The Multi-State Cooperative Societies Act, 1984

CHAPTER 1: PRELIMINARY

1. Short title, extent and commencement -

(1) This Act may be called the Multi-State Cooperative Societies Act, 1984.

(2) It extends to the whole of India.

(3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

2. Application -

This Act shall apply to :

(a) All cooperative societies, with objects not confined to one State, which were incorporated before the commencement of this Act,

(i) under the Cooperative Societies Act, 1912, or

(ii) under any other law relating to cooperative societies in force in any State or in pursuance of the Multi-unit Cooperative Societies Act, 1942, and the registration of which has not been cancelled before such commencement; and

(b) all multi-State cooperative societies.

3. Definitions-

In this Act, unless the context otherwise requires:

(a) "board" means the board of directors or the governing body of a multi-State cooperative society by whatever name called, to which the direction and control of the management of the affairs of the society is entrusted;

(b) "bye-laws" means the bye-laws for the time being in force which have been duly registered under this Act and includes amendments thereto which have been duly registered under this Act;

(c) "Central Registrar" means the Central Registrar of Cooperative Societies appointed under sub-section (1) of section 4 and includes any officer empowered to exercise the powers of the Central Registrar under sub-section (2) of that section;

(d) "Chief Executive" means a Chief Executive of a multi-State cooperative society appointed under section 44;

(e) "cooperative bank" means a multi-State cooperative society which undertakes banking business;

(f) "cooperative principles" means the cooperative principles specified in the First Schedule;

(g) "cooperative society" means a society registered or deemed to be registered under any law relating to cooperative societies for the time being in force in any State;

(h) "cooperative year", in relation to any multi-State cooperative society or class of such societies, means the year ending on the 30th day of June and where the accounts of such society or class of such societies are, with the previous sanction of the Central Registrar, balanced on any other day, the year ending on such day;

(i) "Deposit Insurance Corporation" means the Deposit Insurance and Credit Guarantee Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961;

(j) "member" means a person joining in the application for the registration of a multi-State cooperative Society and includes a person admitted to membership after such registration in accordance with the provisions of this Act, the rules and the bye-laws;

(k) "multi-State cooperative society" means a society registered or deemed to be registered under this Act and includes a national cooperative society;

(l) "multi-State cooperative society with limited liability" means a society having the liability of its members limited by its bye-laws to the amount, if any, unpaid on the shares respectively, held by them or to such amount as they may, respectively, there-by undertake to contribute to the assets of the society, in the event of its being wound up;

(m) "national cooperative society" means a multi-State cooperative society specified in the Second Schedule;

(n) "notification" means a notification published in the Official Gazette;

(o) "officer" means a president, vice-president, chairman, vice-chairman, managing director, secretary, manager, member of a board, treasurer, liquidator, an administrator appointed under section 48 and includes any other person empowered under this Act or the rules or the bye-laws to give directions in regard to the business of multi-state cooperative society;

(p) "Prescribed" means prescribed by rules;

(q) "Reserve Bank" means the Reserve Banks of India constituted under the Reserve Bank of India Act, 1934;

(r) "rules" means the rules made under this Act