The Multi-State Co-operative Societies Act, 2002 – All Sections

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.

The Multi-State Co-operative Societies Act, 2002 has 147 sections in 16 chapters, amended 2 times. Each link below opens the official text of that section. Official PDF on India Code.

The Multi-State Co-operative Societies Act, 2002 PDF

All sections of the Multi-State Co-operative Societies Act, 2002

Chapter I: PRELIMINARY

• Section 1 – Short title, extent and commencement
• Section 2 – Application
• Section 3 – Definitions

Chapter II: CENTRAL REGISTRAR AND REGISTRATION OF MULTI-STATE CO-OPERATIVE SOCIETIES

• 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

Chapter III: REGISTRATION AND FUNCTIONS OF FEDERAL CO-OPERATIVES

• Section 23 – Registration of federal co-operative
• Section 24 – Functions of federal co-operative

Chapter IV: MEMBERS OF MULTI-STATE CO-OPERATIVE SOCIETIES AND THEIR DUTIES, RIGHTS AND LIABILITIES

• 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

Chapter V: DIRECTION AND MANAGEMENT OF MULTI-STATE CO-OPERATIVE SOCIETIES

• 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 Cooperative 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 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

Chapter VI: PRIVILEGES OF MULTI-STATE CO-OPERATIVE SOCIETIES

• Section 55 – Charge and set-off in respect of share or contribution or interest of members
• Section 56 – Share of 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

Chapter VII: PROPERTIES AND FUNDS OF 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 borrowing
• Section 68 – Restriction on other transactions with non-members
• Section 69 – Contributory provident fund

Chapter VIII: AUDIT, ENQUIRY, INSPECTION AND SURCHARGE

• 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 and 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

Chapter IX: SETTLEMENT OF DISPUTES

• Section 84 – Reference of disputes
• Section 85 – Limitation

Chapter IX: REDRESSAL OF COMPLAINTS

• Section 85A – Co-operative Ombudsman

Chapter X: WINDING UP OF MULTI-STATE CO-OPERATIVE SOCIETY

• 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

Chapter XI: EXECUTION OF DECREES, ORDERS AND DECISIONS

• 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

Chapter XII: APPEALS AND REVIEW

• Section 99 – Appeals
• Section 100 – No appeal in certain cases
• Section 101 – Review
• Section 102 – Interlocutory orders

Chapter XIII: SOCIETIES WHICH BECOME MULTI-STATE CO-OPERATIVE SOCIETIES CONSEQUENT ON REORGANISATION OF STATES

• Section 103 – Co-operative societies functioning immediately before reorganisation of States

Chapter XIV: OFFENCES AND PENALTIES

• Section 104 – Offences and penalties
• Section 105 – Cognizance of offences
• Section 105A – Provisions of this Act not in derogation of any other law

Chapter XV: MISCELLANEOUS

• 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 Schedules
• 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