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The Multi-State Co-operative Societies Act, 2002

[Act No. 39 of 2002]

[3rd July, 2002]

Contents:
Title The Multi-State Co-operative Societies Act, 2002
Sections: Particulars:
1. Short title and extent commencement
2. Application
3. Definitions
4. Central Registrar
5. Multi-State co-operative societies which may be registered
6. Application for registration
7. Registration
8. Registration certificate
9. Multi-State co-operative society to be body corporate
10. Bye-laws of multi-State co-operative societies
11. Amendment of bye-laws of a multi-State co-operative society
12. When amendment of bye-laws comes into force
13. Change of name
14. Change of address
15. Publication of name by multi-State co-operative society
16. Liability
17. Amalgamation or transfer of assets and liabilities, or division of multi-State co-operative societies
18. Central Registrar to prepare scheme of amalgamation or reorganisation of a co-operative bank in certain cases
19. Promotion of subsidiary institution
20. Liability of a co-operative bank to Deposit Insurance and Credit Guarantee Corporation
21. Cancellation of registration certificate of multi-State co-operative societies in certain cases
22. Conversion of a co-operative society into a multi-State co-operative society
23. Registration of federal co-operative
24. Functions of federal co-operative
25. Persons who may become members
26. Nominal or associate member of society
27. Educational course for members
28. Members not to exercise rights till due payment made
29. Disqualification for member of a multi-State co-operative society
30. Expulsion of members
31. Vote of members
32. Manner of exercising vote
33. Restriction on holding of shares
34. Restriction on transfer of shares or interest
35. Redemption of shares
36. Transfer of interest on death of members
37. Liabilities of past member and estate of deceased member
38. Constitution, powers and functions of general body
39. Annual general meeting of general body
40. Special general meeting of general body
41. Board of directors
42. Association of employees in management decision making process
43. Disqualifications for being a member of board
44. Prohibition to hold office of chairperson or president or vice-chairperson or vice-president in certain cases
45. Elections of members of board
46. Holding of office in co-operative society
47. Removal of elected members by general body
48. Nominee of Central Government or State Government on board
49. Powers and functions of board
50. Meeting of board
51. Chief Executive
52. Powers and functions of Chief Executive
53. Committees of board
54. Securing possession of records, etc
55. Charge and set-off in respect of share or contribution or interest of members
56. Share or contribution or interest not liable to attachment
57. Register of Members
58. Admissibility of copy of entry as evidence
59. Exemption from compulsory registration of instruments
60. Deduction from salary to meet multi-State co-operative society's claim in certain cases
61. Government aid to multi-State co-operative societies
62. Funds not to be divided by way of profit
63. Disposal of net profits
64. Investment of funds
65. Restriction on contribution
66. Restrictions on loans
67. Restriction on borrowings
68. Restrictions on other transactions with non-members
69. Contributory provident fund
70. Appointment and remuneration of auditors
71. Provision as to resolutions for appointing or removing auditors
72. Qualifications disqualifications of auditors
73. Powers and duties of auditors
74. Signature of audit report, etc
75. Reading and inspection of auditor's report
76. Right of auditor to attend general meeting
77. Power of Central Government to direct special audit in certain cases
78. Inquiry by Central Registrar
79. Inspection of multi-State co-operative societies
80. Inspection of books of indebted multi-State co-operative societies
81. Costs of inquiry and inspection
82. Recovery of costs
83. Repayment, etc
84. Reference of disputes
85. Limitation
86. Winding up of multi-State co-operative societies
87. Winding up of co-operative bank at the direction of Reserve Bank
88. Reimbursement to the Deposit Insurance Corporation by liquidator
89. Liquidator
90. Powers of liquidator
91. Disposal of surplus assets
92. Priority of contributions assessed by liquidator
93. Power of Central Registrar to cancel registration of a multi-State co-operative society
94. Execution of decisions, etc
95. Execution of orders of liquidator
96. Attachment before award
97. Central Registrar or arbitrator or person authorised to be civil court for certain purposes
98. Recovery of sums due to Government
99. Appeals
100. No appeal in certain cases
101. Review
102. Interlocutory orders
103. Co-operatives societies functioning immediately before reorganisation of States
104. Offences and penalties
105. Cognizance of offences
106. Copies of bye-laws, etc, to be open to inspection
107. Place of keeping and inspection of, registers and returns
108. Inspection of books of account, etc, of multi-State co-operative society
109. Annual accounts and balance-sheet
110. Minutes of proceedings of general meetings and of board and other meetings
111. Minutes to be evidence
112. Presumptions to be drawn where minutes duly drawn and signed
113. Inspection of minutes book of general meetings
114. Liquidator to be public servant
115. Notice necessary in suits
116. Power to amend Second Schedule
117. Bar of jurisdiction of courts
118. Indemnity
119. Opening of branches
120. Filing of returns
121. Certain Acts not to apply
122. Central Government's power to give directions to specified multi-State co-operative societies in public interest
123. Supersession of board of specified multi-State co-operative society
124. Power to make rules
125. Power to remove difficulties
126. Repeal and saving
Schedule I Co-Operative Principles
Schedule II List of National Co-Operative Societies


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