(1) This Regulation may be called the Lakshadweep Co-operative Societies Regulation, 2022.
(2) It extends to the whole of the Union territory of Lakshadweep.
(3) It shall come into force on such date as the Administrator may, by notification in the Official Gazette, appoint.
Short title, extent and commencement.
सी.जी.-डी.एल.-अ.-20092022-238924 CG-DL-E-20092022-238924 10 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— Definitions. 2. In this Regulation, unless the context otherwise requires,—
(1) “Administration” means the Administration of the Union territory of Lakshadweep;
(2) “Administrator” means the Administrator of the Union territory of Lakshadweep, appointed by the President under article 239 of the Constitution;
(3) “auditor” means a certified auditor, who is authorised and appointed by the Registrar to audit the accounts of the society.
Explanation.—For the purposes of this clause, the expression “certified auditor” means a person who possesses the prescribed qualifications and is authorised by the Registrar as an auditor under section 84;
(4) “authorised person” means any person duly authorised by the Registrar to take action under the provisions of this Regulation;
(5) “Board” means the Board of Directors or the governing body of a co-operative society, by whatever name called, to which the direction and control of the management of the affairs of a society is entrusted;
(6) “bye-laws” means the registered bye-laws for the time being in force, and includes a registered amendment of such bye-laws;
(7) “central bank” means a co-operative bank, the objects of which include the creation of funds to be loaned to other societies, but does not include the urban cooperative bank;
(8) “Committee” means the Managing Committee or other governing body of a society to which the direction and control of the management of the affairs of a society is entrusted;
(9) “company” means a company as defined in the Companies Act, 2013 and includes a banking company, any board, corporation or other corporate body, constituted or established by any Central, State or Provincial Act for the purpose of the development of any organisation;
(10) “co-operative bank” means a society registered under this Regulation and carrying the business of banking as defined in clause (b) of sub-section (1) of section 5 of the Banking Regulation Act, 1949;
(11) “co-operative election authority” means an authority constituted by the Administrator under section 68;
(12) “co-operative society” means a society registered or deemed to be registered under the regulations and rules or any other law relating to co-operative societies for the time being in force in Union territory of Lakshadweep;
(13) “Deposit Insurance Corporation” means the Deposit Insurance and Credit Guarantee Corporation established under section 3 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961;
(14) “dividend” means the amount paid, out of the profit of a society, to a member in proportion to the shares held by such member;
(15) “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-fifths of the total number of votes in the general meeting of such society;
(16) “firm” means a firm registered under the Indian Partnership Act, 1932;
18 of 2013.
10 of 1949.
47 of 1961.
9 of 1932.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 3 61 of 1981.
2 of 1934.
(17) “General Body” means the individuals or institutions obtaining membership of respective societies;
(18) “Islands” means the Islands of the Union territory of Lakshadweep;
(19) “Liquidator” means a person appointed under section 108;
(20) “member” means a person joining in an application for the registration of a co-operative society which is subsequently registered or a person duly admitted to membership of a society after registration and includes a nominal, associate or sympathiser member;
(21) “National Bank” means the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981;
(22) “officer” means a person elected or appointed by a society to any office of such society according to its bye-laws and includes a Chairperson, Vice-Chairperson, President, Vice-President, Managing Director, General Manager, Manager, Secretary, Treasurer, Member of the Committee, and any other person elected or appointed under this Regulation, the rules or the bye-laws, to give directions in regard to the business of such society;
(23) “office bearer” means a President, Vice-President, Secretary or Treasurer of a co-operative society and includes any other person to be elected by the board of any co-operative society;
(24) “official assignee” means a person or body of persons appointed under sub-section (2) of section 22;
(25) “Official Gazette” means the Official Gazette of the Union territory of Lakshadweep;
(26) “prescribed” means prescribed by rules made under this Regulation;
(27) “rebate” means any payment made in cash or kind, out of the profits of a society, to a member or any other person, on the basis of his contribution to the business of the society;
(28) “Registrar” means a person appointed to be the Registrar of co-operative societies under this Regulation and includes an Additional Registrar, Joint Registrar, Deputy Registrar and Assistant Registrar;
(29) “Reserve Bank” means the Reserve Bank of India constituted under subsection (1) of section 3 of the Reserve Bank of India Act, 1934;
(30) “rules” means rules made under this Regulation;
(31) “society” means a co-operative society registered, or deemed to be registered, under this Regulation;
(32) “society with limited liability” means a society having the liability of its members limited by its bye-laws;
(33) “Tribunal” means the Union territory Co-operative Tribunal constituted under section 123;
(34) “Union territory” means the Union territory of Lakshadweep.
CHAPTER II REGISTRAR AND REGISTRATION