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Co-Operative Societies Act 2008

[29 August, 2013]

Contents

Sections

Particulars

Part I

Preliminary

1

Short title

2

Interpretation and application

3

Co-operative principles

4

Conformity to co-operative principlesy

Part II

Administration

5

Registrar of co-operative societies

6

Certificate of Registrar

7

Power to refuse documents

8

Verification of documents

9

Application for registration

10

Content of by-Laws

11

Effect of by-Laws

12

Conditions for registration

13

Registration of societies

14

Effect of certificate of registration

15

Probationary societies

16

Capacity and powers

17

Registered office

18

Maintenance of mandatory records

19

Access to records

20

Suspension and cancellation of registration

21

Seal

22

Pre-registration contracts

Part III

Membership and Meetings

23

Application and qualification for membership

24

Joint accounts

25

Membership fees and membership register

26

Liability of past and present members

27

Withdrawal of membership

28

Termination of membership by Board

29

Termination of membership by members

30

Suspension of membership for misconduct

31

Appeal

32

Re-admittance

33

Voting rights

34

Representative of member who is not an individual

35

Voting procedure

36

Place of meetings

37

Members not to exercise rights until due payment

38

First general meeting

39

Annual meeting

40

Special meetings

41

Meeting called by Registrar

42

Resolution in lieu of meeting

43

Notice of meetings

44

Fixing record date

45

Quorum

46

Delegates

47

Proposals

48

Power to make by-laws

49

Effective date of laws

Part IV

Management

50

Board of Directors

51

Officers

52

Provisional directors and elected directors

53

Powers of Board

54

Committees generally

55

Tenure of committees generally

56

Credit Committee

57

Duties of Credit Committee

58

Approvals of loans

59

Credit Committee reports

60

Removal of member of Credit Committee by society

61

Removal of member of Credit Committee by Board

62

Supervisory Committee

63

Duties of Supervisory Committee

64

Removal of member of Supervisory Committee

65

Clerks

66

Misappropriation

67

Meetings

68

Removal of members of Supervisory Committee

69

Election of directors

70

Tenure of directors

71

Borrowing powers of Board

72

Validity of acts of directors and officers

73

Indemnification of directors

74

Duty of care in directors and officers

75

Ambit of directorís duty

76

Liability of directors

77

Misuse of confidential information

78

Material contracts

79

Meetings of directors generally

80

Meetings by telephone etc.

81

Attendance at meetings

82

Organisational meeting of directors

83

Director ceasing to hold office

84

Removal of directors

85

Notice of change of directors

86

Declaration by directors and officers

87

Bonding

88

Remuneration of directors

89

Remuneration of officers and other employees

Part V

Financing

90

Shares

91

Share Capital

92

Issue of shares

93

Alteration of authorised capital

94

Limitation on purchase of shares

95

Transfer of shares generally

96

Transfer of shares of member of unsound mind

97

Transfer of share or interest on death of member

98

Restriction on transfer of shares

99

Conditions for the validity of transfer of shares

100

Power of nomination

Part VI

Business of Society

101

Marketing of produce through society

102

Creation of charge in favour of society

103

Execution and registration of charge

104

Claims unaffected by charge

105

Prior claims in favour of society

106

Enforcement of charge

107

Assignment of charge

108

Bond as additional security for loan

109

Lien on shares

110

Deductions applied to loans and sharess

111

Purchase of shares

112

Prohibition on purchase of shares

113

Compulsory sale of shares

Part VII

Property And Funds of Society

114

Investment of funds

115

Loans by society

116

Prohibited loans

117

Receipt of loans and deposits

118

Receipt of deposits from minors

119

Reserve Fund, liquidity reserve and adequacy of capital

120

Development Fund

121

Pension Fund

122

Charitable contributions

123

Dividend or bonus

Part VIII

Financial Disclosure And Audit

124

Annual financial statement

125

Approval of financial statements

126

Furnishing financial statements

127

Auditorís qualifications

128

Disqualifying auditor

129

Appointment of auditor

130

Cessation of office

131

Removal of auditor

132

Filling vacancy of auditor

133

Registrar appointed auditor

134

Auditorís right to notice

135

Required attendance

136

Auditorís right to comment

137

Examination by auditor

138

Auditorís right to inspect

139

Error or misstatement

140

Privilege of auditor

141

Annual and special returns

Part IX

Reconstruction of Societies

142

Methods of reconstruction

143

Conversion

144

Effect of certificate of registration

145

Amalgamation of societies

146

Transfer of assets of societies

147

Claims of objecting creditors

148

Division of society

149

Effect of registration of new societies

Part X

Receivers and Receiver-Managers

150

Receiver appointed by Registrar

151

Functions of receiver

152

Functions of receiver-manager

153

Cessation of Boardís powers

154

Receiverís duty

155

Directions by Court

156

Directions by Registrar

157

Required actions of receiver

Part XI

Dissolution

158

Dissolution by members

159

Notice of dissolution by members

160

Dissolution by Registrar

161

Dissolution for failure to account for business transacted

162

Dissolution by Court

163

Revival of dissolved society

164

Appointment of liquidator

165

Commencement of liquidation

166

Cessation of business

167

General provisions respecting liquidators

168

Duties of liquidator

169

Powers of liquidator

170

Limitation on liability of liquidator

171

Costs of liquidation

172

Closure of liquidation

173

Custody of records

174

Remuneration of liquidator

175

Continuation of actions

176

Unknown claimants or members

177

Power of Registrar to surcharge

178

Appeal against surcharge

179

Application of Part XI

Part XII

Investigations

180

Examination

181

Investigations

182

Court order

183

Powers of inspector

184

Hearing in camera

185

Incriminating statements

186

Absolute privilege respecting statements

Part XIII

Disputes

187

Settlement of disputes

188

Co-operative Societies Appeal Tribunal

189

Question stated on question of law

190

Enforcement of award and recovery of loans

Part XIV

Specialized Societies Credit Unions

191

Interpretation and application

192

Restrictions

193

Liquid assets

194

Allowances

195

Loan approval

196

Security for loans

197

Loan limits

198

Reporting loans

199

Interest on loans

200

Deposits

201

Credit union and trusts

 

Consumer's Societies and Housing Societies

202

Restrictions on directorship

203

Relationship with members

204

By-laws

205

Amendment of by-laws

206

No interest on share capital

207

Right to possession terminated

208

Abandoned goods

209

Membership

 

Industrial Societies

210

By-laws

211

Restriction on registration

212

Bonus based on labour

213

Employees may be directors

Part XV

Apex Body

214

Establishment and constitution of Apex Body

215

Functions of Apex Body

216

Officers

217

Consultation by Registrar

218

Corrupt practices and bribery

219

Falsely obtaining property of society

220

Failure to comply with Act, etc.s

221

Dealing in property subject to charge

222

Offences with respect to reports

223

Contravention of Act

224

Use of words ďCredit Union or ďCo-operativeĒ

225

Order to comply

226

Limitation

227

Preservation of civil remedy

Part XVII

Miscellaneous

228

Interpretation

229

Execution and Filing

230

Waiver of notice

231

Certificate of society

232

Copies of documents

233

Alteration

234

Corrections

235

Exemption from stamp duty and other taxes

236

Limitation on jurisdiction

237

Proof of entries in books and other documents

238

Regulations

Part XVIII

Transitional

239

Interpretation

240

Existing directors and officers

241

Existing societies

242

Savings

 

Arrangement of Regulations

1

Short title

2

Definition

3

Forms

4

Fees

5

Filling out of document

6

Dividend rate

7

Transfer of Shares

8

Minimum amount of fidelity bond

9

Annual financial statements and special returns

10

Auditorís report

11

Standard of financial statements and auditorís report

12

Election of Directors

13

Meeting of Directors

14

Appointment of Secretary and Treasurer

15

Duties of Secretary and Treasurer

16

Supervisory committee

17

Procedures on appeal of termination of membership

18

Unclaimed amounts in case of terminated membership

19

Amendment of by-law

20

By- housing society

21

Liquidity

22

Loan approval

23

Borrowing by directors and other officers

24

Security for loans

25

Maximum period for interest on loans

26

Loan terms and conditions

27

Bad and doubtful loans

28

Bad and doubtful loan allowance

29

Overdue loans

30

Investments

31

Use of Statutory Reserves

32

Credit Committee

33

Interest on loans

34

Deposits

35

Maximum liability on deposits and loans

36

Bank account

37

Branches

38

Savings

Schedules

 

 

First Schedule

 

Second Schedule

An act to make new provision with respect to the registration, supervision and management of certain societies, the members of which have a common bond of philosophy and socio-economic objectives and for related purposes.



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