The MULTI-STATE CO-OPERATIVE SOCIETIES ACT, 2002

PRELIMINARY

Section 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 commencement of this Act shall be construed as a reference to the coming into force of that provision.

Browse all 128 sections
  1. 1.Short title, extent and commencement.
  2. 2.Application.
  3. 3.Definitions.
  4. 4.Central Registrar.
  5. 5.Multi-State co-operative societies which may be registered.
  6. 6.Application for registration.
  7. 7.Registration.
  8. 8.Registration certificate.
  9. 9.Multi-State co-operative society to be body corporate.
  10. 10.Bye-laws of multi-State co-operative societies.
  11. 11.Amendment of bye-laws of a multi-State co-operative society.
  12. 12.When amendment of bye-laws comes into force.
  13. 13.Change of name.
  14. 14.Change of address.
  15. 15.Publication of name by multi-State co-operative society.
  16. 16.Liability.
  17. 17.Amalgamation or transfer of assets and liabilities, or division of multi-State co-operative societies.
  18. 18.Central Registrar to prepare scheme of amalgamation or reorganisation of a co-operative bank in certain cases.
  19. 19.Promotion of subsidiary institution.
  20. 20.Liability of a co-operative bank to Deposit Insurance and Credit Guarantee Corporation.
  21. 21.Cancellation of registration certificate of multi-State co-operative societies in certain cases.
  22. 22.Conversion of a co-operative society into a multi-State co-operative society.
  23. 23.Registration of federal co-operative.
  24. 24.Functions of federal co-operative.
  25. 25.Persons who may become members.
  26. 26.Nominal or associate member of society.
  27. 27.Educational course for members.
  28. 28.Members not to exercise rights till due payment made.
  29. 29.Disqualification for member of a multi-State co-operative society.
  30. 30.Expulsion of members.
  31. 31.Vote of members.
  32. 32.Manner of exercising vote.
  33. 33.Restriction on holding of shares.
  34. 34.Restriction on transfer of shares or interest.
  35. 35.Redemption of shares.
  36. 36.Transfer of interest on death of members.
  37. 37.Liabilities of past member and estate of deceased member.
  38. 38.Constitution, powers and functions of general body.
  39. 39.Annual general meeting of general body.
  40. 40.Special general meeting of general body.
  41. 41.Board of directors.
  42. 42.Association of employees in management decision making process.
  43. 43.Disqualifications for being a member of board.
  44. 44.Prohibition to hold office of chairperson or president or vice-chairperson or vice-president in certain cases.
  45. 45.Elections of members of board.
  46. 46.Holding of office in co-operative society.
  47. 47.Removal of elected members by general body.
  48. 48.Nominee of Central Government or State Government on board.
  49. 49.Powers and functions of board.
  50. 50.Meeting of board.
  51. 51.Chief Executive.
  52. 52.Powers and functions of Chief Executive.
  53. 53.Committees of board.
  54. 54.Securing possession of records, etc.
  55. 55.Charge and set-off in respect of share or contribution or interest of members.
  56. 56.Share or contribution or interest not liable to attachment.
  57. 57.Register of Members.
  58. 58.Admissibility of copy of entry as evidence.
  59. 59.Exemption from compulsory registration of instruments.
  60. 60.Deduction from salary to meet multi-State co-operative society’s claim in certain cases.
  61. 61.Government aid to multi-State co-operative societies.
  62. 62.Funds not to be divided by way of profit.
  63. 63.Disposal of net profits.
  64. 64.Investment of funds.
  65. 65.Restriction on contribution.
  66. 66.Restrictions on loans.
  67. 67.Restriction on borrowings.
  68. 68.Restrictions on other transactions with non-members.
  69. 69.Contributory provident fund.
  70. 70.Appointment and remuneration of auditors.
  71. 71.Provision as to resolutions for appointing or removing auditors.
  72. 72.Qualifications disqualifications of auditors.
  73. 73.Powers and duties of auditors.
  74. 74.Signature of audit report, etc.
  75. 75.Reading and inspection of auditor’s report.
  76. 76.Right of auditor to attend general meeting.
  77. 77.Power of Central Government to direct special audit in certain cases.
  78. 78.Inquiry by Central Registrar.
  79. 79.Inspection of multi-State co-operative societies.
  80. 80.Inspection of books of indebted multi-State co-operative societies.
  81. 81.Costs of inquiry and inspection.
  82. 82.Recovery of costs.
  83. 83.Repayment, etc.
  84. 84.Reference of disputes.
  85. 85.Limitation.
  86. 86.Winding up of multi-State co-operative societies.
  87. 87.Winding up of co-operative bank at the direction of Reserve Bank.
  88. 88.Reimbursement to the Deposit Insurance Corporation by liquidator.
  89. 89.Liquidator.
  90. 90.Powers of liquidator.
  91. 91.Disposal of surplus assets.
  92. 92.Priority of contributions assessed by liquidator.
  93. 93.Power of Central Registrar to cancel registration of a multi-State co-operative society.
  94. 94.Execution of decisions, etc.
  95. 95.Execution of orders of liquidator.
  96. 96.Attachment before award.
  97. 97.Central Registrar or arbitrator or person authorised to be civil court for certain purposes.
  98. 98.Recovery of sums due to Government.
  99. 99.Appeals.
  100. 100.No appeal in certain cases.
  101. 101.Review.
  102. 102.Interlocutory orders.
  103. 103.Co-operatives societies functioning immediately before reorganisation of States.
  104. 104.Offences and penalties.
  105. 105.Cognizance of offences.
  106. 106.Copies of bye-laws, etc., to be open to inspection.
  107. 107.Place of keeping and inspection of, registers and returns.
  108. 108.Inspection of books of account, etc., of multi-State co-operative society.
  109. 109.Annual accounts and balance-sheet.
  110. 110.Minutes of proceedings of general meetings and of board and other meetings.
  111. 111.Minutes to be evidence.
  112. 112.Presumptions to be drawn where minutes duly drawn and signed.
  113. 113.Inspection of minutes book of general meetings.
  114. 114.Liquidator to be public servant.
  115. 115.Notice necessary in suits.
  116. 116.Power to amend Second Schedule.
  117. 117.Bar of jurisdiction of courts.
  118. 118.Indemnity.
  119. 119.Opening of branches.
  120. 120.Filing of returns.
  121. 121.Certain Acts not to apply.
  122. 122.Central Government’s power to give directions to specified multi-State co-operative societies in public interest.
  123. 123.Supersession of board of specified multi-State co-operative society.
  124. 124.Power to make rules.
  125. 125.Power to remove difficulties.
  126. 126.Repeal and saving.
  127. SCH-THE FIRST SCHEDULE.THE FIRST SCHEDULE
  128. SCH-THE SECOND SCHEDULE.THE SECOND SCHEDULE