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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.
221 Dealing in property subject to charge
222 Offences with respect to reports
223 Contravention of Act
224 Use of words "Credit Union or "Co-operative"
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 Auditor's 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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