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Assam Co-operative Societies Act, 1949
Preamble.- An Act to facilitate the formation and working
of Co-operative Societies and to consolidate and amend the
law relating to Co-operative Societies in the Province of
Assam.
Whereas it is expedient further to facilitate the formation
and working of Co-operative Societies for the purpose of thrift,
self-help, mutual aid and creating the quality of credit worthiness
among agriculturists, artisans and other persons with common
economic needs so as to bring about a higher standard of living,
better business, better methods of production, equitable distribution
and exchange and for that purpose to consolidate and amend
the law relating to Co-operative Societies in the Province
of Assam.
It is hereby enacted as follows:
CHAPTER I: PRELIMINARY
1. Short title, extent and commencement.-
(1) This Act may be called the Assam Co-operative
Societies Act, 1949.
(2) It extends to the whole of the State of Assam.
(3) It shall come into force on such date as the State
Government may appoint.
2. Definitions.-
In this Act, unless there is anything repugnant in the subject
or context —
(a) "Administrative Council" means a body intermediary
between a Managing Body and the General Assembly of registered
society:
(b) "Affiliating Society" means the registered society
of which a particular society is a member and "Affiliated
Society" means the particular society which is a member
of the affiliating society.
(c) "Arbitrator" means a person appointed under
the provisions of this Act to decide any dispute referred
to him.
(d) "Audit Officer" means a person appointed under
the provisions of this Act to audit the accounts of a registered
society.
(e) "By-law" refers to the registered by-laws for
the time being in force and includes a registered amendment
of bye- laws.
(f) "Co-operative Years" means the period beginning
and ending on such dates as may be fixed by the Registrar
for the purpose of drawing up the balance sheets of registered
societies;
(g) "Co-operative Demand Certificate" means a certificate
as defined in S. 83.
(h) "Employee" means a person, not being an office¬bearer,
employed by a registered society on a salary or similar form
of remuneration other than advance patronage dividend or payment
for goods sold to or through such society.
(i) "General Assembly" means the supreme body of
a registered society as defined in S.31.
(j) "Managing Body" means the body to which the
management of the affairs of a registered society is directly
entrusted and does not include the Administrative Council;
(k) "Member" means a person admitted to membership
after registration in accordance with the bye-laws and rules
of the society and includes a promoter;
(1) "Office-bearer" means a member duly elected
by the appropriate body of a registered society, according
to its bye-laws to any office of such society, including the
office of the President, Chairman, Vice-President, Vice-Chairman,
Secretary , Managing Director and Treasurer : provided that
any officer appointed by Government to hold charge of any
office of a registered society shall be deemed to be an office¬bearer
unless specifically stated to be contrary;
(m) "Prescribed" means prescribed by rules;
(n) "Promoter" means any eligible person or registered
society signing the application of a society;
(o) "Registered society" means a co-operative society
registered or deemed to have been registered under this act
and includes a society formed after amalgamation of such two
or more societies or by division of such an existing society:
(p) "Registrar" means a person appointed to perform
the duties of a register of a co-operative societies under
this act;
(q) "Rules" means rules made under this act;
(r) "Signature" includes the thumb-impression of
an illiterate person;
(s) "Bank" means -
(i) A banking company as defined in the banking regulation
act, 1949.
(ii) The State Bank of India constituted under the State Bank
of India Act, 1955.
(iii) A subsidiary Bank as defined in the State Bank of India
(Subsidiary Banks) Act, 1959.
(iv) A corresponding new Bank constituted under the Banking
Companies (Acquisition and Transfer of Undertakings) Act,
1970;
(v) The Agricultural Refinance Corporation constituted under
the Agricultural Refinance Corporation Act, 1963;
(vi) Agricultural Finance Corporation Limited, a company incorporated
under the Indian Companies Act, 1956; and
(t) A "Financing Bank" means a bank as defined in
Cl. (s) of S.2 of this Act or a Co-operative Bank providing
working capital to a registered Co-operative Society.
CHAPTER II: REGISTRATION OF SOCIETIES
3. The Registrar.-
(1) The State Government may appoint a person to be a Registrar
pf Co-operative Societies for the Province or any portion
of it for the registration supervision, assistance, counsel
and control of registered societies and for the development
of the co-operative movement and control over all co-operative
education and with such other powers and responsibilities
as
may be provided under this Act or rules or bye-laws framed
thereunder.
(2) The state Government may also appoint persons to assist
the Registrar and may, by general or special order in writing,
delegate to any such person or to any other Government Officer
all or any of the
powers of the Registrar under this Act.
(3) The State Government may also appoint non-official helpers
with such designations and functions as prescribed to aid
in the organization of Co-operative Societies.
4. Societies which may be registered.-
(1) A society which has as its objects the promotion of the
economic interests or general welfare of its members or of
the public in accordance with the co-operative principles,
or a society established with the object of facilitating the
operations of any society may be registered under this Act
with limited liability.
(2) No society shall be registered if in the opinion of the
Registrar, its declared objects are unlikely to be achieved
or if it is likely to be economically unsound or if it may
have an adverse effect upon any registered society or the
co-operative movement as a
whole.
Provided that unless the State Government by general or special
order otherwise directs—
(1) the liability of a society of which a member is a registered
society shall be limited;
(2) the liability of a society of which the primary object
is the creation of funds to be lent to its members and of
which the
majority of the members are agriculturists or artisans, and
of which no member is a registered society , shall be unlimited
and the members of such a society, shall be on its liquidation,
be jointly and severally liable for and in respect of all
obligations of such a society;
Provided further that no society shall be registered if in
the opinion of the Registrar, its declared objects are unlikely
to be achieved or of it is economically unsound or if it may
have an adverse effect upon any registered society or the
co-operative movement as a whole."
See R. 5 for application for registration, R. 6 for conditions
of 0020registration.
5. Age, qualification of a member.- No person may be an individual
member of a registered society if he is less than eighteen
years of age; provided that the bye-laws of a society may
prescribe a higher minimum age.
6. Conditions of registration.-
(1) No society, other than a society of which a member is
a registered society shall be registered under this Act which
does not consist of at least ten eligible persons and, in
case where the primary object of the society is the creation
of funds to be lent to its members, unless such persons reside
in the same town, village or in the same Panchayat Area.
(2) The word "Limited" shall be the last word in
the name of every society with limited liability registered
under this Act.
7. Restriction on acquisition of shares in a society.-
(1) No member of a registered society shall hold more than
such portion of the share capital of the society as may be
prescribed by the rules, or the bye-laws of the society.
(2) No member shall be allowed to acquire an additional share
until he has paid in full the value of the whole or that portion
of his share holding which he is required to pay in accordance
with the bye-laws of his society.
8. Power of Registrar to decide certain questions.- All disputes
regarding membership for the purpose of the formation, registration
or continuance of a society under this Act shall be decided
by the Registrar.
9. Change of liability.-
(1) Subject to the proviso to S.4 and to any rules made in
this behalf, a registered society may, with the previous sanction
of the Registrar, change its liability from limited to unlimited
or from limited to unlimited or from unlimited to limited
:
Provided that —
(i) the society shall give notice in writing of its intention
to change its liability to all its members and creditors;
(ii) any member or creditor shall, notwithstanding any bye-law
or contract to the contrary , have the option of withdrawing
his shares, deposits or loans, as the case may be, within
three months of the service of such notice on him and the
change shall not take effect until all such claims have been
satisfied; and
(iii) any member or creditor, who does not exercise his option
within the period aforesaid, shall be deemed to have assent
to the change.
(2) Notwithstanding anything contained in the proviso to sub-S.
(1) no change shall take effect at once if all the members
and creditors assent thereto.
(3) The Registrar shall register the amendment of the bye-laws
consequent on the change of liability;
provided that no person who ceases to be a member of the society
before such amendment is registered shall be adversely affected
by the change of liability.
10. Application for registration.-
(1) An application for registration shall be made to the Registrar
in the prescribed form.
(2) The application shall be signed—
(a) in the case of society of which no promoter is a registered
society , by at least ten eligible persons; and
(b) in the case of a society of which at least one promoter
is a registered society , by a duly authorised person on behalf
of such registered society and at least one other individual
promoter or one other duly authorised person on behalf of
another registered society.
(3) The application shall be accompanied by four copies of
the proposed by-laws of the society signed on behalf of the
promoters by the president of the inaugural general meeting.
Promoters by whom or on whose behalf such application is made
shall furnish such information in regard to the society as
the Registrar may require and they shall be liable to the
full extent of the share money which they have undertaken
to subscribe with effect from the date of registration of
the society.
11. Registration.-
(1) The Registrar shall decide all questions as to whether
the application complies with the provisions of this Act and
rules thereunder and whether the objects of the society are
in accordance with S. 4.
(2) When he is satisfied that the application is in order
under sub-S. (1) and the society and bye-laws are not contrary
thereto, he may register the society and bye- laws ;
Provided that the Registrar shall have powers to register
the bye laws with such modifications as he thinks are necessary
to bring about uniformity in the main with provisions of the
bye-laws of societies which have similar objects or functions.
(3) The Registrar shall endorse the by-laws in token of registration.
Each society shall have a copy of its by¬ laws so endorsed.
(4) If the Registrar refuses to register a society or an amendment
of the by-laws of a registered society he shall record his
reasons in writing and communicate these reasons and his decision
to the promoters or the Secretary of a registered society
by a registered letter to their office. The Registrar may
at any time review his orders in this respect.
12. Evidence of registration.- A certificate of registration
signed by the Registrar shall be issued to the society and
shall be conclusive evidence that the co-operative society
therein mentioned is a co-operative society duly registered
under this Act and that its bye-laws are as attached to the
certificate, unless it is proved that the registration of
the society has been cancelled or that amended bye-laws have
been registered or that the society has been cancelled or
that amended bye-laws have been registered or that the society's
copy of the certificate or bye-laws has been tampered with.
13. Amendment of the by-laws of a registered society.-
(1) No amendment of the by-laws of a registered society, whether
by way of addition, alteration, omission, recession or change
of name shall be valid until such amendment has been registered
under this Act.
(2) Every proposal for such amendment shall have to be approved
by a resolution at a meeting of the General Assembly in accordance
with the bye-laws of the
society and be forwarded within a month from the
date of the resolution at the Registrar and if the
Registrar is satisfied that the proposed amendment is
not contrary to the provisions of this Act or rules, he
shall, unless for reasons to be recorded in writing he considers
fit to refuse, register the amendment.
(4) When the Registrar registers an amendment of the bye-laws
of a registered society, he shall issue to the society a copy
of the amendment certified by him, which shall be conclusive
evidence that the same has been duly registered, unless it
is proved that the of the society has been cancelled or that
further amendments have been registered or that the society's
copy of the amendments have been tampered with, the amendment
shall be binding upon the society with effect from the date
of registration. (5)
14. Power of Registrar or affiliating society or financing
bank to direct amendment of by-laws or adoption of rules of
procedure.-
(1) (i) When it appears to the Registrar that an amendment
of the bye-laws of a registered society is necessary in the
interests of such society or of the co-operative movement
as a whole or for the purpose of bringing about uniformity
in the main with the provisions of the bye-laws of societies
which have similar objects or functions, he may, by an order
in writing, direct the society to amend its bye-laws in accordance
with the amendment drafted and forwarded to the society by
him within such time as he may specify in the order.
(ii) if the society fails to make such amendment within the
time specified, the Registrar shall, after giving the society
an opportunity of representing its case, make such amendment
himself and register the same The Registrar shall then forward
a copy thereof to the society together with a certificate
signed by him which shall be effective as prescribed in S.
13 (3).
(iii) The Registrar shall not register any amendment of the
bye-laws of a society, whether under this section or S. 13
of this Act, without the consent of the Provincial Government,
if the effect of such amendment is to lessen the degree of
control of the Government or of the Registrar as already provided
for in the bye-laws.
(iv) The Registrar may require any registered society to frame
rules of procedure under its by-laws to govern any part of
its business and to send such rules to him for prior approval.
(2) (i) When it appears to an affiliating society or a financing
bank that an amendment of the bye-laws of a registered society
which is a member of such society or debtor of financing bank
is necessary in the interest of the society it may suggest
to the affiliated society or the debtor society , as the case
may be , to make such amendment within such time as it may
specify. The affiliating society, or the financing bank shall
forward to the affiliated society, or the debtor society,
as the case may be, a draft of the suggested amendment of
the by-laws.
(ii) If the society fails to make the amendment within the
time specified the affiliating society or the financing bank
may forward to the Registrar the amendment; and the Registrar,
if satisfied that the amendment is necessary in the interest
of the society and not contrary to the provisions of this
Act or the rules may thereupon after giving an opportunity
of showing cause to the society concerned against the proposed
amendment register the amendment and forward to the society
a copy thereof together with a certificate signed by him.
The certificate shall be conclusive evidence that the amendment
has been registered and such amendment shall thereupon be
binding upon the society and its members.
(iii) If the Registrar considers that the amendment referred
to in Cl. (ii) above is not acceptable, he shall submit a
report to the Government.
(iv) An affiliating society or a financing bank or the registered
society if aggrieved by a decision of the Registrar may prefer
an appeal to the Government. The orders of the Government
on such appeal shall be final.
(v) The State Government may out of its own motion or the
Registrar subject to such direction as may be given by the
Government, amend the bye-laws of any society or group of
societies in the interest of public service.
15. Division and amalgamation of societies.-
(1) (i) Any registered society may, at a meeting of its General
Assembly specially called for the purpose, resolve to divide
into two or more societies. At least fifteen clear days' notice
of such meeting with the agenda shall be given to its members
together with a copy of the proposed resolution.
(ii) Such a resolution shall contain the proposal as to how
to divide the assets and liabilities of the society among
the newly proposed societies, their areas of operation and
the members who will constitute each of the newly proposed
societies with draft new bye-laws.
(iii) A copy of the resolution shall be sent to the Registrar
within thirty days of its adoption and subject to the Registrar's
non-interference within thirty days of the despatch to him
of the resolution, the resolution shall be circulated among
the members and creditors of the society.
(iv) Notwithstanding any agreement to the contrary, any member
of the society, and notwithstanding any agreement to the contrary,
any creditor of the society may, by notice given to the society
within thirty days of the receipt of the resolution, intimate
in case of a member his intention not to become a member of
any of the societies, and in case of a creditor his intention
to demand a return of the amount due to him.
(v) After the expiry of ninety days from the aforesaid resolution,
a meeting of the General Assembly shall be convened for finally
deciding the resolution. At least fifteen clear days' notice
with the agenda of meeting shall be given to all members of
the society.
(vi) If the General Assembly decides by a three-fourth majority
finally to divide the society and if the Registrar approves
of the decision, the members, who will constitute each of
the newly proposed societies subscribing to the new draft
bye-laws shall apply to the Registrar under S. 10 for registration
of the new societies and the Registrar shall register the
societies under S.ll.
(vii) The Registrar shall not register the new societies if
the application for registration is not accompanied by a certificate
of re-payment of share capital to members and certificate
of satisfaction of claims to creditors referred to in Cl.(iv).
(viii) From the date on which the new societies are registered
under Cl. (vi) the registration of the old society shall be
deemed to have been cancelled.
(ix) The registration of the new societies shall be a sufficient
conveyance to vest the assets and liabilities of the original
society according to the aforesaid resolution in the new societies.
(2) (i) Two or more registered societies may, at a meeting
of their respective General Assemblies specially convened
for the purpose, by giving at least fifteen clear days' notice
to the respective members of the societies, resolve to amalgamate
into one society by adopting common bye-laws.
(ii) A copy of such resolutions of each society shall be circulated
forthwith among all members and creditors thereof.
(iii) Notwithstanding any bye-laws to the contrary, any member
of any such societies and, notwithstanding any agreement to
the contrary, any creditor of any such societies, may within
a period of thirty days from the receipt of the aforesaid
resolution, intimate his intention not to become a member
of the new society, in the case of a member, and to demand
a return of the amount due to him, in case of a creditor.
(iv) After the expiry of ninety days from the date of the
aforesaid resolution, a joint meeting of the members of such
societies shall be convened to decide finally the aforesaid
resolution.
(v) At least fifteen clear days' notice shall be given to
all the members of the societies. If at such meeting the aforesaid
resolution is confirmed by a majority of three-fourths of
the members of each society present and the common bye-laws
are accepted with or without any alterations, the Registrar
shall be moved by an application under S. 10 for registration
and he shall register the new society under S.ll if he approves.
(vi) The Registrar shall not register the new society if the
application for registration is not accompanied by a certificate
of repayment of share capital to members and a certificate
of creditors referred to in Cl. (iii).
(vii) From the date on which the new society is registered
the registration of the old societies shall be deemed to have
been cancelled.
(viii) The registration of the new society shall be a sufficient
conveyance to vest in all the assets and liabilities of the
original societies.
(3) (a) Notwithstanding anything contained in sub-Ss. (1)
and (2) of this section if the Registrar is of opinion that
for reasons of ensuring economic liability of any registered
society or societies or avoiding, over lapping or conflict
of jurisdictions of registered societies in any area or in
order to secure proper management of any co-operative society
or in the public interest or in the interest of the co-operative
movement in the State as a whole, or in the interest of the
depositors and the Co-operative Banking System in the State
as a whole, it is necessary to divide, amalgamate or merge
fully or partially any such society or societies with any
specified society, he may, by an order published in a Official
Gazette make a scheme for division, amalgamation or merger,
with prior approval of the State Government.
Explanation: In this section the society which is divided,
amalgamated or merged shall be referred to as "Transferor"
society and the societies which are formed out of any division,
amalgamation or merger under this section shall be referred
to as "Transferee" society or societies.
(b) A scheme referred to in sub-S.(3) (a) in respect of division,
amalgamation or merger may provide for all or any of the following
matters namely:
(i) The transfer of the business, properties, movable or immovable,
assets including cash balance and reserve fund, rights, privileges,
liabilities, debts and obligations of the transferor society
or societies to the transferee society or societies on such
terms and conditions as may be specified in the said scheme;
(ii) The reduction of interest or rights which the members,
depositors and other creditors have in or against the transferor
society or societies before division, amalgamation or merger
to such extent as the Registrar considers necessary in the
public interest of the members, depositors and other creditors
for the maintenance of the business of such society or societies
having due regard to the assets and liabilities of the transferor
society or societies;
(iii) The payment in cash or otherwise to the depositors and
other creditors in full satisfaction of their claims—
(a) in respect of their interests or rights in or against
the transferor society or societies before or after division,
merger or amalgamation, or
(b) where the interests or rights as aforesaid, in or against
the transferor society or societies has or have been reduced
under Cl. (ii) ,in respect of such interest or right as so
reduced;
(iv) (a) The allotment of shares in the transferee society
to the members of the transferor society against the shares
held by them in the transferor society or societies, before
the division, amalgamation or merger; or
(b) where it is not possible to allot shares in the transferee
society or societies to such members against the shares held
by them in the transferor society or societies;
the payment to such members in cash in full satisfaction of
their claims in respect of their interest in the shares of
the transferor society or societies or where such interest
has been reduced under Cl. (ii), in respect of their interest
in the shares so reduced :
Provided that the aforesaid scheme shall secure—
(i) that allotment of shares or payment in cash in favour
of the members of the transferor society or societies under
the clause shall not be made until all the depositors and
creditors of the transferor society or societies have been
paid under sub-Cl. (b) of Cl. (iii) ; and
(ii) that such allotment of shares or payment in cash in favour
of the members of the transferor society or societies shall
be made only out of the surplus of the assets of the transferor
society or societies, if any, that may be left after payment
to the depositors and the creditors as indicated in sub-Cl.
(i) ;
(iii) the continuance of the service of all or any of the
employees of the transferor society or societies in the transferee
society or societies on such terms and conditions of service
as may determined in this behalf
Provided that, if any employee is found to be ineligible for
continuance in service of the transferee society under the
terms and conditions of the scheme, the services of such employee
shall stand terminated on or from the date on which the division,
amalgamation or merger takes effect and the transferee society
or societies shall within three months of the aforesaid date,
make payment to such employee such compensation as such employee
may be entitled under any law relating to industrial dispute
in force in the State and pension, gratuity, provident fund
and other retirement benefits as are ordinary admissible to
him under the rules of the transferor society in force immediately
before the division, amalgamation or merger.
(iv) The scheme for the division shall provide division of
the assets and liabilities, the area of operation, the employees
and the members of such society among the new societies into
which such society is to be divided.
(c) (i) No order referred to in sub-S. (a) shall be made unless
a copy of the proposed order including the scheme is sent
to the societies affected calling upon them to invite objection
or suggestions from the members, creditors and suggestions
together with their own suggestions and objections, if any,
to the Registrar within thirty days from the date of receipt
of the copy of the proposed order by such societies.
(ii) The Registrar shall consider the suggestions and objections
which may be received under (i) above within the period referred
to therein and may make such modifications in the proposed
order including the scheme as he thinks just and fit and finalise
the proposed order including the scheme in accordance with
the State Government:
Provided that such order shall not be passed without the prior
approval of the Reserve Bank of India in case of any society
coming under the preview of the Banking Regulation Act, 1949
(as applicable to Co¬operative Societies) (Central Act
No. 10 of 1949).
(d) An order referred to in Cl. (a) may contain such incidental,
consequential and supplemental provisions as the Registrar
in consultation with them State Government may consider necessary
to give effect to the proposed division, amalgamation or merger
and shall have effect on and from such date as may be specified
in the final order referred to in sub. Cl. (ii) of Cl. (c).
(e) On and from the date from which the division, amalgamation,
or merger takes effect, the assets and liabilities of the
societies referred to therein shall stand divided, amalgamated
or merged with the assets and liabilities of the societies
formed out of such division or amalgamation or merger and
the members, creditors and debtors of such societies shall
be deemed to be members, creditors and debtors, as the case
may be, of the new society or societies as ordered by the
Registrar.
(f) (i) Notwithstanding anything contained in this Act, the
Registrar shall register all new societies created after division
of an existing society under this Act and such registration
shall be effective from the date on which the division takes
effect and the registration shall be effective from the date
on which the division takes effect and the registration of
the society ordered to divided shall be deemed to have been
cancelled from the said date and such registration and cancellation
shall be effective from the date on which the division takes
effect notwithstanding the actual registration is done later
on.
(ii) In case of the society directed to amalgamate or merge,
the registration of the transferor society or societies shall
be deemed to have been cancelled from the date on which the
amalgamation or merger takes effect.
(g) The provision of this section shall have notwithstanding
anything to the contrary elsewhere in this Act or in any other
law or agreement, award or other instrument for the time being
in force.
(h) (i) Notwithstanding anything contained in the Transfer
of Property Act, 1882, or the Registration Act, 1908, an order
issued under this section shall be sufficient conveyance to
divide or to transfer the assets and liabilities of the society
or societies covered by any order passed under sub-Cl.(ii)
of Cl. (c).
(ii) Notwithstanding any contained in any other law for the
time being in force no civil court shall exercise any jurisdiction
in respect of any action taken or order passed under this
section and nothing done or order passed in exercise of any
power under this section shall be called in question in any
such court.
15A. Insured Co-operative Banks.- Notwithstanding anything
contained in this Act, in the case of an Insured Co-operative
Bank—
(i) an order for the winding up, or an order sanctioning a
scheme of compromise or arrangement or of amalgamation or
reconstruction (including division or reorganisation) of the
bank, may be made only with the previous sanction in writing
of the Reserve Bank of India ;
(ii) an order for the winding up of the bank shall be made
by the Registrar if so required by the Reserve Bank of India
in its circumstances referred to in S. 13-D of the Deposit
Insurance and Credit Guarantee Corporation Act, 1961 ;
(iii) if so required by the reserve Bank of India in the public
interest or for preventing the affairs of the Bank being conducted
in a manner detrimental to the interested of the depositors
or for securing the proper management of the bank, an order
shall be made for the supersession of the committee of management
or other managing body (by whatever name called) of the bank
and the appointment of an administrator therefore for such
period or periods, not exceeding five the aggregate, as may
from time to time, be specified by the Reserve Bank of India,
and the administrator so appointed shall, after expiry of
his term of office, continue in office until the day immediately
proceeding (sic) the date of the first meeting of the new
committees ;
(iv) no appeal, revision or review shall lie or be permissible
against an order such as is referred to in Cls. (i), (ii),
(iii) made with the previous sanction in writing or on the
requisition of the Reserve Bank of India and such order or
sanction shall not be liable to be called in question in any
other manner ;
(v) the liquidator or the insured co-operative bank of transferee
bank, as the case may be, shall be under an obligation to
repay the Deposit Insurance and Credit Guarantee Corporation
established under the Deposit Insurance and Credit Guarantee
Corporation established under the Deposit Insurance and Credit
Guarantee Corporation Act, 1961 in the circumstances, to the
extent and in the manner referred to in S. 21 of that Act.
Explanation:
(i) For the purposes of this section "a Co¬operative
Bank" means a bank as has been defined in the Deposit
Insurance and Credit Guarantee Corporation Act, 1961.
(ii) "Insured Co-operative Bank" means a society
which is an insured bank under the provisions of the Deposit
Insurance and Credit Guarantee Corporation Act, 1961.
(iii) "Transferee Bank" in relation to an Insured
Co-operative Bank means a Co-operative Bank-(a) with which
such Insured Co-operative Bank is amalgamated, or
(b) to which the assets and liabilities of such Insured Co-operative
Bank are transferred, or
(c) into which such Insured Co-operative Bank is divided or
converted under the provisions of Assam Co-operative Societies
Act, 1949.
CHAPTER III: RIGHTS AND LIABILITIES OF MEMBERS OF REGISTERED
SOCIETIES
16. Member not to exercise rights till due payment made and
conditions fulfilled.- No member of a registered society shall
exercise the rights of a member unless or until he has made
such payment to the society in respect of membership or acquired
such interest in the society, as may be prescribed by the
rules or by-laws.
17. Votes of members.-
(1) Irrespective of the shares he holds in the society and
subject to any temporary disqualifications from voting which
may be prescribed in bye-laws and to the provisions of S.
31 (2) (b) relating to voting by representatives, a member
of a registered society shall have one vote only in the affairs
of the society:
Provided that in the case of an equality of votes the Chairman
at any meeting shall have a second or casting vote;
Provided further that the by-laws of a society may provide
for more than one vote in the case of an affiliated society.
(2) A registered society which is a member of another registered
society may appoint one of its members qualified under any
rule or bye-laws to vote in the affairs of such other society
as its representative.
(3) Voting by proxy shall not be allowed except as prescribed
in a registered society's bye-laws:
Provided that in registering the bye-laws of a society the
Registrar shall not permit voting by proxy except in case,
such as those involving a wide area of operation, where it
would be difficult for members to exercise their rights to
vote, if voting by proxy were not permitted.
(4) Notwithstanding anything contained in this Act, a registered
society may, by specific provisions made in its by-laws, admit
certain class of members without any voting right.
18. Members of unlimited society to furnish information as
to his financial position.-
(1) A full, true and accurate statement of his assets including
his immovable properties and liabilities shall be furnished
-
(a) by an applicant far membership of a registered society
with unlimited liability, together with his application ;
(b) by a member of a registered society with unlimited liability
when required to do so by the Registrar or any person authorized
by him in this behalf or by the affiliating society.
(2) No member of a registered society with unlimited liability
shall be a member of more than one such society.
(3) A member of a registered society with unlimited liability
shall furnish to the society full, true and accurate information
regarding his intention to transfer his immovable property,
in whole or in part by way of sale, mortgage or gift at least
fifteen days before completion of each such transaction.
19. Loan to be utilised for the purpose for which advanced.-
The loan advanced by a registered society to a member thereof
shall be utilised by him for the purpose for which it was
advanced and for no other purpose. The society shall have
power to recover the advance as prescribed if the member does
not so utilize it.
20. Restrictions on transfer of share or interest.-
(1) The transfer or charge of the share or interest of a member
in the capital of registered society shall be subject to such
conditions as to maximum holding as may by prescribed by this
Act or by the rules.
(2) Except as otherwise provided in this Act no transfer or
charge of his share or interest by a member of society with
unlimited liability shall be valid unless-
(a) he has held charge or interest for not less than one year;
and
(b) the transferee or mortgagee is either a member of such
society or a person whose application
for membership has been accepted.
21. Liability of past member and his estate.-
(1) The liability of a past member and of the estate of a
decased member for the debts of a registered society as they
existed at the date of his ceasting to be a member or on his
death, as the case may be, shall continue for a period of
four years from the said date.
(2) No past member of a registered society with unlimited
liability shall be eligible for membership of another such
society with unlimited liability except with the special permission
of the Registrar.
22. Share or interest not liable to attachment.- Notwithstanding
anything contained in any law for the time being in force
but subject to the provision of S. 44 of this Act, the share
or interest of a member in the capital of a registered society
or in any fund under S. 53 shall not be liable to attachment
or sale under any decree or order of a court in respect of
any debt or liability incurred by such member nor be subject
to any claim by a receiver under the Provincial Insolvency
Act, 1920 (V of 1920).
23. Nomination of transferee.- If the bye-laws of a registered
society so permit, any member of the society may, in accordance
therewith, nominate a person or persons in whose favour the
society shall dispose of the shares or interest of such member
on his death
24. Transfer of interest on death of a member.- When a member
of a registered society dies, his shares and interest in the
society shall, subject to the provisions of this Act, be transferred-fa)
to the person, if any, nominated in accordance with the provisions
of S. 23; or
(b) if there be no such nominee or if the nominee is not available
or is difficult to be ascertained by the managing body, or
if for any other cause such transfer cannot be made without
unreasonable delay, difficulty to the person as mat appear
to the managing body to be the heir or legal representative
of the deceased member; provided that ninety days have elapsed
from the date of the member's death. No new claim shall be
entertained after the said prior of ninety days.
25. Disposals of shares or interest of ceased members.- When
a member of a registered society is expelled for withdrawn
or otherwise ceases to be a member under this Act, rules or
bye-laws, his share or interest shall be transferred to another
eligible person, and the value thereon, determined in accordance
with the rules, shall be paid to such ceased member if his
share or interest is not forfeited under the provisions of
this Act, rules or bye-laws or if he is insane, to any person
appointed to manage his properties under the Indian Lunacy
Act, 1912 (IV of 1912); provided that if there is no eligible
transferee and if the bye-laws of the society so provide the
value of his share or interest determined in accordance with
the bye-laws shall be paid to him or, if he is insane, to
any person appointed to manage his properties under the Indian
Lunacy Act, 1912.
26. Liability of members on winding up of society.- The members
of a registered society shall, in the winding up of the society,
be jointly and severally liable to contribute towards any
deficiency in the assets of the society:
(a) in the case of a society with unlimited liability- without
limit; and
(b) in the case of a society with limited liability-subject
to such limitation of amount as may be provided in the by-laws.
27. Restriction on transfer of possession of land held under
a society.- Notwithstanding anything in any law for the time
being in force -
(1) a member of a registered society, the object of which
is to develop co-operative or Collective farming, shall not
be entitled to transfer his possession or interest in any
land held by him under the society, except to the society
or with the previous approval of the managing body and in
accordance with its bye-laws, to a member thereof or to a
person who will be admitted as a member of the society.
(2) On the death of such a member, his possession of an interest
in any such land held by him under the society shall come
to his nominee in accordance with the provisions of S. 23
or in the first eligible heir according to seniority in age
willing to become a member of the society.
(3) If no nominee or heir becomes a member, the possession
of an interest in such land of the deceased, shall vest in
the society, which shall pay to the nominee or the heir, a
sum equivalent to the value of the share and interest of the
deceased member and any other sum due from the society as
determined in accordance with this Act or rules framed thereunder
after deduction the dues which the deceased member owed to
the society:
(4) If there is no person qualified to succeed to the share
or interest of the deceased member the society shall pay to
his heir, executor or the legal representative, as the case
may be, a sum equivalent to the value of the share and interest
of the deceased member as
determined in accordance with the rules after deduction the
dues of the deceased to the society:
(5) When in any other case a member ceases to be a member
of such a society under this Act, rules or bye-laws, his possession
of, and interest in, any such land held by him under the society
shall come to the society, if the bye-laws allow and if the
share and interest of the member is not forfeited under this
Act or rules framed thereunder, the society shall pay to the
ceased member a sum equivalent to the value of the share and
interest of such member and any other sum due to him from
the society after deduction his debts to the society, if any.
(6) No land held under a registered society specified in sub-s.
(1) by a member thereof, or vested under sub. S. (2) in the
heir or nominee of such member, shall be attachable in any
suit or proceeding for the recovery of any debt other than
a debt due to the society or to a member thereof;
(7) No land shall vest in such a society by reason of the
provisions of this section unless it is owned by the society
or has been leased to the society and, if the society holds
the land by lease or contract, the land shall vest in the
society only during the pendency of lease or contract.
28. Right of a registered society to pay prior debts of a
mortgagor.-
(1) Where a mortgage is executed in favour of a registered
society for payment of prior debts or part thereof, of the
mortgagor secured on the mortgaged property, the registered
society may, notwithstanding the provisions of Ss. 83 and
84 of the Transfer of Property Act, 1882 (IV) of 1882), by
notice in writing and served by registered post with acknowledgement
due, require any person to whom any such debt is due to receive
payment of such debt or part thereof from the society as its
registered office within such period as may be specified in
the notice.
(2) The person on whom such notice is served shall be bound
to receive payment of the amount offered by the society, but
where there is disagreement or dispute between the mortgagor
and such person as regards the amount of the debt, or where
the society tenders less than the agreed amount of debt, the
receipt of the sum offered by the society shall not debar
such person from enforcing his right to recover the balance
claimed by him.
(3) If any such person refused to receive such notice or such
payment, such debt or part thereof, as the case may be, shall
cease to carry interest from the expiration of the period
specified in the notice and
the property mortgaged under sub-S. (1) shall be deemed to
have been freed from the encumbrance of such prior mortgage.
(4) No society shall advance a loan on a mortgage without
taking a declaration from the prospective mortgagor as to
the names of prior mortgages of the property in question,
if any.
29. Restriction on mortgaged property.-
(1) Where land is mortgaged to registered society, the mortgagor
shall not be entitled without the approval of the society
to transfer or mortgage his equity of redemption or to create
a charge upon or lease out such property for a period exceeding
three years.
(2) If the mortgaged property at any time is wholly or partly
destroyed or the security is rendered insufficient due to
fall in valued or for any other reason and the mortgagor having
been given a reasonable opportunity by the society of providing
or further security sufficient to cover the loan or of repaying
the loan with interest or such portion of the loan as may
be determined by the supervisory,
managing or controlling body and the mortgagor having failed
to provide such security or repay such security or repay such
portion of the loan the whole of the loan or such uncovered
portion shall be
deemed to fall due at once and recoverable through a
co-operative demand certificate.
(3) Notwithstanding anything contained in the Transfer of
Property Act, 1882 (IV of 1882), the mortgaged property, in
case of default of payment of mortgage money or any part thereof,
any be sold by the society as prescribed by rules in addition
to any other remedy available to it, without the intervention
of the court, if a power of sale without the intervention
of Court is expressly conferred by the mortgage deed; provided
that the society serves a notice in writing by registered
post demanding payment of the mortgage money with interest,
or part thereof, upon the mortgagor or, any person having
an interest in or charge upon the mortgaged property or the
equity of redemption who has previously notified the society
of such interest or charge in writing or any surety, and if
default after such service of notice; provided that any party
aggrieved by an action taken by a registered society under
this section may prefer an appeal to the Registrar within
thirty days from the date of the sale. His decision shall
be final.
30. Bar to certain claim.- All payments and transfers made
by a registered society under this chapter shall be valid
and effectual against any demand made upon the society by
any other person.
CHAPTER IV: MANAGEMENT
31. General Assembly.-
(1) The General Assembly of a registered society shall consist
of all those who are eligible to vote at general meeting of
the society.
(2) (a) Every member of a registered society and every ex-officio
member of the Administrative Council or managing body of such
society, unless under some temporary disqualification, shall
have the right to attend any general meeting of the society
and to exercise his vote at such meeting; Provided that the
bye-laws of a registered society may pre scribe -
(i) that a registered society affiliated to such society may
have more than one representative entitled to vote at general
meeting of the society ; and
(ii) that only one-third of the members of the General Assembly,
excluding ex-officio members, may be individual members, the
other two-thirds being representatives of affiliated registered
societies.
(b) When the by-laws of a registered society contain the provision
of sub-s. (2) (a) (i), if the member of individual members
exceed one-third of the total membership of the society, the
individual members shall elect at a special meeting, to be
called by the Secretary of the society not more than one month
before the annual general meeting in the manner prescribed
in the bye-laws for annual general meetings, those individual
members who, as the representatives of the body of individual
members, shall form the one-third membership of the General
Assembly for the purpose of voting at the annual and other
meetings of the General assembly during the ensuing year,
only such elected representatives having the right to attend
and vote at such general meetings.
(3) The supreme authority of a registered society shall be
vested in the General Assembly: Provided that during the pendency
of any loan or service from the Government or any other creditor
secured at the instance of the Government, the supreme authority
in respect of any matter adversely effecting the interest
of the Government or said creditor touching such loan or service
shall be vested in the State Government or the Registrar,
as may be provided in the bye-laws, or any person authorised
by them in writing, and may extend to the appointment of officers
to hold any of the offices of the society or any persons to
be ex-officio members of the society even if not members of
the society. This supreme authority of the Government or Registrar
may also be exercised in the absence of any loan or service
when the Government or Registrar, as the case may be deem
their intervention to be necessary in the interests of the
members of the society or of the co-operative movement in
general. The Government or the Registrar, as the case may
be, may fix the salary of any such appointed officer and declare
it to be a charge on the society. They may cancel any such
appointments by them.
(4) An annual or special meeting of the General Assembly shall
be summoned and shall exercise its authority and perform its
functions in such manner as may be prescribed in the bye-laws
of the society.
32. Annual meeting of General Assembly.-
(1) A general meeting to be termed the annual general meeting
of the General Assembly of a registered society shall be held
at least once in every co-operative year for the purpose of-
(a) electing members to the Administrative Council, managing
body and other committees of the society, the Chairman, Vice-Chairman
and other office bearers, as may be provided in the bye-laws,
and fixing such fees, salaries or other remuneration as prescribed
in the bye-laws:
Provided that,
ORIGINAL PRINTED MATTER OF THE DOTTED PORTION BELOW IS NOT
VISIBLE.
prescribe by rules the tenure Members of the Administrative
Council, managing Committees and also the qualifications necessary
for the office bearers and the employees;
(b) electing internal auditor or auditors, who shall not be
members of the Administrative council of governing body, and
fixing the remuneration;
(c) considering the annual report of the administrative Council
or if there be no Administrative Council of the managing body,
audit report and audited annual accounts and
balance sheets and reviewing the working of the society during
the preceding co-operative year;
(d) deciding how profits are to be distributed in accordance
with the bye-laws;
(e) passing the annual budget and approving the Programme
of work for the ensuing year;
(f) fixing the maximum amount of liability to be incurred
during the ensuing year and the maximum rate of interest payable
on deposits; and
(g) considering such other business as may be placed before
the meeting in accordance with the bye-laws;
Provided that notwithstanding anything to the contrary contained
in this act or rules made thereunder or bye-laws of any society,
the Registrar may direct that the first annual general meeting
of any registered society shall be held on a date to be fixed
by him (which shall be a date within one hundred and eighty
days of the registration of the society) to elect the office
bearers of the society, according to the procedure and manner
prescribed in the bye-laws of the society and the office bearer
so elected shall assume office on the conclusion of the general
meeting in which they are elected in replacement of the managing
committee elected at the time of inaugural general meeting
of the society.
(2) Such a meeting shall be held within 60 days from the date
of expiry of the preceding co-operative year:
provided that if for any reason the meeting cannot be held
within the date fixed by the Registrar, any society may, be
application made within the aforesaid period of 60 days and
addressed to the Registrar, pray for extension of time for
holding the meeting stating the grounds for which, in the
opinion of the society, the meeting cannot be held. The grounds
for which the Managing Body should not stand dissolved under
sub-S. (4) below should also be stated in the application,
if any made for extension. The period for which the extension
is sought for shall also be specifically stand in the application.
(3) When an application for extension is made under the preceding
sub-section, the Registrar may, if he is of opinion that extension
should be granted and that there are good grounds for which
the Managing Body should not stand dissolved under sub-S.
(4) below, by order grant extension for any period not exceeding
30 days from the date of passing the order. If the Registrar
is of opinion that no extension should be granted he shall,
by an order passed to that………..,the order
passed shall be communicated to the society applying for extension.
(4) If any society fails to hold the meeting within the period
of 60 days mentioned in sub-S. (2) or when an application
is made for extension under the proviso to sub-S. (2) within
the period so extended or when no extension is granted, before
the expiry of 20 days from the date on which the order rejecting
the application for extension is communicated, the Administrative
council and/ or the Managing Body of the society shall stand
dissolved from the date of expiry of the aforesaid period.
(5) When the Administrative Council and/or Managing Body are
dissolved under sub-S. (4), the Registrar may appoint an officer
or officers or any ad hoc body to manage the affaires of the
Administrative council and Managing Body till the new Body
is elected of
formed.
(6) The officer of officers or the ad hoc body appointed by
the Registrar under sub-S. (5) shall arrange to hold the annual
meeting of the general assembly, which shall be held within
ninety days of such appointment:
Provided that the State Government may allow in its discretion
such further time, as my be considered necessary but not exceeding
one year for holding of such meeting.
33. Special meeting of General Assembly.-
(1) A special meeting of the General Assembly shall be called-
(a) at the instance of the Administrative Council or if there
be no Administrative Council, of the managing body;
(b) at the request of the Chairman of the society;
(c) on a requisition signed by one-tenth of the members of
the general Assembly or twenty members, whichever is less;
or
(d) at the instance of the Registrar.
(2) The Registrar himself or any person authorized by him
in this behalf in writing may, by special order call a special
meeting at the General Assembly at any time and shall call
such a meeting upon the failure of the society to call a meeting
on the requisition by the
members or at the instance of the Registrar under sub-S. (1).
(3) Notwithstanding any rule or bye-law prescribing the method
of summoning or period of notice for a General Assemble, the
Registrar or any person authorised by him in this behalf,
may specify the time, place, business for the meeting and
manner of convening it.
34. Administrative Council.- The management of every registered
society shall vest in the managing body of the society, except
in the case of a society, which for administrative convenience
necessitated by reasons such as wide area of operation that
responsibility shall vest in Administrative Council. The Administrative
Council, the managing body and committees of a society shall
be constituted in accordance with the bye-laws of the society
which shall specify the composition of such bodies their powers,
functions, duties, method of summoning meetings and procedure.
35. Power to depute Government servant to manage the
affaires of a society.- The State Government may, on the application
of a registered society and on such conditions as may be determined,
depute Government officials to the service If the society
for the purpose of managing its affairs and the officials
shall exercise such powers and perform such duties as may
be determined.
35A. Notwithstanding anything.- contained in any law for the
time being in force, the Registrar may at any time direct
a particular society or a class of societies to appoint only
persons having such qualifications as may be prescribed by
him from time.
36. Dissolution or reconstruction of the Administrative Council,
managing body or any committee of a society.-
(1) When the Registrar is satisfied, after an inspection or
inquiry under S. 60 or 61 for reasons to be recorded in writing,
that the Administrative Council, managing body or any committee
of a registered society is not functioning properly or according
to this Act, rules or bye-laws, he may, after giving the offending
body an opportunity to state its case, direct under CI (d)
of sub-S. (1) of S. 33, that a special general meeting of
the General assembly be called within a time to be specified
to dissolve the administrative Council, managing body or committee
concerned and to elect a new one; Provided that, if in the
opinion of the Registrar, it is necessary as an emergent measure
to suspend the offending body forthwith, he may do so and
shall appoint a person or persons, on such conditions as prescribed
by him to be in full control of the suspended body until a
new body has been elected or action has been taken in accordance
with S. 37.
(2) The Registrar may, for reasons to be recorded, specify
in the direction made under sub-s. (1) that all or any of
the outgoing members of the dissolved body shall be disqualified
for such period not exceeding
three years as he may determine for election or appointment
as an officer of the society or for service on any of its
bodies.
(3) An appeal shall lie to the Provincial Government against
an order of the Registrar disqualifying a member of a society
for election or appointment within two months from the receipt
of the order.
37. Dissolution of Administrative Council, managing body
or any committee and appointment of persons to manage the
affairs of a society.- If the Administrative Council, managing
body or any committee, as the case may be, of a society is
not dissolved and reconstituted within the time specified
by the Registrar under S. 36, he may, be order in writing,
dissolve such body and shall thereupon appoint a person or
persons, on such conditions as prescribed by him, to manage
the affairs of the society for such period not exceeding one
year where he shall arrange for the constitution of a new
body to take the place of the dissolved body. The Registrar
may extend this period from time to time as he may deem fit;
provided that the aggregate of such periods shall not exceed
three years.
38. Tenure of office of the person appointed under S. 37.-
The person appointed under S. 37 shall hold office until the
Administrative Council, managing body or the committee, as
the case may be, as reconstituted or his appointment is cancelled
by the Registrar.
39. Powers of person appointed under S. 37.- During the tenure
of office of a person appointed under S. 37 such person shall,
subject to the control of the Registrar, exercise all the
powers and perform all the functions and duties which may
be exercised or performed by the superseded body under the
provisions of this act, rules or bye-laws.
39A. (1) Notwithstanding anything contained.- in this Act,
the State Government may, if it is of opinion that the Administrative
Council the managing body, any other Committee or body of
a registered society is not competent to perform or persistently
makes default in the performance of the duties imposed by
or under this Act or exceeds or abuses the powers imposed
by or under this Act, any time, after giving an opportunity
of showing cause against the action proposed, remove any such
Council, Body or Committee.
(2) The State Government may, at any time, suspend any such
Council, Body, Committee pending its removal under sub-S.
(1) from office, if in the opinion of the State Government
immediate action is necessary and the continuance of such
Council, Committee or Body in office is inadvisable any of
the grounds on which it could be removed under sub-S. (1)
or on ground of public interest.
(3) When an Administrative Council, managing body, Committee,
officer body of a registered society is suspended under sub-S.
(2) the State Government may make such arrangements as may
be deemed necessary for discharging the duties, functions
and obligations of the Administrative Council, Managing Body,
Committee or other body so suspended till the termination
of the order of suspension or, when a body or person is removed
under sub-S. (1), till the vacancy is filled up in accordance
with the provisions made by or under this Act.
(4) Notwithstanding anything contained in this Act, if the
term of office of any Administrative Council, managing body,
committee or other body expires during the continuance of
any order passed under sub-S. (2) placing any such Council,
Body or Committee under suspension , such council ,Body or
committee shall cease to function with effect from the date
of such expiry and the arrangement made by the State Government
under sub-S. (3) will continue till the vacancies caused by
such expiry are filled up in accordance with the provisions
made by or under this Act.
39B. (1) The State Government.- may, after giving an opportunity
of showing cause remove the Chairman, the Vice-Chairman, the
Secretary, and other member or office bearer or employee of
a registered society from the office or membership held by
him on any one or more of the following grounds, namely:
(a) doing any act in violation of the provisions of the Act,
the rules framed thereunder, the registered by-laws of the
society and other
lawful orders of the Government or of the Registrar of Co-operative
Societies;
(b) doing any act which is prejudicial to the interest of
the Co-operative movement;
(c) misuse and defalcation of funds of the society;
(d) misconduct and willful neglect in the discharge of his
duties;
(e) refusal to act or incapability of acting.
(2) The State Government may, at any time, suspend a Chairman,
a Vice-Chairman, a Secretary or any other member, office bearer
or employee of a registered society pending his removal under
sub-S. (1) if the State Government is of opinion that immediate
actions are necessary and his continuance as such Chairman,
Vice-Chairman, Secretary, member, office bearer or employee
is inadvisable on any of the grounds for which he may be removed
under sub S. (1) or on the ground of public interest.
(3) When a Chairman, Vice-Chairman or any other member of
office bearer or employee is suspended under sub S. (2) of
this section, the State Government may make such arrangements
as may
be deemed necessary for discharging the duties, functions
and obligations of the person so suspended till the termination
of the order of suspension or, when a person is removed under
sub-S. (1) above, till
the election or appointment of a person to the office or membership
which was held by the person so removed.
(4) Notwithstanding anything contained in this act, if the
term of office of any Chairman, Vice-Chairman, member, other
office-bearer, or employee of any registered society expires
during the continuance of any order passed under sub-S. (2)
of this section placing any such person under suspension,
such person shall cease to function with effect from the date
of such expiry and the arrangements made by the State Government
under sub- S. (3) will continue till the vacancies caused
by such expiry are filled up in accordance with the provisions
made by or under this Act.
CHAPTER V: DUTIES OF REGISTERED SOCIETY
40. Address of society.- Every registered society shall have
a registered address, to which all notices and communications
may be sent and shall send notice in writing of every change
thereof, within thirty days of such change, to the Registrar
and to the affiliating society, if any.
41. Prescription and inspection of documents.-
(1) Every registered society shall keep and allow inspection
free of charge by any member of the society and such other
persons as may be prescribed at all reasonable times at the
office of the society-
(a) a copy of this Act;
(b) a copy of the rules framed under this Act;
(c) a copy of the by-laws of society;
(d) a copy of all rules framed under the bye-laws of the society;
(e) annual balance sheet authenticated by the Audit Officer;
and
(f) such other books, forms, registers or other documents
as may be prescribed by the Registrar.
(2) A society shall deliver to every member on payment of
a sum prescribed by the society's by-laws or rules, copies
of documents certified to be true copies.
42. Restriction on borrowing.- A registered society may receive
deposits and may borrow from its members and from persons
who are not members to such extent and on such conditions
as may be prescribed in the Act and by-law.
42A. Notwithstanding any provision contained.- in this Act,
the State Government may, by general or special order, direct
transfer of any Co-operative Society from one financing bank
to another after prior consultation with these banks and the
society for the purpose of availing finance by the society
for its credit and no-credit operation, on such terms and
conditions as my be considered necessary.
43. Power of Government to give financial assistance.- Notwithstanding
anything contained in any law for the time being in force,
the State government may grant loans to, take shares in, guarantee
the principal or the interest or both in respect of debentures
issued by, or give financial assistance in any other form
to, any registered society, with put forward a satisfactory
scheme for the utilisation of the funds so raised. The State
Government may recover from any society out of its net profit
in any year all or any part of such financial assistance.
44. Restriction on loans.-
(1) A registered society shall not give loan -
(a) to any person other than a member except with the general
or special sanction of the Registrar;
Provided that a loan may be given to a depositor of the society
out of his deposit; or
(b) to a member in excess either of maximum or of the normal
credit determined by the society for that member in accordance
with its bye-laws;
Provided that in assessing normal credit the managing body
shall take a full statement as to the member's means of earning;
(c) on the security of movable property or future movable
property, unless the movable property is charged, hypothecated
or pledged with the society.
(d) on personal security without sureties, unless the borrowing
member has unencumbered immovable property or attachable funded
assets sufficient to cover the loan and a full statement of
such securities is submitted by the borrower and the truth
of statement is ascertained by the managing body;
(e) on personal security with sureties unless the borrowing
member and his sureties together have unencumbered immovable
property or attachable funded assets sufficient to cover the
loan and a full statement of such securities is submitted
by the borrower and the sureties separately and the truth
of the statement of ascertained by the managing body;
(f) on personal security, with or without sureties, unless
the loan is for a short period and not exceeding the time
required to reap the benefit of the loan and in no case exceeding
three years.
(2) (a) Notwithstanding the provisions of sub-Cls. (1) (b)
and (e) a loan may be given on personal security; provided
that the managing body of the society is satisfied as to the
credit of the borrower and has taken from him a scheme for
the utilisation of the loan and has ascertained the truth
of the statements contained in the scheme and the bona fide
of the borrowing member.
(b) The resolution of the managing body granting a loan under
this section contain the names of all assenting members; provided
that, if such names are omitted from the proceedings of the
meeting, the Chairman and Secretary shall be held jointly
and severally responsible for issue of the loan.
(c) Notwithstanding the provisions of sub-Cls. (1) (b) to
(f) and (2) (a) and (b), a registered society may issue a
loan on mortgage or valuable
security.
(d) No person shall be accepted as a surety for any borrower
unless he is also a member of the same registered society.
(3) A registered society, the primary object of which is not
the issue of loans, shall open a separate accounting or finance
or banking branch in accordance with its bye-laws and frame
rules for the conduct of business in such branch before it
issues any loans and such rules shall first be approved by
the Registrar.
45. Office bearer of a society is required to furnish information
and produce documents.-
(1) Every office bearer of a registered society shall produce
documents and books of account, cash balance in his custody,
and appear before and furnish such information in regard to
the transactions or working of the society as may be required
of him by the Registrar, or persons authorized by the Registrar
in this behalf, and audit officer, arbitrator, liquidator
or any persons conduction an inspection or inquiry under the
provisions of this Act and the rules made thereunder.
(2) (a) At any sale of property, movable or immovable, held
under this Act or rules framed thereunder, no office bearer
of the registered society concerned or any person having any
duty to perform in connection with such sale, shall either
directly or indirectly bid for, acquire or attempt to acquire,
any interest in such property.
(b) Any office bearer of a society or a liquidator may, on
behalf of the society, bid and purchase at a sale of mortgaged
property.
CHAPTER VI: PRIVILEGES OF REGISTERED SOCIETIES
46. Prior claims of a society.-
(1) Notwithstanding anything contained in Ss. 60 and 61 of
the Code of Civil Procedure, 1908 (V of 1908), any debt or
outstanding demand due to a registered society by any member,
surety, past member, or the estate of any deceased member
shall be a first charge —
(a) if such debt or demand is due in respect of the supply,
or any loan to provide the means of such supply, of seed,
manure labour, fodder
for cattle or any other thing incidental to the conduct of
agricultural operations-upon the crops or agricultural produce
of such member,
past member, or belonging to the estate deceased member, at
any time within two years from the date of such supply or
loan or from
the date on which the last installment of such supply or loan
became repayable;
(b) if such debt or demand is due in respect of the supply
of, or any loan for the purchase of cattle, agricultural implements
or warehouses for the storage of agricultural produce-in the
manner and to the extent aforesaid upon the crops or agricultural
produce of such member, past member or belonging to the estate
of such deceased members and also upon the cattle, agricultural
implements or warehouse thus supplied or purchased wholly
or in part from any such loan;
(c) if such debt or demand is due in respect of the supply
of, or any loan for the purchase of raw materials, industrial
implements, machinery, workshop, warehouses or business premises-upon
the raw materials or other things supplied or purchased by
such member, past member or the deceased member wholly or
in part from any such loan and also upon any articles manufactured
from raw materials or with implements or machinery so supplied
or purchased wholly or in part from any such loan;
(d) if such debt or demand is due in respect of any loan for
the purchase, improvement or redemption of land or for the
purchase or construction of any house, building or any portion
thereof- upon the land purchased, improved or redeemed or
the house or building
so purchased or constructed by such member, past member from
any such loan.
(2) Notwithstanding anything contained in this Act or any
other law for the time being in force-fa) a member who makes
an application for a loan to a Co-operative Society of which
the majority of the members are agriculturists shall, if he
owns any land or has any interest in any land as a tenant,
make in such form as may be prescribed a declaration that
he thereby creates a charge upon such land or such interest
or such portion thereof, as may be specified in the declaration
for securing the repayment of the loan which the society may
make to the members on the application and of future loans,
if any, that may be made to him, from time to time, by the
society together with interest on such loan or loans;
(b) a declaration made under Cl. (a) may be varied or cancelled
at any time by the members making it, with the consent of
the society in whose favour it is made;
(c) any land or interest in land in respect of which a declaration
has been made under Cl. (a) or any part of such land or interest,
shall not be sold or otherwise transferred by the member making
the declaration until the entire amount of the loan or loans
taken by the member from the society together with interest
thereon is paid to the society:
Provided that nothing in this clause shall apply to any such
part of such land or interest as may have been released from
the charge created under this section under the proviso to
Cl. (d);
(d) subject to any claim of the State Government in respect
of land revenue or any sum recoverable as land revenue or
as public demand, there shall be a first charge in favour
of the society on the land or interest in land specified in
the declaration made under Cl. (a) for and to the extent of
the dues recoverable from the member making the declaration
on account of the loan or loans together with any interest
thereon made to him by the society;
Provided that if a part of such dues is paid by the member,
the society may, on the application of the member and with
the approval of the financing bank to which it may be indebted
release from the charge such part of the land or interest
in the land specified in the declaration made under Cl. (a)
as the society may, having due regard to the security of the
outstanding amount of the loan or loans made to the member,
deem proper;
(e) every record of rights prepared and maintained under
the Assam Land and Revenue Regulation, 1886, or any other
law for the time being in force shall also include the particulars
of every charge on any land or any interest thereon created
under Cl. (a).
47. Charge and set off in respect of shares or interest of
members.- A registered society shall have a charge upon the
share of interest in the capital and on the deposits of a
member or past member or deceased member and upon any dividend,
bonus or surplus payable to a member or past member or the
estate of a deceased member in respect of any debt due from
such member or past member or estate of such deceased member
to the society, and may set off any sum credited or payable
to a member or past member or estate of a deceased member
in or towards payment of any such debt.
48. Deduction of dues from salary of members.- If a member
of a registered society, who is an employee of the government
or any local authority, takes a loan from a society and contracts
to repay it by installments, and authorize the society to
recover such installments by deduction from his salary, the
person who disburses any amount payable to such member as
salary or remuneration in respect of such employment shall,
on demand from the society, deduct the amount of such installment
from the amount disbursed to such member as salary and shall
forthwith remit to the society the amount so deducted.
49. Exemption from compulsory registration and personal attendance
for registration of instruments.- Nothing in Cls. (b) and
(c) of sub-S. (1) of S. 17 of the Indian Registration Act,
1908 (XVI of 1908), shall apply to-
(1) any instrument relating to shares in a registered society,
notwithstanding that assets of such society consist in whole
or in part of immovable property ; or
(2) any debenture issued by any such society and not crediting,
declaring, assigning, limiting or extinguishing any right,title
or interest to or in immovable property, except in so far
as it entitles the holder to the security afforded by a registered
instrument whereby the society has mortgaged, conveyed or
otherwise transferred the whole or part of immovable property
or any interest therein to trustees upon trust for the benefit
of the holder of such debentures; or
(3) any endorsement upon or transfer of any debenture issued
by any such society;
(4) notwithstanding anything contained in the Indian Registration
Act, 1908 it shall not be necessary for any office bearer
of a registered society or a liquidator of a society to appear
in person or by agent at any
registration office in any proceeding connected with the registration
of any instrument executed by him in his official capacity
or to sign as provided in S. 58 of that Act;
(5) where any instrument is so executed, the registering officer
to whom such instrument is presented for registration may,
if he thinks fit, refer to such office bearer or liquidator
for information regarding the
same and on being satisfied of the execution thereof, shall
register the instrument.
49A. Exemption from registration of mortgage deeds executed
in favour of Co-operative Land Development Bank or Primary
Society.-
(1) Notwithstanding anything contained in the Indian Registration
Act, 1908, it shall not be necessary to register mortgages
executed in favour of the Co¬-operative Land Development
Bank or a Primary
Society of which the majority of the members are agriculturists,
for the purpose of securing the repayment of a concerned sends
within such time and in such manner, as may be prescribed,
a copy of
the instrument whereby immovable property is mortgaged for
the purpose of securing repayment of the loan to the registering
officer within the local limits of whose jurisdiction the
whole or any part of the property mortgaged is situate.
(2) On receipt of the copy of the instrument under the preceding
sub-section, the registering authority shall file a copy or
copies, as the case may be, in his Book No. 1 prescribed under
S. 51 of the Indian Registration Act, 1908.
(3) The mortgages executed in favour of and all other assets
transferred to a Co-operative Land Development Bank or a Primary
Society of which the majority of members are agriculturists,
by the members thereof, as security for repayment of loan,
before or after commencement of this Act shall, with effect
from the date of such execution or transfer be deemed to have
been executed or transferred by such society in favour of
or to the financing Bank.
50. Power to remit certain dues, fees, etc.-
(1) The State Government may, be general or special order
in the case of a registered society or class of registered
societies, remit any tax, cess or fee payable under any law
for time being in force or the rules
thereunder in respect of which they are competent to remit
such tax, cess or fee.
(2) The State Government may, in respect of any registered
society or class of registered societies, by notification
in the official Gazette, remit -
(a) the stamp duty other than stamp duties 26 Geo. 5, Ch.
2 falling within item 91 or item 96 in list 1 in the Seventh
Schedule to the Constitution of India in respect of any instrument
executed by, or on behalf of, or in favour of, a registered
society or by an officer or on behalf of a member thereof,
and relating to the business of such society or any class
of such instruments, co-operative demand certificates or decisions,
awards or orders of Registrar or arbitrators under this Act,
in cases where, but for such remission, the registered society,
officer or member thereof, as the case may be, would be liable
to pay the stamp duty chargeable under any law for the time
being in force, in respect of such instrument, and
(b) any fee payable by a registered society under any law
for the time being in force for the registration of documents
or of court fee for the time being in force.
CHAPTER VII: PROPERTY AND FUNDS OF REGISTERED SOCIETY
51. Investment of Funds.-
(1) A registered society may invest or deposit its funds -
(a) in a Government Savings Bank, or
(b) in any of the securities specified in S. 20 of the Indian
Trust Act, 1882, other than specified in Cl. (e) of that section,
or
(c) with the sanction of the Registrar, in the shares or debentures
or in the security of any other registered society, or
(d) with any registered society bank or persons carrying on
the business of banking approved for this purpose by the Registered
or
(e) in any other mode permitted by the bye-laws.
(2) Such investment shall be accounted for separately from
the Reserved Fund of the registered society.
52 Reserve Fund.-
(1) Every registered society shall maintain a Reserve Fund,
and carry to find in each year not less than twenty-five per
centum of its net profits.
(2) The Reserve Fund shall be invested separately in any of
the ways prescribed in S. 51 or, with the sanction of the
Registrar, in immovable property required for the furtherance
of the activities of the society. Any
such investment shall be deemed to constitute Reserve Fund.
No instrument securing a loan on a Reserve Fund shall be valid.
(3) The reserve Fund shall not be utilised for any purpose
whatsoever except with the sanction of the Registrar, who
shall accord such sanction only in exceptional circumstances.
53. Distribution of net profit.- After making the allocation
to the Reserve Fund as prescribed in S. 52, the remaining
net profit of a registered society may be distributed according
to the by-laws of the society:
Provided that a registered co-operative society of which the
majority of members are agriculturists and one of the objects
is the creation of fund to be lent to its members shall carry
not less than 15 per cent of its net profits in any year to
the Agricultural Credit Stabilisation Fund as may be prescribed.
54. Restriction on distribution of profit.-
(1) Save as may be prescribed, to distribution of profit shall
be made in the case of a registered society with unlimited
liability and no part of the net profit or of a fund of any
society shall be divided by way of dividend, bonus, patronage
dividend, rebate or otherwise among its members.
(2) No dividend, bonus, patronage dividend, or rebate shall
be paid-
(a) otherwise than out of net profits certified by the audit
officer or have been actually realised; provided that the
advance patronage dividend may be paid in accordance with
the directions of the Registrar and on the certificate of
an internal auditor approved by the Registrar; or
(b) without the previous sanction of the Registrar, if the
audit officer reports that any asset is bad or doubtful and
also recommends that such
sanction is necessary.
(3) Notwithstanding anything contained in this section payments
may be made to members as a fixed interest on share capital
if so provided in the by¬ laws.
CHAPTER VIII: AUDIT
55. Registrar is responsible for audit.-
(1) The Registrar shall audit or cause to be audited by some
person authorized by him by general or special order in writing
in this behalf, the accounts or every registered society and
society under liquidation once at least in every year.
(2) The Registrar or the person authorized by him in this
behalf shall at all reasonable times have free access to the
books, accounts, documents, securities, cash and other properties
belonging to or in the custody of
the society and may summon any person in possession or responsible
for custody of any such books, accounts, documents, securities,
cash or other properties to produce the same and furnish
such information in regard to the transactions and working
of the society at any convenient place or at the headquarters
of the society or any branch thereof by the same means and,
so far as may be, in the
same manner as provided in the Code of Civil Procedure, 1908
(V of 1908).
(3) In respect of every and audit of the accounts, a registered
society shall pay such audit fee as may be prescribed and
such fee shall be deemed to be outstanding dues from the society.
56. Power of the Registrar to have the accounts written up.-
If at the time of the audit the account of a registered society
are not complete, the Registrar or with his sanction, the
audit officer, may cause the accounts to be written up at
the expense of the society.
Such expenses shall at the first instance be met from the
grant under the head "Contingencies" be the Registrar
and shall be reimbursed later on from the society concerned
along with audit fee.
57. Nature of audit.- The audit shall include-
(i) a verification of the balance and securities;
(ii) a verification of the balance at the credit of the depositors
and creditors and the amounts due from the debtors of the
society;
(iii) an examination of overdue debts, if any;
(iv) valuation of the assets including stock verifications,
and liabilities of the society;
(v) an examination of the statement of accounts and balance
sheets to be prepared by the managing body of the society
in such forms as may be prescribed;
(vi) a certification of the realized profits; and (vii) any
other relevant matter.
58. Audit report.- The audit officer shall, within a week
from the date of completion of audit, submit to the registered
society, and to the Registrar, together with the statement
of accounts audited, and audit report including a statement
of-
(i) every transaction which appears to him to be contrary
to law or to the rules or bye-laws;
(ii) every sum which ought to have been but has not been brought
into account;
(iii) the amount of deficiency or loss which appears to have
resulted from any negligence or misconduct or to require further
investigation;
(iv) any money or property belonging to the society which
appears ton have been misappropriated or fraudulently retained
by any person;
(v) any of the assets which appears to him to be bad or doubtful;
(vi) any irregularity in maintaining account; and
(vii) any other relevant matter.
59. Rectification of defects.- A registered society shall
be afforded by the Registrar an opportunity of explaining
any defects, or irregularities pointed out and objected to
by the audit officer, and thereafter, the society shall, within
such time and in such manner as the Registrar may direct,
remedy such defects and irregularities and report to the Registrar,
the action taken by it thereon.
CHAPTER IX: INQUIRY AND INSPECTION
60. Inquiry by Registrar.-
(1) The Registrar may, at any time, of his own motion or shall
at the request of the administrative hand in charge of the
Civil Sub-division or other administrative area, hold an inquiry
or direct some
person authorized by him by order in writing in this behalf,
to hold an enquiry into the constitution, working and financial
condition of a registered society.
(2) Such an inquiry shall also be held on the application
of —
(i) the affiliating society, if any, of which the society
is a member and a debtor;
(ii) a majority of the members of the managing body;
(iii) one-third of the members of the society, who shall have
deposited such security for costs, if any, as the Registrar
may direct;
(iv) creditors representing not less than one-half of the
borrowed capital of the society, who shall deposit such security
for costs, if any, as the Registrar may direct.
(3) The Registrar shall communicate the result of any inquiry
under this section to the society and to the person at whose
request such enquiry was made.
61. Inspection of society.-
(1) Every registered society shall be liable to inspection
at any time by the registrar or any person authorized by him
in this behalf by general or special order; and by any affiliating
society, if so provided in its by-laws.
(2) An inspection of a registered society shall be made by
the Registrar or any person authorized by him in this behalf
by an order in writing at any time on the application of a
creditor of a registered society.
Provided that no inspection shall be made under this such-section
unless
(i) the creditor deposits with the Registrar such sum as security
for the cost of the proposed inspection as the Registrar may
require, and
(ii) the creditor satisfies the Registrar that the alleged
debt is a sum then due and that he has demanded payment thereof
and has not received satisfaction within a reasonable time;
Provided further that no inspection shall be conducted under
this sub-section without giving the society an opportunity
of being heard.
(3) The result of an inspection under this section shall be
communicated to the society and if held at the instance of
a creditor, to the creditor.
61A. (i) A financing bank shall have.- the right to inspect
the books of any co-operative society which has either applied
to the bank for financial assistance or is indebted to the
bank on account of financial assistance granted earlier.
(ii) The inspection may be carried out by an officer or any
other member of the paid staff of the financing bank with
previous sanction of the Registrar in writing.
(iii) The officer or any other member of the paid staff of
the financing bank undertaking such inspection, shall, at
all reasonable times, have access to the books of account,
documents, securities, cash and other properties belonging
to or in the custody of the co-operative society inspected
by him, and shall also be supplied by such society such information,
statements and returns as may be required by him to assess
the financial conditions of the society and the safety of
the financial assistance to be made to the society or already
made to it.
62. Cost of inquiry and inspection.-
(1) When an inquiry is held under S. 60 (2) or an inspection
i s made under S. 61 (2), the Registrar may, after giving
the parties an opportunity of being heard, apportion the cost
or such part of the cost as
he may deem fit, between the society, the members thereof
or the affiliating society or the creditor or creditors applying
for such inspection or inquiry, as the case may be, and the
officers, former office, members and past members of the society.
(2) No expenditure from the fund of a registered society shall
be incurred for the purpose of defraying any cost in support
of any appeal preferred by any person other than the society
itself against an order under sub-S. (1).
(3) Any person authorized by the Registrar under Ss. 60 and
61 shall have all the powers of the Registrar when acting
under these sections.
(4) Recovery of costs. Any sum awarded by way of cost under
this section shall be recoverable through a Co¬-operative
Demand Certificate.
CHAPTER X: SETTLEMENT OF DISPUTES
63. Reference of dispute.- Any dispute touching the business
of a registered society, other than a dispute regarding disciplinary
action taken by a society against an employee of the society,
or of the liquidator of a society shall be referred to the
Registrar for decision if the parties thereto are among the
following:
(a) the society, its past or present controlling or managing
body, any past or present officer, agent or employee or the
liquidator of the society; or
(b) member, past member or persons claiming through a member,
past member or deceased member or the society; or
(c) a surety of a member, past member or deceased member of
a society; or
(d) any other registered society or the liquidator of the
society;
(e) a registered society and a financing bank.
64. Settlement of dispute.-
(1) The Registrar shall on receipt of a reference under S.
63 —
(a) decide the dispute himself or authorize any other Government
office to decide the dispute; or
(b) refer it for disposal to an arbitrator appointed by the
Registrar or to three arbitrators one to be nominated by each
of the parties to the
dispute and the third, who shall be nominated by the Registrar,
to act as Chairman. Where any party to the dispute fails to
nominate an arbitrator within fifteen days after the communication
of this notice, the Registrar may himself make the nomination.
No legal practitioner may be nominated as an arbitrator by
any party to a dispute or by the Registrar;
(c) an arbitrator appointed under the previous sub-clause
shall be governed by the Indian Arbitration Act, 1940 (X of
1940), with such statutory re-enactment or modification thereof
as shall, from time to time, be made.
(2) The Registrar may withdraw any reference of such dispute
referred to under sub-S. (1) and may deal with it himself
under the said sub-section.
(3) Where the Registrar is satisfied that a party to any reference
made to him under S. 63 with intent to defeat or delay the
execution of any decision that may be passed thereon-
(a) is about to dispose of the whole or any part of his property;
or
(b) is about to remove the whole or any part of his property
from the local limits of the jurisdiction of the Registrar;
the Registrar may direct the conditional attachment of the
said property or such part thereof as he deems necessary;
and such attachment shall have the same effect as if it had
been made by a competent Civil Court.
CHAPTER XI: DISSOLUTION OF SOCIETY
65. Cancellation of registration.-
(1) If the Registrar, on receipt of an application made upon
a resolution adopted in a meeting of the General Assembly
by a three-fourth majority of the members present at the meeting
provided that the notice of dissolution was included in the
circulated agenda of the meeting, is of opinion that the society
ought to be dissolved, he may, by an order in writing, cancel
the registration of the society.
(2) The Registrar, after an enquiry has been held under S.
60 or after an inspection has been made under S. 61, may cancel
the registration of a society which-
(i) as not commenced working; or
(ii) as ceased working; or
(iii) has ceased to comply materially with any condition as
to registration in this Act, rules or by-laws ; and
(iv) in his opinion to be dissolved .
(3) A copy of the order cancelling the registration of a society
shall forthwith be published in the official Gazette by a
notice, which shall be commenced to the society and to any
affiliating society concerned by
registered post. The notice shall contain the name of the
liquidator appointed under S. 66, who shall take full charge
of the society forthwith and shall require all claims against
the said society to be made to the
liquidator within two months of the publication of the notice.
All liabilities recorded in the account books of the society
shall be deemed ipso facto to leave so claimed.
(4) When the cancellation of the registration of a society
takes effect, the society shall cease to exist as a corporate
body, but shall vest in the liquidator.
(5) Any member of the society may, within two months, from
the publication of an order cancelling the registration, appeal
to the State Government from such order.
(6) Where no appeal is presented within two months from the
publication of an order canceling the registration of the
society, the order shall take effect on the expiry of that
period.
(7) When an appeal is presented within two months of an order
of cancellation, the order shall not take effect until it
is confirmed by the State Government and such confirmation
is communicated to the society by registered post.
66. Winding up.-
(1) Where an order of cancellation of the registration of
the registration of a society is made by the Registrar under
S. 65, he may appoint any person to be the liquidator of society
and may remove such person
and appoint another in his place.
(2) The liquidator appointed under sub-S. (1) shall have power
from the date of his appointment to take immediate possession
of all assets, properties, effects and actionable claims of
the society or to which the
society is entitled and of all books, records, cash other
documents pertaining to the business of the society and, in
the interest of the society, shall hold charge of the society
notwithstanding the provisions
of S. 65; provided that no step shall be taken for the winding
up of the society during the pendency of any stay order.
(3) The liquidator shall, under the general control of the
Registrar have power, so far as is necessary for the winding
up of the society, on behalf of the society to carry on the
business thereof and to do all acts and execute all documents
necessary to such winding up, and in particular shall exercise
the following powers:
(a) to institute, compromise and defend suits and other legal
proceedings on behalf of the society by his name of office;
(b) to make any compromise or arrangement with any person
between whom and the society there exists any dispute;
(c) to determine the debts due to the society by a member,
past member of the estate, nominees, heirs or legal representatives
of a deceased member;
(d) to determine from time to time the contribution to be
made or remaining to be made by the members, past members
or by the estates or nominees, heirs or legal representatives
of deceased members or by any officers or former officers,
to the assets of the society and to determine the debts due
fro such members or persons and the cost of liquidation;
(e) to calculate the cost of liquidation and to determine
by what persons and in what proportion they are to be done;
(f) to investigate all claims against the society and, subject
to the provisions of this Act, to decide questions of priority
arising between claimants;
(g) to pay claims against the society including interest up
to the date of cancellation of registration according to their
respective priorities, if any, in full or rateably as the
assets including the reserve fund of the society, permit;
the surplus, if any, remaining after payment of claims being
applied in payment of interest from the date of such cancellation
of the rate fixed by him but not exceeding the contract rate
in any case;
(h) to take step to recover dues according to the provisions
of S. 83, if necessary; and
(i) to dispose of the surplus, if any, remaining after paying
the claims against the society in accordance with S. 67 of
this Act.
(4) Subject to the provisions of this Act and rules made there
under, a liquidator appointed under this section shall, in
so far as such powers are necessary for carrying out the purposes
of this section, have
powers to summon and enforce the attendance of the witnesses
and to compel the production of any books, accounts, documents,
securities, cash or other properties belonging to or in the
custody of the
society by the same means and so far as may be in the same
manner as is provided in the case of a civil court under the
Code of Civil Procedure, 1908 (V of 1908).
(5) Notwithstanding anything contained in any law for the
time being in force, if any landed property is held by a liquidator
as such the title over the land shall be complete as soon
as the mutation of the name of his
office is effaced and no court shall question the title on
the ground of dispossession, want of possession or physical
delivery of possession.
67. Distribution of fund of a dissolved society.- On dissolution
of a society, the reserved fund and any undisbursed cash in
hand shall be applied to discharging liabilities of the society
and the repayment of the share capital. Any sum that may remain
may be applied to such object of local and public utility
as may be selected by the members of the dissolved society
and approved by the Registrar. If, within three months of
the notice published in the official Gazette under S. 68,
notifying the closing of the liquidation proceedings of the
society, the members fail to select any object as aforesaid,
the Registrar shall, with the approval of the Government apply
the fund to such local public utility as may be determined
by him or credit the remaining sum to the reserve fund of
a society, to be formed to replace the dissolved society or
if there be no such society to any other deserving society
existing within the same area of operation and having objects
similar to those of the dissolved society or if there be no
such society to any other registered society in Assam as may
be determined by the Registrar.
68. Liquidator to deposit the books and submit a final report.-When
the affairs of a registered society have been wound up, the
liquidator shall make a report to the Registrar, who when
satisfied shall order the liquidation proceedings to be closed
and direct the liquidator to deposit the records wheresoever
the Registrar thinks fit and the Registrar shall issue a notice
in the official Gazette, notifying the closing of the liquidation
proceedings of the society.
69. Bar of suit.- Save in so far as is expressly provided
in this Act, no Civil Court shall take cognizance of any matter
connected with the winding up or dissolution of a society
under this Act and when a liquidator has been appointed no
suit or other legal proceedings shall lie or be proceeded
with against him except by leave of the Registrar and subject
to such terms as he may impose.
CHAPTER XII: RECOVERY OF SUMS DUE AND ENFORCEMENT OF OBLIGATIONS
70. Power of Registrar to direct payment of dues.- Notwithstanding
anything contained in Chapter X, the Registrar or such other
person as may be authorised by him in this behalf may, on
his own motion or on the written requisition of a registered
society or an affiliating society or a financing bank for
the recovery of any loan or any other demand due by a defaulting
member, after making such enquiry as he deems fit, grant a
Co-operative Demand Certificate for the recovery of the amount
found to be due.
70A. (1) If any installment of.- loan or interest payable
by a member of a co-operative society or any part of such
installment has remained unpaid for more than 30 days from
date on which it fell due, the managing committee of the society
may, in addition to any other remedy available to it, apply
to the Registrar or any other officer authorized by him for
the recovery of such installment of part thereof by distraint
and sale of the produce of the charged land including the
standing crop.
(2) On receipt of such application the Registrar or the person
authorised by him may, notwithstanding anything contained
in the Transfer of Property Act, 1882 take action in the manner
as prescribed for the purpose of distraining and selling such
produce :
Provided that no distraint shall be made after the expiry
of twelve months from the date on which the installment fell
due.
(3) The value of the property distrained shall be, as nearly
as possible, equal to the amount due and the expenses of the
distraint and the costs of the sale.
71. Charge and Surcharge.-
(1) Where, as the result of an audit under S. 55, or an enquiry
under S. 60 or an inspection under S. 61 or a report made
in the course of the winding up of a registered society, it
appears to the Registrar that any member, officer or employee,
past or present, of society has at any time within a period
of four years prior to the date of such audit, inspection,
inquiry or report, as the case may be —
(a) Intentionally, whether individually or as an assenting
member of any managing or other controlling body, made or
authorised any payment of or granted any loan which is contrary
to the provisions of this Act or to the rules or bye-laws
or failed to take timely steps to recover any loan at the
due date or if it was being improperly utilised; or
(b) was grossly negligent in respect of any loss or deficiency;
or
(c) failed to bring into account any sum which ought to have
been brought into account; or
(d) misappropriated or fraudulently retained any
property of the society; or
(e) committed breach of trust in relation to the society;
the Registrar may inquire into the conduct of such office
or members of the managing other controlling body.
(2) The Registrar may similarly inquire into the conduct relating
to the affairs of the society of any members, officer or employee,
past or present, of a registered society on the application
of the present controlling or managing body of the society,
or liquidator, or any
creditor, or any other registered society to which the society
is affiliated or any contributory.
(3) Upon such enquiry, after giving such member, officer or
employee an opportunity of being heard and, in the case of
payment made contrary to the provisions of this Act or rule
or bye-laws, after affording such member, officer or employee,
time to recover the amount of such payment from the payee
and credit it to the funds of the society, the Registrar may
by an order in writing require such member, office or employee
to pay such sum with interest at such rate as the Registrar
may direct, to the society by way of compensation in respect
of such payment or loss or to restore such property as the
Registrar thinks fit, and to pay such sum as the Registrar
may fix to meet the cost of the proceedings under this section.
(4) Any award made by the Registrar under sub-S. (3) shall
be reduced to the form of a co-operative demand certificate
by the officer authorized to issue such certificates.
(5) This section shall apply notwithstanding that such member,
officer or employee may be his act or omission have incurred
in addition to criminal liability under this Act or any other
law for time being if force.
(6) An appeal shall lie to the Stat Government against an
order passed under sub-Cl. (1) (a) within thirty days of the
communication of the order.
CHAPTER XIII: PENALTY
72. Prohibition of the use of the word "Co-operative"
or "Samabaya".-
(1) No person other than a society registered under this Act
or any other Co-operative Societies Act shall trade or carry
on business under any name or title of which the word "Co-operative"
or its vernacular equivalent "Samabaya" is a part:
Provided that nothing in this section shall apply to the use
by any person or by his successors in interest of any name
or title under which he lawfully traded or carried on business
at the commencement of this Act.
(2) Whoever contravenes the provisions of this section shall
be punishable with fine, which may extend to fifty rupees,
and in the case of a continuing offence with further fine
of five rupees for each day on which the offence is continued
after conviction thereafter.
73. Punishment for false return, false information, disobeying
summons, orders, etc.- If a registered society or an officer
or member thereof or any liquidator, -
(a) Willfully makes a false return or furnishes false information
or willfully neglects or refuses do any Act required by this
Act or any rules or bye-laws; or does anything contrary to
this Act or the rules or bye-
laws; or
(b) any person willfully or without reasonable excuse disobeys
any summons, requisition or lawfully written order issued
under the provisions of this Act or does not produce documents
or cash balance of the society or furnish any information
lawfully required from him by a person authorised in this
behalf under the provisions of this Act or fails to maintain
up-to-date account, records and other documents of the society
required to be maintained by him under this Act or rules or
bye-laws;
he shall be punishable with fine which may extend to five
hundred rupees; and in the case of a continuing offence a
further fine of five rupees for each day on which the offence
is continued after conviction therefore.
74. Punishment for disposing property in contravention of
S. 46.- Any member, past member or the nominee, heir or legal
representative of a deceased member removing or otherwise
disposing of, or suffering to be removed or otherwise disposed
of, any property on which a registered society holds a first
charge under S. 46 with intent to defraud the society or with
such intent doing any other act to the prejudice of the society's
first charge, shall be punishable with fine not exceeding
five hundred rupees.
(a) by sitting or voting or exercising his rights as a member,
or as a member of any managing or controlling body, or voting
in the affairs of a registered society as a representative
of another society which is a member of such society, when
such person was not entitled so to sit, vote or exercise such
rights, as the case may be, or
(b) by utilizing a loan for a purpose different from that
for which it was granted,
the Registrar may, after affording such person an opportunity
to be heard by an order in writing, direct him, to pay from
the assets of the society by way of penalty such sum not exceeding
fifty rupees as the Registrar thinks fit.
76. Power to enforce performance of obligations.- Notwithstanding
anything contained in this Act, where any registered society
is required to take any action under this Act, the rules or
bye-laws and such action is not taken within the time provided
in this Act, the rules or bye-laws or within such time as
the Registrar may specify by a notice in writing where no
time is so provided, the Registrar may call upon any officer
of the society whom he considers to be responsible for the
carrying out the directions, and after giving such officer
an opportunity to be heard, may require him to pay to the
assets of the society such sum not exceeding twenty-five rupees
as the Registrar may think fit for each day until the Registrar's
direction are carried out.
77. Cognizance of offences.-
(1) No court inferior to that of a Magistrate of the second
class shall by any offence under this Act.
(2) No prosecution for an offence under this Act shall be
inserted without the previous sanction of the Registrar.
(3) Offences under this Act may be tried summarily.
CHAPTER XIV: JURISDICTION
78. Indemnity.- No suit, proceeding or prosecution whatever
shall lie against the Registrar or any person acting on his
authority, or against any liquidator in respect of anything
done or purporting to be done in good faith under this Act.
79. Bar to jurisdiction of Courts.-
(1) Save as provided in this Act, no Civil or Revenue Court
shall have any jurisdiction in respect of-
(a) registration of a registered society or its bye-laws or
amendments of bye-laws; or
(b) the dissolution of a managing or controlling body and
the management of the affairs of the society on dissolution
thereof; or
(c) any dispute referred to the Registrar; or
(d) any matter in relation to the winding up and
dissolution of registered society.
(2) Save as provided in this Act, no order, decision or award
under this Act, or working of the affairs of a registered
society shall be liable to be challenged, set aside, modified,
revised or declared void in any court on any ground whatsoever
except on grounds of jurisdiction.
80. Appeal or review.-
(1) Except where otherwise expressly provided to the contrary
an appeal shall lie to the Registrar from the decisions made
under this Act or rules framed thereunder, by any Government
Officer, liquidator or non-official helper appointed und sub-S.
(3) of S. 3.
(2) The Registrar may review any order passed by him at any
time within two months from the communication of such order.
(3) Save as provided in this Act or rules, no appeal shall
lie to the State Government against any order of the Registrar,
except on a question of law, and provided such appeal is preferred
within two months of the communication of such order.
(4) Any Appellate Authority and the Registrar in case of review
may pass any stay order pending any appeal or review before
such an authority, and may award cost against any party appealing
or petitioning for review if such appeal or review petition
is considered false, vexations or frivolous by the authority
concerned.
81. Power of attachment of property.- Where the Registrar
or such gazetted officer as may have powers delegated to him
under S. 83 is satisfied that any person holding property
within his jurisdiction with intent to defeat or delay the
execution of any order, under a co¬operative demand certificate
for recovery of dues, or with intent to avoid payment of dues
from such person under this Act, rules or bye-laws-fa) is
about to dispose of the whole or any part of such property;
or
(b) is about to remove the whole or any part of such property
from the local limits of the jurisdiction of the Registrar
or of such gazetted officer.
the Registrar or such gazetted officer may, unless adequate
security is furnished, as he may require, direct the conditional
attachment of the said property or such part thereof as he
thinks necessary, notwithstanding that the claimant or owner
of the property may reside elsewhere, and such attachment
shall have the same force and effect as if it had been made
by a competent Civil Court and shall continue in force until
withdrawn or cancelled.
82. Registrar to be Civil Court for certain purposes.- The
Registrar or any person empowered by him in this behalf shall
be deemed, when exercising any powers under this Act for the
recovery of any amount by attachment and sale or by the sale
without attachment of any property, or when passing any orders
on any application made to him for such recovery or to take
any step in aid of such recovery; to be a Civil Court for
the purpose of Act, 182 of the First Schedule to the Indian
Limitation Act, 1908 (IX of 1908).
83. Recovery of sums due.-
(1) All dues recoverable under this Act or Rules framed thereunder
shall be reduced to the form of a co¬-operative demand
certificate, as in Schedule A over the signature of the Registrar
or of such gazetted
officers as may have powers delegated to them by the Registrar
in this behalf and shall be recovered as an arrear of land
revenue and shall be paid to the certificate holder or has
authorized nominee. Such
certificate shall be in the name of the claimant and shall
be delivered to him.
(2) Notwithstanding anything contained in sub-S. (1), all
the said dues shall also be recoverable as a public demand
in accordance with the procedure laid down in the Bengal Public
Demands Recovery Act, 1913
(Bengal Act III of 1913). On a written requisition sent to
the certificate officer in the prescribed form over the signature
of the Registrar or of such gazetted officer as may have powers
delegated to him by the Registrar in this behalf.
Explanation: The 'certificate officer' means the officer so
defined in and the 'prescribed form' means form so prescribed
under the Bengal Public Demands Recovery Act, 1913.
(3) For the purpose of this section a member of an affiliated
society shall be deemed to be a member of the affiliating
society and loans due to the affiliated society shall be deemed
also to be loans due to the affiliating society to the extent
that loan from the affiliating society to the affiliated society
are outstanding and cannot be recovered from the affiliated
society directly: provided that not more than one demand certificate
may be executed against a single loan.
83A. (1) A copy of the Co-operative Demand Certificate.-
prepared under Ss. 70 and 83 of this Act shall be served in
the manner prescribed upon the person from whom the amount
is due.
(2) On receipt of a copy of; the Co-operative Demand Certificate
the person from whom the amount is due shall pay the same
within a period of thirty days from the date of service of
the Certificate;
Provided that the period during which the payment is to be
made may be extended by the Registrar for another period no
exceeding thirty days for reasons to be recorded in writing.
(3) Any person violating the provisions of sub-S. (2) above
shall, on conviction be punished with imprisonment of either
description for a term which may extend to six months or with
fine which may extend to one thousand rupees or with both.
84. Registrar may order a meeting of creditors.-
(1) Notwithstanding anything contained in this Act, where
a compromise or arrangement is proposal between a registered
society and its creditor or creditors or any class of them,
the Registrar, upon an
application made by a registered society or by liquidator
in case of a society in respect of which an order has been
passed for the winding up thereof, or by a creditor or creditors
or any class of creditors,
may order a meeting of the creditors.
(2) If a majority in number of creditors or the class of creditors,
as the case may be, representing claims to three-fourths of
the debt due by the society to the creditors or class of creditors,
at a meeting agree to
any compromise or arrangement and if the Registrar agrees
to such compromise or arrangement and gives his sanction,
then the compromise or the arrangement shall be binding on
all the creditors on class of creditors and also on the society
or on the liquidator in the case of a society in respect of
which an order has been passed for the winding up thereof,
and on all persons who may be required by the liquidator to
contribute to the assets of the society.
CHAPTER XV: MISCELLANEOUS
85. Society to be a body corporate.- Every registered society
shall be deemed to be a body corporate by the name under which
it is registered, with perpetual succession and a common seal,
and with power to hold property, to enter into contracts,
institute and defend suits and other legal proceedings and
to do all things necessary for the purposes for which it was
constituted.
86. Register of members.- Any register or list of members
or shares kept by any registered society shall be prima facie
evidence of any of the following particulars entered therein:
(a) the date on which he name of any person was entered in
such register or list as a member; and
(b) the date on which any such member ceased to be a member.
87. Entries in books of registered society shall be received
as prima fade evidence.-
(1) A copy of any entry in a book of a registered society,
regularly kept in the course of business shall, if certified
by the Chairman or Secretary of the society, be received in
any suit or legal proceeding as prima facie evidence of the
existence of such entry, and shall be admitted as evidence
of the matters, transactions and accounts therein recorded
in every case where, and to the same extent as the original
entry itself, is admissible.
(2) No officer or liquidator of a registered society and no
officer in whose office the books of a registered society
are deposited after liquidation shall in any legal proceedings
to which the society are the liquidator is not a party, be
compelled to produce any of the society's books the contents
of which can be proved under sub-S. (1) or to appear as a
witness to prove the matters, transactions and accounts therein
recorded, unless specially so directed by an order of the
Court of the arbitrator.
88. Savings of existing societies.-
(1) Every society existing at the commencement of this Act
which has been registered or deemed to have been registered
under the Co-operative Societies Act, 1912 (II of 1962), shall
be deemed to be registered under this Act; and its bye-laws
shall, in so far as they are not inconsistent with the provisions
of this Act, continue in force until altered or rescinded
and shall to such extent be deemed to be registered under
this Act.
(2) All appointments, rules and orders made, notifications
and notices issued, all transactions entered into and all
suits and other proceedings instituted under the said Act
shall continue and shall, so far as may be, deemed to have
been respectively made, issued, entered into or instituted
under this Act.
89. Construction of reference to Act II of 1912.- All references
to the Co-operative Societies Act, 1912, occurring in any
enactment made by any authority in India and for the time
being in force in Assam, shall in the application of any such
enactment thereto, be construed as reference to this Act,
and anything done, or any proceeding commenced in pursuance
of such enactment on or after the commencement of this Act
shall be deemed to have been done or to have commenced and
to have had effect as it the reference in such enactment to
Co-operative Societies Act, 1912, had been a reference to
this Act, and no such thing or proceeding shall be deemed
to have been invalid on the ground that such enactment did
not refer to this Act.
90. Act VII of 1913 not to apply.- The provisions of the
Indian Companies Act, 1913 shall not apply to registered societies.
91. Acts of societies, etc. not to be invalidated by certain
defects.-
(1) No act of a registered society or of a managing or controlling
body or of any officer or liquidator done in good faith in
pursuance of the business of the society shall be deemed to
be invalid by reason only of some of defect subsequently discovered
in the organization of the society or in the constitution
of any such body or 8in the appointment or election of the
officer or liquidator or on the ground that such officer or
liquidator was disqualified from appointment.
(2) No act done in good faith by any person appointed under
this Act shall be invalid merely by reason of the fact that
his appointment has been cancelled or in consequence of any
order subsequently passed
under this Act.
(3) The Registrar shall decide whether any act was done in
good faith in pursuance of the business of a society.
92. Power to exempt societies from provisions of this Act.-
The State Government may, by general or special order, exempt
any registered society, or class of registered societies for
any of the provisions of this Act of may direct that such
provisions shall apply to such society with such modifications
as may be specified in the order.
93. Rules and bye-laws not to be deemed to go beyond the Act.-
Rules framed under this Act and bye-laws registered under
this Act shall not be deemed to go beyond the provisions of
this Act if their effect is not to lessen the degree of control
expressly provided for in the Act.
94. Power to exempt societies from conditions as to registration.-Notwithstanding
anything contained in this Act, the State Government may by
special order and subject to such conditions, if any, as it
may impose, exempt any society from any of the requirements
of this Act as to registration.
95. Power to order recoupment of expenditure.- Notwithstanding
anything contained in any law for the time being in force
the State Government may, by a general or special order, require
of every registered society or a class of registered societies
to make contribution of such sum annually to be fixed by the
Registrar towards the recoupment of administrative expenditure
incurred by the Government in respect of inspection, supervision
and guidance of a society or class of society or class of
societies or of any service to such society or class of societies.
96. Power to seize records of society.-
(1) If the Registrar or any person authorised by him in this
behalf, while making audit, inspection, inquiry or supervision,
as the case may be, believes or has reason to believe that
the registered society is not
keeping or maintaining the accounts, books and records of
the society properly or finds or reasonably suspects gross
negligence of duties, misappropriation or misuse of funds
of the society, irregularity in
recording proceedings or keeping accounts or books, he shall
have power to take possession of any or all books registers
or documents, cash in hand or account books of the society
and remove such seized
property or keep in proper custody such seized property till
it is disposed of in any manner as may be directed by the
Registrar.
(2) The person seizing the property of the society under sub-S.
(1) shall prepare an inventory of the properties seized in
duplicate with his signature and require the officer or member
of the society from
whose possession or custody the property is seized to put
his signature in witness thereof and, if such officer or member
refuses to sign, then the person seizing the property shall
call upon, two or more persons to sign the seizure list. A
copy of the list prepared under this section, signed by the
witnesses shall be delivered to the officer of the society.
(3) The Registrar shall take immediate steps by way of audit
or inspection and pass such orders as he may think fit.
(4) The administrative head of a civil sub-division or administrative
area shall give police help to all officers mentioned in sub-S.
(1) of this section when sought for.
97. Power of the managing body of an affiliating society to
enquire into the affairs of a member society.- When a registered
society takes loan from an affiliating society and defaults
payment of the debt or any installment thereof, any member
of the managing body of the affiliating society, may examine
and look into the accounts and working of such borrowing society
and report the result of his enquiry or examination particularly
with reference to the said loan to the affiliating society
and may recommend any suggestion in his report. The borrowing
society shall furnish such information and produce such documents,
books, and accounts as the member of the managing body may
require.
98. Limitation.-
(1) Notwithstanding any of the provisions of the Indian Limitation
Act, 1908, the period of limitation for the institution of
a claim to recover any sum, including the interest thereon,
due to a registered society by a member thereof shall be computed
from the date on which such member dies or ceases to be a
member of a society.
(2) The Indian Limitation Act, 1908 (IX of 1908), shall not
apply to any debt or liability due by any member, past member
or deceased member to any society in respect of which an order
of dissolution has been passed under this Act.
99. Power to exempt societies from the operation of the Assam
Money Lender's Act.- The State Government by notification
the official Gazette may exempt a registered society from
any or all the provisions of the Assam Lender's Act (Assam
Act IV of 1934) for the time being in force.
100. Power to make Rules.- The State Government may, after
previous publication, make rules to carry out the purposes
and objects of this Act, and such rules may provide a penalty
not exceeding fifty rupees for a breach thereof.
101. Repeal.- The Co-operative Societies Act, 1912 (II of
1912) is hereby repealed in so far as it applies to Assam
to the extent specified in column 4 of Schedule B.
SCHEDULE uAn
FORM
(Under Section 83)
Co-operative Demand Certificate granted under S. 83 (1) of
the Assam Co-operative Societies Act, 1949 (Act I of 1950)
as amended
To be realized as an arrear of land revenue by the revenue
authority within whose jurisdiction the judgment debtor's
property is situated
Case No of 19
District/ Sub-division
In the matter of.
Versus
Whereas as a result of my enquiry I decide that a sum of
Rs (Rupees ) by way of
under S. 70 of the Assam Co-operative Societies
Act, 1949 (Act I of 1950) as amended and a sum of
Rs (Rupees ) by
way of interest is/are due from you and you have not paid;
Whereas has made a reference in
writing to me complaining/ determining that a sum of
Rs (Rupees ) by way of
under section of the Assam
Co-operative Societies Act, 1949 (Act I of 1950) as amended
and a
sum of Rs (Rupees ) by way of
interest is/are due from you and you have evaded payment of
the same and whereas a notice of demand calling on you to
pay the dues within the specified time was served with notice
to show cause;
And whereas you have not paid up your dues specified in the
notice;
And whereas you have not submitted explanation/you explanation
is unsatisfactory;
Now, therefore I, under authority of S. 70 of the Assam Co¬operative
Societies Act, 1949 as amended/sub-S. (1) of S. 83 of the
Assam Co-operative Societies Act, 1949 as amended do hereby
order that the above mentioned sum of Rs is due to the above-named
from you and that you will pay further interest on the principal
sum at the rate of. per cent per annum from together with
all costs till the date of realisation.
I further order that right, title and interest
of. in the properties set out and described
in the schedule below be sold as an arrear of land revenue
under the provisions of the Assam Land Revenue Regulation,
1886 (Regulation I of 1886) and that, if the sale proceeds
should be found insufficient to discharge the dues with subsequent
interest at the above rate till the date of realization and
costs in full, the balance be realised by attachment and sale
of other movable and immovable property of he judgment-debtor
as an arrear of land revenue.
Further take notice that if you fail to pay the amount as
ordered above within a period of thirty days from the date
of service of the Certificate you shall also liable to prosecution
under sub S. (3) of S. 83 (1) of the Assam Co-operative Society
Act, 1949 as amended in addition to other measures for recovery
of the amount payable by you.
Schedule
Dated Gauhati
The Registrar
Co-operative Societies, Assam/ Office empowered under S.
70 S. 83 (1) of Assam Co-operative Societies Act, 1949 (Act
of 1950) as amended.
N.B: The irrelevant words/portions may be struck off and relevant
entries may be made where necessary.
SCHEDULE uBn
See Section 10
Year No. Short title Extent of repeal
1912 II The Co-operative The whole, with the
Societies Act, 1912 exemption of sub-S. (a) of S.
28, and of sub-S. (b) of S.
28, so far as it relates to the
Stamp duties specified in
The second paragraph thereof.
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