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The Maharashtra Co-operative Societies Act, 1960

Maharashtra

An Act to consolidate and amend the law relating to co-operative societies in the State of Maharashtra.

Act number
24 of 1961
Ministry
Govt of Maharashtra
Department
Co-operation, Marketing and Textiles Department
Enacted
9 May 1961

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.

195 sections

  1. Section 1Short title, extent and commencement.
  2. Section 2Definitions.
  3. Section 3Registrar and his subordinates.
  4. Section 3ATemporary vacancies.
  5. Section 4Societies which may be registered.
  6. Section 5Registration with limited or unlimited liability.
  7. Section 6Conditions of registration.
  8. Section 7Power to exempt societies or class of societies from conditions as to registration.
  9. Section 8Application for registration.
  10. Section 9Registration.
  11. Section 10Evidence of registration.
  12. Section 11Power of Registrar to decide certain questions.
  13. Section 12Classification of societies.
  14. Section 13Amendment of by-laws of society.
  15. Section 14Power to direct amendment of by-laws.
  16. Section 15Change of name.
  17. Section 16Change of liability.
  18. Section 17Amalgamation, transfer, division or conversion of societies.
  19. Section 18Power to direct amalgamation, division and reorganisation in the public interest of members, etc.
  20. Section 18AAmalgamation of Co-operative banks.
  21. Section 18BAmalgamation of primary agricultural credit societies.
  22. Section 18CReorganisation of societies on account of alteration of limits of local areas in which they operate.
  23. Section 19Reconstruction of societies.
  24. Section 20Partnership of societies.
  25. Section 20ACollaboration by societies.
  26. Section 21Cancellation of registration.
  27. Section 21ADe-registration of societies.
  28. Section 22Person who may become member.
  29. Section 23Open membership.
  30. Section 24Nominal and associate member.
  31. Section 24ACo-operative education and training to members, etc.
  32. Section 25Cessation of membership.
  33. Section 25ARemoval of names of members from membership register.
  34. Section 26Rights and duties of members.
  35. Section 27Voting powers of members.
  36. Section 28Restrictions on holding of shares.
  37. Section 29Restrictions on transfer or charge of share or interest.
  38. Section 30Transfer of interest on death of member.
  39. Section 31Share or interest not liable to attachment.
  40. Section 32Rights of members to see books, etc.
  41. Section 32ACertain societies to give pass books to members and entries in such book evidence of amount due.
  42. Section 33Liability of past member and estate of deceased member.
  43. Section 34Insolvency of members.
  44. Section 35Expulsion of members.
  45. Section 36Societies to be bodies corporate.
  46. Section 37Address of societies.
  47. Section 38Register of members.
  48. Section 39Copy of Act, etc., to be open to inspection.
  49. Section 40Admissibility of copy of entry as evidence.
  50. Section 41Exemption from compulsory registration of instruments relating to shares and debentures of society.
  51. Section 42Power to exempt from taxation; power to refund.
  52. Section 43Restrictions on borrowings.
  53. Section 44Regulation of loan making policy.
  54. Section 44ALimit on interest in certain cases.
  55. Section 45Restrictions on other transactions with non-members.
  56. Section 46Charge and set-off in respect of share or interest of member.
  57. Section 47Prior claim of society.
  58. Section 48Charge on immovable property of members borrowing from certain societies.
  59. Section 48ADeduction from sale price of certain agricultural produce to meet society's dues.
  60. Section 49Deduction from salary to meet society's claim in certain cases.
  61. Section 50Direct partnership of State Government in societies.
  62. Section 51Indirect partnership of State Government in societies.
  63. Section 52Principal State Partnership Fund.
  64. Section 53Subsidiary State Partnership Fund.
  65. Section 54Approval of State Government for purchase of shares.
  66. Section 55Liability to be limited in respect of certain shares.
  67. Section 56Restriction on amount of dividend.
  68. Section 57Indemnity of Apex and Central societies.
  69. Section 58Disposal of share capital and dividend, etc.
  70. Section 59Disposal of Principal or Subsidiary State Partnership Fund on winding up of Apex or Central society.
  71. Section 60Principal or Subsidiary State Partnership Fund not to form part of assets.
  72. Section 61Agreement by State Government and Apex societies.
  73. Section 62Other forms of State aid to societies.
  74. Section 63Provisions of this Chapter to override other laws.
  75. Section 64Funds not to be divided.
  76. Section 65Ascertainment and appropriation of profits.
  77. Section 66Reserve Fund.
  78. Section 67Restrictions on dividend.
  79. Section 68Contribution to education fund of the State federal society.
  80. Section 69Contribution to public purposes.
  81. Section 69AConstitution of Co-operative District Cadre of Secretaries and establishment of Employment Fund for such Cadre.
  82. Section 69BConstitution of District Level and State Level Committees.
  83. Section 70Investment of funds.
  84. Section 71Employees' Provident Fund.
  85. Section 71AFunds not to be utilised for certain proceedings filed or taken by or against officers in personal capacities.
  86. Section 72Final authority of society.
  87. Section 72AFreedom of affiliation or disaffiliation with a federal structure of choice.
  88. Section 73Committee, its powers and functions.
  89. Section 74IDMotion of no confidence against officers of societies.
  90. Section 73ADisqualification for being designated Officer simultaneously of certain categories of societies.
  91. Section 73AAAConstitution of committee.
  92. Section 73BReservation of certain seats on committees of societies and election thereto
  93. Section 73CReservation for women.
  94. Section 73CADisqualification of committee and its members.
  95. Section 73CBState Co-operative Election Authority.
  96. Section 73CCPower of State Government to postpone election.
  97. Section 73DSociety's nominee on other society not eligible to be designated officer, except in a federal society.
  98. Section 73EDeleted.
  99. Section 73EADeleted.
  100. Section 73FElection to more than one seat on the committee of society.
  101. Section 73-FFFDeleted.
  102. Section 73-GDeleted.
  103. Section 73HDeleted.
  104. Section 73IResponsibility of committee or the Administrators or authorised officer to intimate and assist to arrange for election, before expiry of term.
  105. Section 74Qualification and appointment of Manager, Secretary and other officers of societies and of Chief Executive Officer and financial Officer for certain societies.
  106. Section 75Annual general body meeting.
  107. Section 76Special general body meeting.
  108. Section 77Acts of societies, etc., not to be invalidated by certain defects.
  109. Section 77AAppointment of member of committee, new committee or authorised officers, where there is failure to elect member, to constitute committee or where committee does not enter upon office, etc.
  110. Section 78Power of suspension of committee.
  111. Section 78APower of supersession of committee or removal of member thereof.
  112. Section 79Society's obligation to file returns and statements and Registrar's power to enforce performance of such obligations.
  113. Section 79AGovernment's powers to give directions in the public interest, etc.
  114. Section 79AARegistrar’s powers to give directions to frame regulations.
  115. Section 79BDeleted.
  116. Section 80Registrar's power to seize records, etc.
  117. Section 81Audit.
  118. Section 82Rectification of defects in accounts.
  119. Section 83Inquiry by Registrar.
  120. Section 84Inspection of books of indebted society.
  121. Section 85Costs of inquiry and inspection.
  122. Section 86Recovery of costs.
  123. Section 87Registrar to bring defects disclosed in inquiry or inspection to notice of society.
  124. Section 88Power of Registrar to assess damages against delinquent promoters, etc.
  125. Section 88ADeposit towards fees of inquiry.
  126. Section 89Power to enforce attendance, etc.
  127. Section 89APower to inspect working of society.
  128. Section 90Constitution or recognition of federal authority to supervise working of societies.
  129. Section 91Disputes.
  130. Section 91AConstitution of Co-operative Courts.
  131. Section 92Limitation.
  132. Section 93Transfer of disputes from one Co-operative Court to another, and suspension of proceedings in certain cases.
  133. Section 94Procedure for settlement of disputes and power of Co-operative Court.
  134. Section 95Attachment before award or order and interlocutory orders.
  135. Section 96Decision of Co-operative Court.
  136. Section 97Appeal against decision under section 96 and order under section 95.
  137. Section 98Money how recovered.
  138. Section 99Private transfer of property made after issue of certificate void against society.
  139. Section 100Transfer of property which cannot be sold.
  140. Section 101Recovery of certain sums and arrears due to certain societies as arrears of land revenue.
  141. Section 102Winding up.
  142. Section 103Appointment of Liquidator.
  143. Section 104Appeal against order of winding up.
  144. Section 105Powers of Liquidator.
  145. Section 106Effect of order of winding up.
  146. Section 107Bar of suit in winding up and dissolution matters.
  147. Section 108Audit of Liquidator's accounts.
  148. Section 109Termination of liquidation proceedings.
  149. Section 110Disposal of surplus assets.
  150. Section 110AOrder for winding up, reconstruction, suspension or supersession of committee, etc., of insured co-operative bank, not to be made without sanction or requisition of Reserve Bank of India.
  151. Section 111Application of Chapter XI to Co-operative Agriculture and Rural Multipurpose Development Banks.
  152. Section 112State and other Co-operative Agriculture and Rural Multipurpose Development Banks.
  153. Section 112ADistrict Co-operative Agriculture and Rural Multipurpose Development Bank, its constitution, term of office of delegates, casual vacancies, powers of such committee, etc.
  154. Section 112AAElection of delegate as member of a Co-operative Agriculture and Rural Multipurpose Development Bank from City of Bombay District and Bombay Suburban District.
  155. Section 112BGeneral Body and Committee of State Co-operative Agriculture and Rural Multipurpose Development Bank.
  156. Section 112BGeneral Body and Committee of State Co-operative Agriculture and Rural Multipurpose Development Bank.
  157. Section 112CDeleted.
  158. Section 113Appointment, powers and function of Trustee.
  159. Section 114Issue of debentures.
  160. Section 115Guarantee by State Government.
  161. Section 116Vesting of property in Trustee and Debenture holders' charge on assets.
  162. Section 117Powers of Co-operative Agriculture and Rural Multipurpose Development Bank to advance loans and to hold lands.
  163. Section 118Deleted.
  164. Section 119Order granting loan conclusive of certain matters.
  165. Section 120Priority of mortgage.
  166. Section 121Mortgages and other instruments executed in favour of a Co-operative Agriculture and Rural Multipurpose Development Bank to stand vested in State Agriculture and Rural Multipurpose Development Bank.
  167. Section 122Registration of mortgage, lease, etc., executed in favour of Co-operative Agriculture and Rural Multipurpose Development Bank.
  168. Section 123Mortgages and other instruments not to be questioned on insolvency of mortgagors or executants.
  169. Section 124Deleted.
  170. Section 125Mortgages and other instruments executed by managers of Joint Hindu Families.
  171. Section 126Section 8 of Act XXXII of 1956 to apply to mortgages and other instruments to Co-operative Agriculture and Rural Multipurpose Development Bank, subject to certain modification.
  172. Section 127Restrictions on lease.
  173. Section 128Co-operative Agriculture and Rural Multipurpose Development Bank to receive money and give discharge.
  174. Section 129Powers of Co-operative Agriculture and Rural Multipurpose Development Bank where mortgaged or encumbered property is destroyed or security becomes insufficient.
  175. Section 130Right of Co-operative Agriculture and Rural Multipurpose Development Bank to buy mortgaged property.
  176. Section 131Recovery of loans by Co-operative Agriculture and Rural Multipurpose Development Bank.
  177. Section 132Power to distrain.
  178. Section 133Sale of mortgaged or encumbered property.
  179. Section 133AMortgaged or encumbered property of Tribal not to be sold to non-Tribal at public auction under section 133.
  180. Section 144-2AApplication of Chapter XI-1A to non-agricultural co-operative credit societies.
  181. Section 134Confirmation of sale.
  182. Section 135Disposal of sale proceeds.
  183. Section 136Certificate to purchase delivery of property and title of purchase.
  184. Section 137Recovery of loans on certificate by Registrar.
  185. Section 138Mode of recovery by Collector.
  186. Section 139Officers or members of family not to bid at auction sales.
  187. Section 140Section 40 of Bom. XXVIII of 1947 not to apply to alienation in favour of Co-operative Agriculture and Rural Multipurpose Development Banks.
  188. Section 141Provision for Guarantee Funds to meet certain losses.
  189. Section 142Registrar’s power to permit any society or class of societies to function as Co-operative Agriculture and Rural Multipurpose Development Bank.
  190. Section 143Service of notice.
  191. Section 143ATransfer of rights and liabilities of Government in respect of schemes sanctioned under Bom. XXVIII of 1942.
  192. Section 144Power to Committee of State Co-operative Agriculture and Rural Multipurpose Development Bank to supervise on Co-operative Agriculture and Rural Multipurpose Development Bank and make regulations.
  193. Section 144-1AReorganisation, amalgamation or division of Co-operative Agriculture and Rural Multipurpose Development Bank, in public interest, etc.
  194. Section 144-1BDeleted.
  195. Section 144-2AApplication of Chapter XI-1A to non-agricultural co-operative credit societies.