Vidhi Codex

The Goa Co-operative Societies Act, 2001

The Goa Co-operative Societies Act, 2001

Corporate2001147 sections

This legislation establishes the legal framework for the formation, registration, governance, and regulation of co-operative societies across the State of Goa. It applies to various co-operative enterprises, including agricultural, housing, credit, and banking societies, as well as their members, management boards, and administrative officers. The Act outlines democratic leadership rules, financial management, auditing standards, dispute settlement mechanisms, and liquidation procedures overseen by a Registrar and a dedicated Co-operative Tribunal. By institutionalizing structured accountability and mutual aid principles, it protects members' rights, prevents financial mismanagement, and promotes orderly socio-economic development through self-help organizations across the state.

Start reading →Read full ActSections
  1. 0. Preamble
  2. 1. Short title, extent and commencement
  3. 2. Definitions
  4. 3. Co-operative principles and bye-laws
  5. 4. Registrar and his subordinates
  6. 5. Societies which may be registered
  7. 6. Conditions of registration
  8. 7. Application for registration
  9. 7A. Power of the Registrar to decide certain questions
  10. 8. Registration
  11. 9. Evidence of registration
  12. 10. Classification of Societies
  13. 10A. Bye-laws of Co-operative Society
  14. 11. Amendment of bye-laws of society
  15. 12. Power to direct amendment of bye-laws
  16. 13. Change of name
  17. 14. Change of liability
  18. 15. Amalgamation, transfer, division or conversion of societies
  19. 16. Re-construction of societies
  20. 17. Partnership of societies and subsidiary
  21. 18. Collaboration by societies
  22. 19. Cancellation of registration
  23. 20. De-registration of Societies
  24. 20A. Liability of a co-operative bank to the Deposit Insurance and Credit Guarantee Corporation
  25. 21. Person who may become member
  26. 22. Open membership
  27. 23. Joint member
  28. 23A. Nominal member
  29. 24. Cessation of membership
  30. 25. Removal of member
  31. 26. Expulsion of member
  32. 27. Rights of membership
  33. 28. Voting powers of members
  34. 28A. Restrictions on holding of shares
  35. 29. Restrictions on transfer or charge on share or interest
  36. 30. Transmission of interest on death of member
  37. 31. Share or interest not liable to attachment
  38. 32. Rights of members to see books, etc
  39. 33. Liability of past member and estate of deceased member
  40. 34. Insolvency of members
  41. 35. Societies to be bodies corporate
  42. 36. Address of societies
  43. 37. Register of members
  44. 38. Copy of Bye-laws etc. to be open to inspection
  45. 39. Admissibility of copy of entry as evidence
  46. 40. Power to exempt from taxation
  47. 41. Restrictions on borrowings
  48. 42. Regulation of loan making policy
  49. 43. Charge and set off in respect of share or interest of member
  50. 44. Prior claim of society.
  51. 45. Deduction from salary to meet society’s claim in certain cases
  52. 46. Government investment in societies
  53. 47. Liability to be limited in respect of Government shares
  54. 48. Other forms of State aid to societies
  55. 49. Provisions of this Chapter to override other laws
  56. 50. Mobilisation of funds
  57. 51. Restrictions on loans
  58. 52. Disposal of net surplus
  59. 53. Liability for deficit
  60. 54. Reserve and other funds
  61. 55. Investment of funds outside the business
  62. 56. Employees provident fund
  63. 57. Funds not to be utilized for certain proceedings filed or taken by or against officer in personal capacity
  64. 58. General body
  65. 58A. Special general meeting
  66. 59. Board of directors
  67. 60. Disqualification for being director
  68. 61. Disqualification of all directors of the board
  69. 62. Powers and functions of the board of directors
  70. 63. Chief Executive
  71. 64. Powers and functions of Chief Executive
  72. 65. Society’s nominee on other society not eligible to be office bearer except in a federal society
  73. 66. Election to board of directors of societies
  74. 67. Vacancies on the Board of Directors
  75. 67A. Appointment of Directors, New Board of Directors or Administrator
  76. 68. Government’s power to give directions in the interest of Co-operative movement
  77. 68A. Power to seize the records, etc.
  78. 70. Qualifications of Chief Executive Officers or any other officers
  79. 71. Supersession and suspension of board and interim management
  80. 72. Meetings and minutes
  81. 73. Accounts and records
  82. 74. Audit
  83. 75. Powers and duties of the auditor
  84. 76. Special audit
  85. 76A. Enquiry and/or Inspection of societies
  86. 77. Inquiry
  87. 78. Powers to summon and examine persons and documents
  88. 79. Action on special audit or inquiry report
  89. 80. Audit rectification report
  90. 82. Power of the Registrar to order recovery of losses
  91. 83. Dispute
  92. 84. Powers of an apex co-operative bank to proceed against members of a society for recovery of moneys due to it from such society
  93. 85. Limitation
  94. 86. Settlement of disputes
  95. 87. Procedure for settlement of disputes and power of Registrar, his nominee or board of nominees
  96. 88. Attachment before award and interlocutory orders
  97. 89. Decision of Registrar or his nominee or board of nominees
  98. 90. Appeal against decision of Registrar or his nominee or board of nominees
  99. 91. Money how recovered
  100. 91A. Private transfer of property made after issue of Certificate void against society
  101. 91B. Transfer of property which cannot be sold
  102. 91C. Recovery of any sum advanced by a resource society
  103. 91D. Registrar’s powers to recover certain sums by attachment and sale of property
  104. 92. Winding up
  105. 92A. Winding up of co-operative bank at the direction of the Reserve Bank
  106. 92B. Reimbursement to the Deposit Insurance and Credit Guarantee Corporation by liquidator
  107. 93. Appointment of Liquidator
  108. 94. Appeal against order of winding up
  109. 94A. No appeal in certain cases
  110. 95. Powers of Liquidator
  111. 96. Effect of order of winding up
  112. 97. Bar of suit in winding up and dissolution matters
  113. 98. Audit of Liquidator’s accounts
  114. 99. Termination of liquidation proceedings
  115. 100. Disposal of surplus assets
  116. 101. Application
  117. 102. Definitions
  118. 103. Limit on membership
  119. 104. Allotment of plots, dwelling units and commercial units
  120. 105. Rights of a member in a co-ownership housing society
  121. 106. Provisions for nomination
  122. 107. Restriction on letting out
  123. 108. Restriction on transfer of share or interest of a member
  124. 109. Permission for transfer of occupancy right not to be ordinarily refused and provision for appeal
  125. 110. Creation, maintenance and utilisation of building maintenance fund
  126. 111. Miscellaneous
  127. 112. Unit of assessment
  128. 113. Certain portion of land acquired by the Government for housing to be utilised on co-operative principles
  129. 114. Goa Co-operative Tribunal
  130. 114A. Appeals
  131. 115. Review of orders by the Co-operative Tribunal
  132. 116. Co-operative Tribunal to have powers of civil court
  133. 117. Extension of period of limitation by Co-operative Tribunal in certain cases
  134. 118. Offences
  135. 119. Penalties
  136. 120. Authority to take cognizance
  137. 121. Contempt of Co-operative Tribunal
  138. 122. Recovery of sums due to Government
  139. 123. Branches, etc. of societies outside the State.
  140. 123A. Handing over records and property to new Chairman on election
  141. 124. Registrar and other officers to be public servants
  142. 125. Indemnity for acts done in good faith
  143. 126. Bar of jurisdiction of Courts
  144. 126A. Power to exempt societies from provisions of this Act
  145. 127. Rules
  146. 128. Repeal, saving and construction
  147. 129. Companies Act not to apply

PDF: pending for this language.