section 83.
Repayment, etc.
SETTLEMENT OF DISPUTES
Section 84.
Reference of disputes.
Section 85.
Limitation.
WINDING UP OF MULTI-STATE CO-OPERATIVE SOCIETY
Section 86.
Winding up of multi-State co-operative societies.
Section 87.
Winding up of co-operative bank at the direction of Reserve Bank.
Section 88.
Reimbursement to the Deposit Insurance Corporation by liquidator.
Section 89.
Liquidator.
Section 90.
Powers of liquidator.
Section 91.
Disposal of surplus assets.
Section 92.
Priority of contributions assessed by liquidator.
Section 93.
Power of Central Registrar to cancel registration of a multi-State co-operative society.
EXECUTION OF DECREES, ORDERS AND DECISIONS
Section 94.
Execution of decisions, etc.
Section 95.
Execution of orders of liquidator.
Section 96.
Attachment before award.
Section 97.
Central Registrar or arbitrator or person authorised to be civil court for certain purposes.
Section 98.
Recovery of sums due to Government.
APPEALS AND REVIEW
Section 99.
Appeals.
Section 100.
No appeal in certain cases.
Section 101.
Review.
Section 102.
Interlocutory orders.
SOCIETIES WHICH BECOME MULTI-STATE CO-OPERATIVE SOCIETIES CONSEQUENT ON REORGANISATION OF STATES
Section 103.
Co-operatives societies functioning immediately before reorganisation of States.
OFFENCES AND PENALTIES
Section 104.
Offences and penalties.
Section 105.
Cognizance of offences.
MISCELLANEOUS
Section 106.
Copies of bye-laws, etc., to be open to inspection.
Section 107.
Place of keeping and inspection of, registers and returns.
Section 108.
Inspection of books of account, etc., of multi-State co-operative society.
Section 109.
Annual accounts and balance-sheet.
Section 110.
Minutes of proceedings of general meetings and of board and other meetings.
Section 111.
Minutes to be evidence.
Section 112.
Presumptions to be drawn where minutes duly drawn and signed.
Section 113.
Inspection of minutes book of general meetings.
Section 114.
Liquidator to be public servant.
Section 115.
Notice necessary in suits.
Section 116.
Power to amend Second Schedule.
Section 117.
Bar of jurisdiction of courts.
Section 118.
Indemnity.
Section 119.
Opening of branches.
Section 120.
Filing of returns.
Section 121.
Certain Acts not to apply.
Section 122.
Central Government’s power to give directions to specified multi-State co-operative societies in public interest.
Section 123.
Supersession of board of specified multi-State co-operative society.
Section 124.
Power to make rules.
Section 125.
Power to remove difficulties.
Section 126.
Repeal and saving.