The multi-state co-operative societies act, 2002 (Bare Act)/ Universal Law Publishing

THE MULTI-STATE CO-OPERATIVE SOCIETIES ACT, 2002
Introduction
CHAPTER I
PRELIMINARY
Section

Short title, extent and commencement Application . •
Definitions
CHAPTER II
CENTRAL REGISTRAR AND REGISTRATION OF MULTI-STATE
CO-OPERATIVE SOCIETIES
Central Registrar Multi-State co-operative societies which may be registered Application for registration Registration Registration certificate Multi-State co-operative society to be body corporate Bye-laws of multi-State co-operative societies Amendment of bye-laws of a multi-State co-operative society When amendment of bye-laws comes into force Change of name
Change of address Publication of name by multi-State co-operative society .
Liability Amalgamation or transfer of assets and liabilities, or division of multi-State co-operative societies Central Registrar to prepare scheme of amalgamation or reorganisation of a co-operative bank in certain cases
Promotion of subsidiary institution . . Liability of a co-operative barrk to Deposit Insurance and Credit Guarantee Corporation Cancellation of registration certificate of multi-State co-operative
societies in certain cases Conversion of a co-operative society into a multi-State co-operative society
CHAPTER III
REGISTRATION AND FUNCTIONS OF FEDERAL CO-OPERATIVES Registration of federal co-operative
Functions of federal co-operative

CHAPTER IV
MEMBERS OF MULTI-STATE CO-OPERATIVE SOCIETIES AND THEIR DUTIES, RIGHTS AND LIABILITIES 25. Persons who may become members
26. Nominal or associate member of society
27. Educational cour^ 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
CHAPTER V
DIRECTION AND MANAGEMENT OF MULTI-STATE CO-OPERATIVE SOCIETIES
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. Meetings of board 51. Chief Executive 52. Powers and functions of Chief Executive 53. Committees of board 54 Securing possession of records, etc. CHAPTER VI PRIVILEGES OF MULTI-STATE CO-OPERATIVE SOCIETIES 55. Charge and set-off in respect of share or contribuHon 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
CHAPTER VII
PROPERTIES AND FUNDS OF 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. Restriction on loans
67. Restriction on borrowing
68. Restrictions on other transactions with non-members 69. Contributory provident fund
CHAPTER Vm
AUDIT, INQUIRY, INSPECTION AND SURCHARGE 70. Appointment and remuneration of auditors
71. Provision as to resolutions for appointing or removing auditors
72. Qualifications and disqualifications of auditors
73. Powers and duties of auditors 74. Signature on audit report, etc. 75. Reading and inspection of auditor's report 76. Right of auditor to attend general meeting 77. Power of Centra! Government to direct special audit in
certain cases
78. Inquiry by Central Registrar 79. Inspection of multi-Slate 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.
CHAPTER IX
SETTLEMENT OF DISPUTES •
84. Reference of disputes
85. Limitation
CHAPTER X
WINDING UP OF MULTI-STATE CO-OPERATIVE SOCIETY
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
CHAPTER XI
EXECUTION OF DECREES, ORDERS AND DECISIONS
94. Execution of decisions, etc. . .
95. Execution of orders of liquidators
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 !.
CHAPTER XII
APPEALS AND REVIEW ;! ' •
99. Appeals . . . 100. No appeal in certain cases
101. Review
102. Interlocutory orders
CHAPTER XIII
SOCIETIES WHICH BECOME MULTI-STATE CO-OPERATIVE SOCIETIES CONSEQUENT ON REORGANISATION OF STATES 103. Co-operative societies functioning immediately before reorganisation of States
CHAPTER XIV
OFFENCES AND PENALTIES
104. Offences and penalties 105. Cognizance of offences
CHAPTER XV
MISCELLANEOUS 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, 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
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of multi-State

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THE MULTI-STATE CO-OPERATIVE SOCIETIES RULES, 2002 CHAPTER 1 PRELIMINARY Short title and commencement . Definitions ^ » . CHAPTER 2 ' . REGISTRATION Application for registration ^ Registration Refusal of registration Bye-laws Refusal of amendment of bye-laws Principal place of business and address Maintenance of registration file by the society Change in name of multi-State co-operative society Conditions to be complied with for membership CHAPTER 3 FEDERAL CO-OPERATIVES Classification of federal co-operatives . .* CHAPTER 4 MANAGEMENT OF MULTI-STATE CO-OPERATIVE SOCIETIES Annual General Meeting Interim board and general meeting for the first election . / /•

15. Notice for general meeting 62 16. Quorum at a general meeting 63 17. Voting in general meeting 63
18. Minutes of the general meeting 63
19. Procedure for conduct of elections 64
20. Election of the office bearers 64
21. Terms and conditions of the chief executive 64
CHAPTER 5
PRIVILEGES, PROPERTIES AND FUNDS OF MULTI-STATE
CO-OPERATIVE SOCIETIES
22. Certification of copies of entries in books .64
23. Government aid to multi-State co-operative societies 65 24. Distribution of profit to members 65
25. Contribution towards Co-operative Education Fund 65 26. Contributory Provident Fund 66
27. Audit and Accounts 66
28. Procedure to be adopted by liquidator 67 29. Application of assets of the multi-State co-opeative society -j . 69 30. Disputes . . . 69
- CHAPTERS
APPEALS AND REVIEW mi
31. Appeals 32. Procedure regarding appeals 33. Application for review . . . 71 CHAPTER 7
SOCIETIES WHICH BECOME MULTI-STATE CO-OPERATIVE SOCIETIES CONSEQUENT ON REORGANISATION OF STATES 34. Preparation of a scheme for the reconstitution or reorganisation of multi-State co-operative societies CHAPTER 8
PAYMENT OF FEES FOR INSPECTION OF RECORDS 35. Payment of fees for inspection of records CHAPTER 9 MISCELLANEOUS / / 72 36. Mode of service of summon . . • 37 Procedure in execution of decrees, orders and decisions . • • . . ■ o5 38. Repeal and saving • SCHEDULE ■ • . ■ FORM I—Application for registration of a multi-State co-operative society under the Multi-State Co-operative Societies Act, 2002 form II—Register of applications for registration of multi-State co-operative societies received by the Central Registrar . form III—Nomination Form ' form IV ■ ■ ' 95