Skip to main content

The Multi-State Co-operative Societies Act, 2002

Central

An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operative s as peoples institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto.

Act number
39 of 2002
Ministry
Ministry of Cooperation
Enacted
3 Jul 2002

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

148 sections

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