(1) This Regulation may be called the Laccadive, Minicoy and Amindivi Islands Co-operative Societies Regulation, 1960,
(2) It extends to the whole of the Laccadive, Minicoy and Amindivi Islands.
(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
Definitions, 2. In this Regulation, unless the context otherwise requires,—
(a) "Administrator' means the Administrator of the Islands;
(b) "by-laws" means the registered by-laws for the time being in force and includes a registered amendment of the bylaws;
(c) "committee" means the governing body of a registered society, by whatever name called, to which the management of its affairs is entrusted;
(d) "financing bank" means a registered society the main object of which is to lend money to other registered societies;
(e) "Islands" means the Union territory of Laccadive, Minicoy and Amindivi Islands;
(f) "member" includes a person joining in the application for the registration of a society and a person admitted to mem- SEC. 1] THE GAZETTE OF INDIA EXTRAOKDINARY 645 bership after registration in accordance with the by-laws and rules;
(g) "officer" includes a president, vice-president, chairman, vice-chairman, secretary, assistant secretary, treasurer, member of a committee and any other person, empowered under the rules or by-laws to give directions in regard to the business of the society;
(h) "registered society" means a society registered under this Regulation;
(i) "registered society with limited liability" means a registered society in which the liability of its members, for the debts of the society in the event of its being wound up, is limited by its by-laws—
(i) to the amount, if any, unpaid on the shares respectively held by them; or
(ii) to such amount as they may, respectively, undertake to contribute to the assets of the society;
(i) "registered society with unlimited liability" means a registered society, the members of which are, in the event of its being wound up, jointly and severally liable for and in respect of all its obligations and to contribute to any deficit in the assets of the society;
(Jc) "Registrar" means a person appointed to perform the duties of a Registrar of Co-operative Societies under this Regulation and includes a person on whom all or any of the powers of the Registrar under this Regulation have been conferred under section 3;
(I) "rules" means rules made under this Regulation.
CHAPTER II REGISTRATION
3. The Administrator may appoint a person to be the Registrar of Co-operative Societies for the Islands and may, by general or special order, confer on any other person all or any of the powers of the Registrar under this Regulation.
4. Subject to the provisions of this Regulation, a society which has its object the promotion of the economic interests of its members in accordance with co-operative principles, or a society established with the object of facilitating the operations of such a society, may be registered under this Regulation with or without limited liability:
Provided that the liability of a society of which a registered society is a member shall be limited, The Regbtrai Societies which may be registered.
646 THE GAZETTE OF INDIA EXTRAORDINARY [PAHT IT Change of liability.
5. Without prejudice to the provisions contained in section 4, a registered society may change its liability from limited to unlimited or from unlimited to limited in the manner and subject to such restrictions as may be prescribed by rules.
Restrictions on interests of member of society with limited liability and a share capital
6. Where the liability of the members of a registered society is limited by shares, no member other than a registered society, or the State Government shall—
(o) hold more than such portion of the share capital of the society, subject to a maximum of one-flfth, as may be prescribed by rules; or
(b) have or claim any interest in the shares of the society, exceeding one thousand rupees.
Conditions of registration.