The Multi-State Co-operative Societies Act, 2002

148 sections.

Section 1 — Short title, extent and commencement.
Section 2 — Application.
Section 3 — Definitions.
Section 4 — Central Registrar.
Section 5 — Multi-State co-operative societies which may be registered.
Section 6 — Application for registration.
Section 7 — Registration.
Section 8 — Registration certificate.
Section 9 — Multi-State co-operative society to be body corporate.
Section 10 — Bye-laws of multi-State co-operative societies.
Section 11 — Amendment of bye-laws of a multi-State co-operative society.
Section 12 — When amendment of bye-laws comes into force.
Section 13 — Change of name.
Section 14 — Address.
Section 15 — Publication of name by multi-State co-operative society.
Section 16 — Liability.
Section 17 — Amalgamation or transfer of assets and liabilities, or division of multi-State co-operative societies.
Section 18 — Central Registrar to prepare scheme of amalgamation or reorganisation of a co-operative bank in certain cases.
Section 19 — Promotion of subsidiary institution.
Section 20 — Liability of a co-operative bank to Deposit Insurance and Credit Guarantee Corporation.
Section 21 — Cancellation of registration certificate of multi-State co-operative societies in certain cases.
Section 22 — Conversion of a co-operative society into a multi-State co-operative society.
Section 23 — Registration of federal co-operative.
Section 24 — Functions of federal co-operative.
Section 25 — Persons who may become members.
Section 26 — Nominal or associate member of society.
Section 27 — Educational course for members.
Section 28 — Members not to exercise rights till due payment made.
Section 29 — Disqualification for member of a multi-State co-operative society.
Section 30 — Expulsion of members.
Section 31 — Vote of members.
Section 32 — Manner of exercising vote.
Section 33 — Restriction on holding of shares.
Section 34 — Restriction on transfer of shares or interest.
Section 35 — Redemption of shares.
Section 36 — Transfer of interest on death of members.
Section 37 — Liabilities of past member and estate of deceased member.
Section 38 — Constitution, powers and functions of general body.
Section 39 — Annual general meeting of general body.
Section 40 — Special general meeting of general body.
Section 41 — Board of directors.
Section 42 — Association of employees in management decision making process.
Section 43 — Disqualifications for being a member of board.
Section 44 — Prohibition to hold office of chairperson or president or vice-chairperson or vice-president in certain cases.
Section 45 — Establishment of Co-operative Election Authority.
Section 45A — Power of Chairperson.
Section 45B — Removal and suspension of Chairperson, Vice Chairperson and Members.
Section 45C — Disclosure and declaration of interest.
Section 45D — Resignation of Members.
Section 45E — Filling of casual vacancy.
Section 45F — Restriction of reemployment.
Section 45G — Vacancies, etc., not to invalidate proceedings of Authority.
Section 45H — Meetings of Authority.
Section 45-I — Functions of Authority.
Section 45J — Elections of members of board.
Section 45K — Appointment of Returning Officer and other officers.
Section 45L — Power to issue directions.
Section 46 — Holding of office in co-operative society.
Section 47 — Removal of elected members by general body.
Section 48 — Nominee of Central Government or State Government on board.
Section 49 — Powers and functions of board.
Section 50 — Meeting of board.
Section 51 — Chief Executive.
Section 52 — Powers and functions of Chief Executive.
Section 53 — Committees of board.
Section 54 — Securing possession of records, etc.
Section 55 — Charge and set-off in respect of share or contribution or interest of members.
Section 56 — Share or contribution or interest not liable to attachment.
Section 57 — Register of members.
Section 58 — Admissibility of copy of entry as evidence.
Section 59 — Exemption from compulsory registration of instruments.
Section 60 — Deduction from salary to meet multi-State co-operative society’s claim in certain cases.
Section 61 — Government aid to multi-State co-operative societies.
Section 62 — Funds not to be divided by way of profit.
Section 63 — Disposal of net profits.
Section 63A — Establishment of Co-operative Rehabilitation, Reconstruction and Development Fund.
Section 63B — Rehabilitation and reconstruction of sick societies.
Section 63C — Financial assistance to multi-State co-operative societies for development.
Section 64 — Investment of funds.
Section 65 — Restriction on contribution.
Section 66 — Restriction on loans.
Section 67 — Restrictions on borrowings.
Section 68 — Restriction on other transactions with non-members.
Section 69 — Contributory provident fund.
Section 70 — Appointment and remuneration of auditors.
Section 70A — Concurrent Audit.
Section 71 — Provision as to resolutions for appointing or removing auditors.
Section 72 — Qualifications disqualifications of auditors.
Section 73 — Powers and duties of auditors.
Section 74 — Signature of audit report, etc.
Section 75 — Reading and inspection of auditor’s report.
Section 76 — Right of auditor to attend general meeting.
Section 77 — Power of Central Government to direct special audit in certain cases.
Section 78 — Inquiry by Central Registrar.
Section 79 — Inspection of multi-State co-operative societies.
Section 80 — Inspection of books of indebted multi-State co-operative societies.
Section 81 — Costs of inquiry and inspection.
Section 82 — Recovery of costs.
Section 83 — Repayment, etc.
Section 84 — Reference of disputes.
Section 85 — Limitation.
Section 85A — Co-operative Ombudsman.
Section 86 — Winding up of multi-State co-operative societies.
Section 87 — Winding up of co-operative bank at the direction of Reserve Bank.
Section 88 — Reimbursement to the Deposit Insurance Corporation by liquidator.
Section 89 — Liquidator.
Section 90 — Powers of liquidator.
Section 91 — Disposal of surplus assets.
Section 92 — Priority of contributions assessed by liquidator.
Section 93 — Power of Central Registrar to cancel registration of a multi-State co-operative society.
Section 94 — Execution of decisions, etc.
Section 95 — Execution of orders of liquidators.
Section 96 — Attachment before award.
Section 97 — Central Registrar or arbitrator or person authorised to be civil court for certain purposes.
Section 98 — Recovery of sums due to Government.
Section 98A — Review of decision.
Section 99 — Appeals.
Section 100 — No appeal in certain cases.
Section 101 — Review.
Section 102 — Interlocutory orders.
Section 103 — Co-operative societies functioning immediately before reorganisation of States.
Section 104 — Offences and penalties.
Section 105 — Cognizance of offences.
Section 105A — Provisions of this Act not in derogation of any other law.
Section 106 — Appointment of Co-operative Information Officer.
Section 106A — Copy of rules and bye-laws, etc., for inspection.
Section 107 — Place of keeping and inspection of, registers and returns.
Section 108 — Inspection of books of account, etc., of multi-State co-operative society.
Section 109 — Annual accounts and balance-sheet.
Section 110 — Minutes of proceedings of general meetings and of board and other meetings.
Section 111 — Minutes to be evidence.
Section 112 — Presumptions to be drawn where minutes duly drawn and signed.
Section 113 — Inspection of minutes book of general meetings.
Section 114 — Liquidator to be public servant.
Section 115 — Notice necessary in suits.
Section 116 — Power to amend Schedule.
Section 117 — Bar of jurisdiction of courts.
Section 118 — Indemnity.
Section 119 — Opening of branches.
Section 120 — Filing of returns.
Section 120A — Filing of applications, documents, inspections, etc., in electronic form.
Section 120B — Application of Banking Regulation Act, 1949.
Section 121 — Certain Acts not to apply.
Section 122 — Central Government’s power to give directions to specified multi-State co-operative societies in public interest.
Section 123 — Supersession of board of specified multi-State co-operative society.
Section 124 — Power to make rules.
Section 125 — Power to remove difficulties.
Section 126 — Repeal and saving.

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