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Co-operative Societies Act, 1912

Section-wise access to the Co-operative Societies Act, 1912, covering registration, membership, audit, corporate status, loans and borrowing, investment of funds, Registrar inquiries, dissolution, winding up and related powers.

Current-law note: The 1912 Act remains available on India Code, but it should not be treated as the universal law governing every co-operative society in India. A society whose objects are confined to one State is ordinarily governed by the applicable State co-operative societies legislation. Societies whose objects extend to more than one State are governed by the Multi-State Co-operative Societies Act, 2002 and are administered through the Central Registrar of Cooperative Societies. Always check the law applicable to the society's territorial operation.
Act Number2 of 1912
Enactment Date1 March 1912
SubjectCo-operative Societies

About the Act

The Co-operative Societies Act, 1912 was enacted to amend the law relating to co-operative societies and to facilitate their formation for the promotion of thrift and self-help, particularly among agriculturists, artisans and persons of limited means.

Section 1 - Short title and extent: The statute is titled the Co-operative Societies Act, 1912. Its territorial-extent clause must be read together with later State legislation, constitutional allocation of legislative competence, repeals and adaptations applicable in the relevant State or territory.

Preliminary

  1. Section 2 Definitions

Registration

  1. Section 3 The Registrar
  2. Section 4 Societies which may be registered
  3. Section 5 Restrictions on interest of member of society with limited liability and a share capital
  4. Section 6 Conditions of registration
  5. Section 7 Power of Registrar to decide certain questions
  6. Section 8 Application for registration
  7. Section 9 Registration
  8. Section 10 Evidence of registration
  9. Section 11 Amendment of the by-laws of a registered society

Rights and Liabilities of Members

  1. Section 12 Member not to exercise rights till due payment made
  2. Section 13 Votes of members
  3. Section 14 Restrictions on transfer of share or interest

Duties of Registered Societies

  1. Section 15 Address of societies
  2. Section 16 Copy of Act, rules and by-laws to be open to inspection
  3. Section 17 Audit

Privileges of Registered Societies

  1. Section 18 Societies to be bodies corporate
  2. Section 19 Prior claim of society
  3. Section 20 Charge and set-off in respect of shares or interest of member
  4. Section 21 Shares or interest not liable to attachment
  5. Section 22 Transfer of interest on death of member
  6. Section 23 Liability of past member
  7. Section 24 Liability of the estates of deceased members
  8. Section 25 Register of members
  9. Section 26 Proof of entries in societies books
  10. Section 27 Exemption from compulsory registration of instruments relating to shares and debentures of registered society
  11. Section 28 Power to exempt from income-tax, stamp-duty and registration fees

Property and Funds of Registered Societies

  1. Section 29 Restrictions on loans
  2. Section 30 Restrictions on borrowing
  3. Section 31 of Cooperative Societies Act - Restrictions on other transactions with non-members
  4. Section 32 of Cooperative Societies Act - Investment of funds
  5. Section 33 of Cooperative Societies Act - Funds not to be divided by way of profit
  6. Section 34 of Cooperative Societies Act - Contribution to charitable purpose

Inspection of Affairs

  1. Section 35 of Cooperative Societies Act - Inquiry by Registrar
  2. Section 36 of Cooperative Societies Act - Inspection of books of indebted society
  3. Section 37 of Cooperative Societies Act - Costs of inquiry
  4. Section 38 of Cooperative Societies Act - Recovery of costs

Dissolution of Society

  1. Section 39 of Cooperative Societies Act - Dissolution
  2. Section 40 of Cooperative Societies Act- Cancellation of registration of society
  3. Section 41 of Cooperative Societies Act - Effect of cancellation of registration
  4. Section 42 of Cooperative Societies Act - Winding-up

Rules

  1. Section 43 of Cooperative Societies Act - Rules
  2. Section 44 of Cooperative Societies Act - Recovery of sums due to Government

Miscellaneous

  1. Section 45 of Cooperative Societies Act - Power to exempt societies from conditions as to registration
  2. Section 46 of Cooperative Societies Act - Power to exempt registered societies from provisions of the Act
  3. Section 47 of Cooperative Societies Act - Prohibition of the use of the word co-operative
  4. Section 48 of Cooperative Societies Act - Indian Companies Act, 1882, not to apply
  5. Section 49 of Cooperative Societies Act - Saving of existing societies
Section 50: Repealed by the Second Repealing and Amending Act, 1914 (17 of 1914), section 3 and the Second Schedule.