The Multi-State Co-Operative Societies Act, 2002

Full content is available for members only

REQUEST YOUR FREE TRIAL
FREE EXCERPT

THE MULTI-STATE CO-OPERATIVE SOCIETIES ACT, 2002 ACT NO. 39 OF 2002

[3rd July, 2002.]

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-operati es as people's 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.

BE it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:-

CHAP

PRELIMINARY

CHAPTER I

PRELIMINARY

1.

Short title, extent and commencement.

1. Short title, extent and commencement.-(1) This Act may be called the Multi-State Co-operative Societies Act, 2002.

(2) It extends to the whole of India.

(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencemen of this Act shall be construed as a reference to the coming into force of that provision.

2.

Application.

2. Application.-This Act shall apply to-

(a) all co-operative societies, with objects not confined to one State which were incorporated before the commencement of this Act,-

(i) under the Co-operative Societies Act, 1912 (2 of 1912), or (ii) under any other law relating to co-operative societies in force in any State or in pursuance of the Multi-unit Co-operative Societies Act, 1942 (6 of 1942) or the Multi-State Co-operative Societies Act, 1984 (51 of 1984), and the registration of which has not been cancelled before such commencement; and (b) all multi-State co-operative societies.

3.

Definitions.

3. Definitions.-In this Act, unless the context otherwise requires,-

(a) "area of operation" means the area from which the persons are admitted as members;

(b) "board" means the board of directors or the governing body of a multi-State co-operative society, by whatever name called, to which the direction and control of the management of the affairs of the society is entrusted;

(c) "bye-laws" means the bye-laws for the time being in force which have been duly registered or deemed to have been registered under this Act and includes amendments thereto which have been duly registered or deemed to have been registered under this Ac ;

(d) "Central Registrar" means the Central Registrar of Co-operative Societies appointed under sub-section (1) of section 4 and includes any officer empowered to exercise the powers of the Central Registrar under sub-section (2) of that section;

(e) "Chief Executive" means a Chief Executive of a multi-State co-operative society appointed under section 51;

(f) "co-operative bank" means a multi-State co-operative society which undertakes banking business;

(g) "co-operative principles" means the co-operative principles specified in the First Schedule;

(h) "co-operative society" means a society registered or deemed to be registered under any law relating to co-operative societies for the time being in force in any State;

(i) "co-operative year", in relation to any multi-State co-operative society or class of such societies, means the year ending on the 31st day of March of the year and where the accounts of such society or class of such societies are, with the previous s nction of the Central Registrar, balanced on any other day, the year ending on such day;

(j) "Deposit Insurance Corporation" means the Deposit Insurance and Credit Guarantee Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961 (47 of 1961);

(k) "federal co-operative" means a federation of co-operative societies registered under this Act and whose membership is available only to a co-operative society or a multi-State co-operative society;

(l) "general body", in relation to a multi-State co-operative society, means all the members of that society and in relation to a national co-operative society or a federal co-operative means all the delegates of member co-operative societies or delegate of multi-State co-operative societies and includes a body constituted under the first proviso to sub-section (1) of section 38;

(m) "general meeting" means a meeting of the general body of a multi-State co-operative society and includes special general meeting;

(n) "member" means a person joining in the application for the registration of a multi-State co-operative society and includes a person admitted to membership after such registration in accordance with the provisions of this Act, the rules and the bye-la s;

(o) "member co-operative" means a co-operative society or a multi-State co-operative society which is member of a federal co-operative;

(p) "multi-State co-operative society" means a society registered or deemed to be registered under this Act and includes a national co-operative society and a federal co-operative;

(q) "multi-State co-operative society with limited liability" means a society having the liability of its members limited by its bye-laws to the amount, if any, unpaid on the shares, respectively, held by them or to such amount as they may, respectively, thereby undertake to contribute to the assets of the society, in the event of its being wound up;

(r) "national co-operative society" means a multi-State co-operative society specified in the Second Schedule;

(s) "notification" means a notification published in the Official Gazette;

(t) "officer" means a president, vice-president, chairperson, vice-chairperson, managing director, secretary, manager, member of a board, treasurer, liquidator, an administrator appointed under section 123 and includes any other person empowered under th s Act or the rules or the bye-laws to give directions in regard to the business of a multi-State co-operative society;

(u) "prescribed" means prescribed by rules;

(v) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934);

(w) "rules" means the rules made under this Act.

CHAP

CENTRAL REGISTRAR AND REGISTRATION OF MULTI-STATE

CO-OPERATIVE

SOCIETIES

CHAPTER II

CENTRAL REGISTRAR AND REGISTRATION OF MULTI-STATE CO-OPERATIVE

SOCIETIES

4.

Central Registrar.

4. Central Registrar.-(1) The Central Government may appoint a person to be the Central Registrar of Co-operative Societies and may appoint such other persons as it may think fit to assist the Central Registrar.

(2) The Central Government may, by notification, direct that any power exercisable by the Central Registrar under this Act (other than the power of registration of a multi-State co-operative society) shall, in relation to such society, and such matters a may be specified in the notification, be exercisable also by any other officer of the Central Government or of a State Government as may be authorised by the Central Government subject to such conditions as may be specified therein:

Provided that no officer of a State Government shall be empowered to exercise such power in relation to a national co-operative society.

5.

Multi-State co-operative societies which may be registered..

5. Multi-State co-operative societies which may be registered.-(1) No multi-State co-operative society shall be registered under this Act, unless,-

(a) its main objects are to serve the interests of members in more than one State; and (b) its bye-laws provide for social and economic betterment of its members through self-help and mutual aid in accordance with the co-operative principles.

(2) The word "limited" or its equivalent in any Indian language shall be suffixed to the name of every multi-State co-operative society registered under this Act with limited liability.

6.

Application for registration.

6. Application for registration.-(1) For the purposes of registration of a multi-State co-operative society under this Act, an application shall be made to the Central Registrar in such form and with such particulars as may be prescribed.

(2) The application shall be signed,-

(a) in the case of a multi-State co-operative society of which all the members are individuals, by at least fifty persons from each of the State concerned;

(b) in the case of a multi-State co-operative society of which the members are co-operative societies, by duly authorised representatives on behalf of at least five such societies as are not registered in the same State; and (c) in the case of a multi-State co-operative society of which another multi-State co-operative society and other co-operative societies are members, by duly authorised representatives of each of such societies:

Provided that not less than two of the co-operative societies referred to in this clause, shall be such as are not registered in the same State;

(d) in the case of a multi-State co-operative society of which the members are co-operative societies or multi-State co-operative societies and individuals, by at least-

(i) fifty persons, being individuals, from each of the two States or more; and (ii) one co-operative society each from two States or more or one multi-State co-operative society.

(3) The application shall be accompanied by four copies of the proposed bye-laws of the multi-State co-operative society and the persons by whom or on whose behalf such application is made shall furnish such information in regard to the society as the Ce tral Registrar may require.

7.

Registration.

7. Registration.-(1) If the Central Registrar is satisfied-

(a) that the application complies with the provisions of this Act and the rules;

(b) that the proposed multi-State co-operative society satisfies the basic criterion that its objects are to serve the interests of members in more than one State;

(c) that its bye-laws provide for social and economic betterment of its members through self-help and mutual aid in accordance with the co-operative principles;

(d) that the proposed bye-laws are not contrary to the provisions of this Act and...

To continue reading

REQUEST YOUR FREE TRIAL