Final authority in a co-operative society

(1) The final authority in a co-operative society shall vest in the general body members: Provided that where the bye-laws of a co-operative society provide for the constitution of a smaller body consisting of delegates of members of the society elected or selected in accordance with such bye-laws, such smaller body shall exercise such powers of the general body as may be prescribed or as may be specified in the bye-laws of the society. (2) Notwithstanding anything contained in sub-section(2) of section19, each delegate shall have only one vote in the affairs of the society. (1) In a co-operative society with unlimited liability, a member who is not indebted to the co-operative society and is not a surety for an unpaid debt may withdraw from the co-operative society after giving such notice to the secretary of the co-operative society as may be laid down in the bye-laws of the co-operative society. (2) In a co-operative society with unlimited liability a member, who withdraws or otherwise removed or expelled from the co-operative society shall be entitled to repayment, without interest, any money paid by him or his predecessor-in-interest towards the purchase of shares after such period as may be laid down in the bye-laws of the co-operative society. (3) No member of a co-operative society with limited liability shall ordinarily be permitted to seek withdrawals or refund of his shares. Provided that where the society has created a share transfer fund out of its earned profits its managing committee may, keeping in view the over-all interest of the co-operative society, allow withdrawals of shares. Provided further that such withdrawal of shares at any time shall not exceed five percent of the aggregate paid up share capital of the co-operative society, excluding Government contribution as it stood on the thirtieth June of the preceding year. (4) Irrespective of nature of liabilities of a co-operative society the share capital subscribed by the Government or by a central or apex co-operative financing institution will be retired in such manner and during such period as may be determined by the Registrar from time to time. (1) In a co-operative society with unlimited liability, a member who is not indebted to the co-operative society and is not a surety for an unpaid debt may withdraw from the co-operative society after giving such notice to the secretary of the co-operative society as may be laid down in the bye-laws of the co-operative society.

(2) In a co-operative society with unlimited liability a member, who withdraws or otherwise removed or expelled from the co-operative society shall be entitled to repayment, without interest, any money paid by him or his predecessor-in-interest towards the purchase of shares after such period as may be laid down in the bye-laws of the co-operative society.

(3) No member of a co-operative society with limited liability shall ordinarily be permitted to seek withdrawals or refund of his shares.

Provided that where the society has created a share transfer fund out of its earned profits its managing committee may, keeping in view the over-all interest of the co-operative society, allow withdrawals of shares.

Provided further that such withdrawal of shares at any time shall not exceed five percent of the aggregate paid up share capital of the co-operative society, excluding Government contribution as it stood on the thirtieth June of the preceding year.

(4) Irrespective of nature of liabilities of a co-operative society the share capital subscribed by the Government or by a central or apex co-operative financing institution will be retired in such manner and during such period as may be determined by the Registrar from time to time.