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THE JAMMU AND KASHMIR CO-OPERATIVE SOCIETIES ACT, 1989

Jammu and Kashmir

An Act to consolidate and amend the law relating to Co-operative Societies in the *State, with a view to providing for the orderly development of the co-operative movement in the *State in accordance with the directive principles of State policy enunciated in the Constitution of Jammu and Kashmir.

Act number
10 of 1989
Department
Cooperatives Department
Enacted
8 Jul 1989
In force from
11 Jul 1989

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.

184 sections

  1. Section 1Short title, extent and commencement.
  2. Section 2Definitions.
  3. Section 3The Registrar.
  4. Section 4Societies which may be registered.
  5. Section 5Application for registration of Co-operative Societies.
  6. Section 6Registration.
  7. Section 7Registration certificate.
  8. Section 8Registration with limited or unlimited liability.
  9. Section 8AConversion
  10. Section 9Amendment of the bye-laws of Co-operative Society
  11. Section 10Power to direct amendment of bye-laws.
  12. Section 11Change of name of Co-operative Society
  13. Section 12When amendment of bye-laws comes into force.
  14. Section 13Change of liability.
  15. Section 14Amalgamation, transfer of assets and liabilities and division of Cooperative Societies.
  16. Section 15Cancellation of registration certificate of Co-operative Societies in certain cases.
  17. Section 16Re-organisation of Societies.
  18. Section 17Persons who may become members.
  19. Section 18Nominal or associate members.
  20. Section 19Member not to exercise rights till due payment made.
  21. Section 20Votes for members.
  22. Section 21Manner of exercising vote.
  23. Section 22Restrictions on holding of shares.
  24. Section 23Restriction on transfer of shares or interest.
  25. Section 24Transfer of interest on death of member.
  26. Section 25Liability of a past member and estate of deceased member.
  27. Section 26Final authority in a Co-operative Society.
  28. Section 27Annual general meeting.
  29. Section 28Special general meeting.
  30. Section 29Election and nomination of members of Committees.
  31. Section 29ABar to election, nomination and continuance as member of Committees.
  32. Section 29BQualification for membership of the Committees
  33. Section 30Supersession/removal of Committee.
  34. Section 30ATransitional provision.
  35. Section 30BTransitory provision for revival of certain Cooperative Banks.
  36. Section 31Securing possession of records.
  37. Section 32Acts of Co-operative Societies not to invalidate by certain defects.
  38. Section 32AAutonomy in all financial and internal administrative matters.
  39. Section 33Co-operative Societies to be bodies corporate.
  40. Section 34First charge of Co-operative Society on certain assets.
  41. Section 35Declaration for creating charge.
  42. Section 36Charge and set off in respect of shares or interest of members in the capital or a Co-operative Society.
  43. Section 37Shares or interest not liable to attachment.
  44. Section 38Register of members.
  45. Section 39Proof of entries in Co-operative societys books.
  46. Section 40Exemption from compulsory registration of instruments.
  47. Section 41Exemption from certain taxes, fee and duties.
  48. Section 42Deduction from salary to meet societys claim in certain cases.
  49. Section 43Direct partnership of Government in Co-operative Societies
  50. Section 44Indirect partnership of Government in Co-operative Societies.
  51. Section 45Principal Government Partnership Fund.
  52. Section 46Subsidiary Government Partnership Fund.
  53. Section 47Approval of Government of purchase of shares
  54. Section 48Liability to be limited in respect of certain shares.
  55. Section 49Restriction on amount of dividend.
  56. Section 50Indemnity of apex and central societies
  57. Section 51Disposal of share capital and dividend etc.
  58. Section 52Disposal of Principal Government Partnership Fund and Subsidiary Government Partnership Fund on winding up of an apex or a central society.
  59. Section 53Principal Government Partnership Fund and Subsidiary Partnership Fund not to form part of assets.
  60. Section 54Agreement by Government and apex societies subject to the foregoing provisions of this Chapter.
  61. Section 55Other forms of Government aid to Co-operative societies.
  62. Section 56Provisions of this Chapter to over-ride other laws.
  63. Section 57Fund not to be divided.
  64. Section 58Procedure for calculation of profits.
  65. Section 59Disposal of net profits.
  66. Section 60Investment of funds
  67. Section 61Restriction on loans.
  68. Section 62Instructions on borrowings.
  69. Section 63Restriction on other transactions with non-member.
  70. Section 64Audit.
  71. Section 65Communication of defects in audit to Co-operative society
  72. Section 66Inspection of books of a Co-operative society.
  73. Section 67Inquiry by Registrar
  74. Section 68Costs of inquiry.
  75. Section 69Surcharge.
  76. Section 70Dispute which may be referred to arbitration.
  77. Section 71Recovery of money by Financing Bank.
  78. Section 72Reference of disputes to the authorities or arbitration.
  79. Section 73Recovery of sums advanced.
  80. Section 73ARegistrar’s obligations.
  81. Section 74Winding up of Co-operative Societies.
  82. Section 75Liquidator
  83. Section 76Powers of liquidator.
  84. Section 77Cancellation of registration of a Co-operative Society.
  85. Section 78Definitions.
  86. Section 79State and other Agriculture and Rural Development Banks.
  87. Section 80Powers of Agriculture and Rural Development Bank to advance loans and to hold lands.
  88. Section 81Appointment of Trustee and his powers and functions.
  89. Section 82Trustee to be a Corporation sole
  90. Section 83Issue of debentures by the Board.
  91. Section 84Powers to borrow money by issue of bonds or by way of loan.
  92. Section 85Charge of debentures holders on certain properties.
  93. Section 86Guarantee by Government of Principal of, and interest on debentures bonds etc
  94. Section 87Security for loans
  95. Section 88Mode of dealing with applications for loans
  96. Section 89Other Guarantees by the Government.
  97. Section 90Order granting loan conclusive of certain matters.
  98. Section 91Priority of mortgage over certain claims.
  99. Section 92Right of Agriculture and Rural Development Bank or of the State Agriculture and Rural Development Bank to purchase mortgaged property
  100. Section 93Mortgages executed in favour of Agriculture and Rural Development Bank to stand vested in State Agriculture and Rural Development Bank.
  101. Section 94Registration of mortgages in favour of Agriculture and Rural Development Bank.
  102. Section 95Restriction or lease and transfer
  103. Section 96Recovery of loans by Agriculture and Rural Development Bank.
  104. Section 97Power of Agriculture and Rural Development Bank to receive money and grant discharges.
  105. Section 98Right of Agriculture and Rural Development Bank to pay prior debts of Mortgagor.
  106. Section 99Distraint when to be made.
  107. Section 100Power of sale when to be exercised.
  108. Section 101Power of Agriculture and Rural Development Bank where mortgaged property is destroyed or security becomes insufficient.
  109. Section 102Power of Board or of Trustee to distrain and sell property etc.
  110. Section 103Title of purchaser not to be questioned on the ground of irregularity etc.
  111. Section 104Mortgage not to be questioned on insolvency of mortgagor.
  112. Section 105Appointment of Receiver and his powers.
  113. Section 106Mortgager’s powers to lease.
  114. Section 107Registration of documents executed on behalf of an Agriculture and Rural Development Bank or of the State Agriculture and Rural Development Bank.
  115. Section 108Delegation of certain power by the Board.
  116. Section 109Sections 102, 103 and 104 of the Transfer of Property Act, 1882 to apply to notice under this Chapter.
  117. Section 110Power of the Board to make regulations.
  118. Section 111Mortgage Bank to be Agricultural Class.
  119. Section 112Over-riding effect.
  120. Section 113Housing Co-operative Societies.
  121. Section 114Definition for purposes of this Chapter
  122. Section 115Issue of debentures.
  123. Section 116Appointment and powers of trustee.
  124. Section 117Vesting property in trustee.
  125. Section 118Guarantee by Government of principal of, and interest on debentures.
  126. Section 119Guarantee Fund.
  127. Section 120Rights of debenture holders.
  128. Section 121Raising of loans from Government and funding agencies at National and International levels.
  129. Section 122Accepting of deposit.
  130. Section 123Distraint when to be made.
  131. Section 124Distraint how to be effected.
  132. Section 125Sale of property distrained.
  133. Section 126Power of sale of mortgage and property when and how to be exercised.
  134. Section 127Application for sale and manner of sale.
  135. Section 128Application to set aside sale.
  136. Section 129Disposal of sale proceeds.
  137. Section 130Grant of certificate to purchaser
  138. Section 131Delivery of property to purchaser.
  139. Section 132Appointment and power of receiver.
  140. Section 133Title of purchaser not impeachable for irregularities.
  141. Section 134Eviction of defaulter member and tenants etc. and applicability of the Residential and Commercial Tenancy Act, 2012.
  142. Section 135Appointment of Sale Officers.
  143. Section 136Mortgages executed in favour of Housing Society to stand vested in Housefed.
  144. Section 137Requirement when property mortgaged is destroyed or security is rendered insufficient etc.
  145. Section 138Power of Board and Trustee to direct distraint sale.
  146. Section 139Mortgage not to be questioned in insolvency of mortgagor.
  147. Section 140Right of Housing Society to pay prior debts of mortgagor.
  148. Section 141Power of Housing Society regarding mortgages transferred to Housefed.
  149. Section 142Mortgages executed by Manager of Joint Hindu Family.
  150. Section 143Non-applicability of Land Acquisition Act to Lands of Housing Societies
  151. Section 144Proof of document or entries in documents.
  152. Section 145Application of this Chapter to loans advance by Housing Society from funds not borrowed from Housefed.
  153. Section 146Application of provisions of Transfer of Property Act, Samvat 1977 to notices.
  154. Section 147Officers of Housing Societies and Sale Officers not to bid at sales.
  155. Section 148Delegation of powers of Board.
  156. Section 149Board’s power of supervision
  157. Section 150Regulation under this Chapter.
  158. Section 151Power to make rules.
  159. Section 152Enforcement of charges.
  160. Section 153Execution of orders etc.
  161. Section 154Attachment of property before award or order.
  162. Section 155Registrar or person empowered by him to be civil court for certain purposes.
  163. Section 156Recovery of sum due to Government.
  164. Section 157Constitution of Co-operative Appellate Tribunal.
  165. Section 158Constitution of Co-operative Appellate Tribunal.
  166. Section 159Limitation for appeal.
  167. Section 160Revision.
  168. Section 161Review.
  169. Section 162Interlocutory orders.
  170. Section 163Offences.
  171. Section 164Cognizance of offences
  172. Section 165Address of a Co-operative Society
  173. Section 166Copy of Act, Rules and Bye-laws to open to inspection.
  174. Section 167Prohibition against the use of the word “Co-operative”.
  175. Section 168Notice necessary in suits.
  176. Section 169Travelling and other allowances etc.
  177. Section 170Securities etc.
  178. Section 171Companies Act not to apply.
  179. Section 172Saving of existing societies.
  180. Section 173Indemnity.
  181. Section 174Power of Civil Court
  182. Section 175Bar of Jurisdiction of Courts.
  183. Section 176Power to make rules.
  184. Section 177Repeal and savings.