Vidhi Codex

The Karnataka Souharda Sahakari Act, 1997

The Karnataka Souharda Sahakari Act, 1997

General199786 sections12 chapters

This Act governs Souharda Cooperative Societies in Karnataka, which are specific types of cooperatives that can include banks and operate across the state. It establishes rules for their registration, management, and operations, ensuring they follow cooperative principles and state regulations. By defining terms like apex cooperatives and backward class reservations, the law aims to promote financial inclusion and equitable development through organized cooperative banking and social welfare activities. It provides a legal framework for these entities to function effectively and serve their members and the broader community.

Start reading →Read full ActSections

Chapter I PRELIMINARY →

  1. 1Short title and commencement
  2. 2Definitions

Chapter II REGISTRATION →

  1. 3Registrar, Additional Registrars, Joint Registrars, Deputy Registrars and Assistant Registrars
  2. 4Co-operatives which may be registered
  3. 5Application for registration of Co-operative
  4. 6Certificate of registration
  5. 7Co-operative to be a body corporate
  6. 8Registration with limited or unlimited liability
  7. 9Display of names etc.
  8. 10Bye-laws
  9. 11Amendment of bye-laws
  10. 12Change of Liability, transfer of Assets and Liabilities, Division and Amalgamation of Co-operatives
  11. 13Consequences of transfer of assets and liabilities, division and amalgamation
  12. 14Partnership of Co-operatives
  13. 15Promotion of subsidiary organisations
  14. 16Collaboration by Co-operatives

Chapter III FUNDS →

  1. 17Mobilisation of Funds
  2. 17AInsertion of new section 17-A
  3. 18Investment of Funds
  4. 19Restrictions on contribution by a Co-operative
  5. 19ADeduction from salary to meet cooperatives‟ claim in certain cases

Chapter IV MANAGEMENT OF CO-OPERATIVE →

  1. 20Persons who may be admitted or continued members
  2. 20AAcceptance or refusal of membership
  3. 20BRight of members to vote
  4. 22Restriction on collection of deposits from non-members
  5. 23General Body
  6. 24Constitution of the Board
  7. 25Disqualification for being elected or continued as director
  8. 25AMotion of no-confidence against office-bearer
  9. 26Election to the board
  10. 27Powers and functions of the board
  11. 28Election of office bearers
  12. 29Filling up of casual vacancies
  13. 30Meetings
  14. 31Employees

Chapter V ACCOUNTS, AUDIT AND INQUIRY →

  1. 32Maintenance of records, Accounts, etc.
  2. 34Furnishing Information
  3. 35Inquiry
  4. 36Power to summon and examine persons and documents
  5. 37Action on inquiry Report
  6. 37ASurcharge

Chapter VI SUPERSESSION →

  1. 38Supersession
  2. 38AAppointment of Special Officer
  3. 38BPower to seize books and property

Chapter VII SETTLEMENT OF DISPUTE →

  1. 39Disputes which may be referred to the Registrar for decision
  2. 40Period of limitation
  3. 41Disposal of disputes
  4. 42Bar of jurisdiction of courts
  5. 43Execution of orders, etc.
  6. 44Attachment of property before award or order
  7. 45Procedure for settlement of disputes and power of the Registrar or any other person to whom a dispute is referred for decision
  8. 46Appeal

Chapter VIII WINDING UP OF CO-OPERATIVES →

  1. 47Winding up of a Co-operative
  2. 49Duties of Liquidator
  3. 50Powers of Liquidator
  4. 51Liquidator's final accounts and cancellation of registration
  5. 52Disposal of assets of a Co-operative under liquidation

Chapter IX THE FEDERAL CO-OPERATIVE →

  1. 53Constitution, functions and management of Federal Co-operative
  2. 53ABye-laws of the Federal Cooperative
  3. 53BDisqualification of Directors
  4. 54Board of the Federal Co-operative
  5. 55Disqualification for being elected or continued as director
  6. 56Powers and Functions of the Board
  7. 57Powers and functions of President or Chairperson, Vice-President or Vice-Chairperson and other office bearers
  8. 57ASupersession or Suspension of the board
  9. 58Elections
  10. 59Filling up of casual vacancies
  11. 60Meetings
  12. 61Employees of the Federal Co-operative
  13. 62Funds of the Federal Co-operative
  14. 63Accounts
  15. 63AFurnishing information to the members
  16. 64AFiling returns to the Registrar
  17. 65Inquiry
  18. 66Action on Inquiry Report

Chapter X CO-OPERATIVE PRINCIPLES →

  1. 67Co-operative principles
  2. 67ACertain orders to be passed by the Registrar if so required by the Reserve Bank
  3. 67BReimbursement to the Deposit Insurance Corporation by the liquidators

Chapter XI OFFENCES AND PENALTIES →

  1. 68Offences and penalties

Chapter XII MISCELLANEOUS →

  1. 69Cognizance of offence
  2. 69AComplaint regarding offences
  3. 69BProtection of action taken in good faith
  4. 70Power to remove difficulties
  5. 71Power to make rules
  6. 72Savings

PDF: pending for this language.