The Multi-State Co-operative Societies Act, 2002
Central Act · Act 39 of 2002148 provisions
The enactment
| 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. |
|---|---|
| Type | Act |
| Citation | Act 39 of 2002 |
| Year | 2002 |
| Jurisdiction | Central |
| Ministry | Ministry of Cooperation |
| Status | In force as published by the source |
| Provisions published | 148 |
| Subjects | corporate, agriculture |
Full text, provision by provision
Every provision below opens in full, free and without an account.
- Section 1 Short title, extent and commencement.
- Section 2 Application.
- Section 3 Definitions.
- 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 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.
- Section 23 Registration of federal co-operative.
- Section 24 Functions of federal co-operative.
- 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.
- 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 Establishment of Co-operative Election Authority.
- Section 45-I Functions of Authority.
- Section 45A Power of Chairperson.
- Section 45B Removal and suspension of Chairperson, Vice Chairperson and Members.
- Section 45C Disclosure and declaration of interest.
- Section 45D Resignation of Members.
- Section 45E Filling of casual vacancy.
- Section 45F Restriction of reemployment.
- Section 45G Vacancies, etc., not to invalidate proceedings of Authority.
- Section 45H Meetings of Authority.
- Section 45J Elections of members of board.
- Section 45K Appointment of Returning Officer and other officers.
- Section 45L Power to issue directions.
- 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.
- 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.
- Section 62 Funds not to be divided by way of profit.
- Section 63 Disposal of net profits.
- Section 63A Establishment of Co-operative Rehabilitation, Reconstruction and Development Fund.
- Section 63B Rehabilitation and reconstruction of sick societies.
- Section 63C Financial assistance to multi-State co-operative societies for development.
- Section 64 Investment of funds.
- Section 65 Restriction on contribution.
- Section 66 Restriction on loans.
- Section 67 Restrictions on borrowings.
- Section 68 Restriction on other transactions with non-members.
- Section 69 Contributory provident fund.
- Section 70 Appointment and remuneration of auditors.
- Section 70A Concurrent Audit.
- 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.
- Section 84 Reference of disputes.
- Section 85 Limitation.
- Section 85A Co-operative Ombudsman.
- 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.
- Section 94 Execution of decisions, etc.
- Section 95 Execution of orders of liquidators.
- 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.
- Section 98A Review of decision.
- Section 99 Appeals.
- Section 100 No appeal in certain cases.
- Section 101 Review.
- Section 102 Interlocutory orders.
- Section 103 Co-operative societies functioning immediately before reorganisation of States.
- Section 104 Offences and penalties.
- Section 105 Cognizance of offences.
- Section 105A Provisions of this Act not in derogation of any other law.
- Section 106 Appointment of Co-operative Information Officer.
- Section 106A Copy of rules and bye-laws, etc., for 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 Schedule.
- Section 117 Bar of jurisdiction of courts.
- Section 118 Indemnity.
- Section 119 Opening of branches.
- Section 120 Filing of returns.
- Section 120A Filing of applications, documents, inspections, etc., in electronic form.
- Section 120B Application of Banking Regulation Act, 1949.
- 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.
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