Application for registration of Co-operative

(1) An application for registration of a Co-operative shall be made to the Registrar in such form and in such manner as may be prescribed. (2) Every such application shall be accompanied by,- (a) the original and five copies of the bye-laws of the proposed Co-operative as adopted by the promoters of such Co-operative or by the representatives of Co-operatives who wish to form into a union Co-operative or by the general body of a Co-operative society which intends to convert itself into a Co-operative under this Act; (b) a list of names of individuals or Co-operatives which intend to form a Co-operative and in the case of a Co-operative society, a list of names of members of such society together with the names of members of the committee containing their addresses, occupation and financial commitments; (c) a true copy of the minutes of the meeting at which the bye-laws were adopted, duly signed by atleast a majority of individuals or promoters present or representatives present at such meeting where the bye-laws were adopted, or in the case of a Co-operative society, a true copy of the resolution and the minutes of the general meeting; (d) a copy of the challan for having paid the registration fee of one percent of the total authorised share capital by whatever name called, subject to a minimum of Rs. 500 and a maximum of Rs. 5,000; and (e) in case of a Co-operative society, documents to show that the Co-operative society has not received any share capital and any loans or guarantee by Government or loans and guarantee by any Co-operative society. (3) The Registrar shall, if he is satisfied that,- (a) the application is in conformity with the provisions of this Act and rules; (aa) the proposed Co-operative complies with the requirements of sound business and has reasonable chances of success, (b) the proposed bye-laws are in conformity with section 10; and (c) the name of the proposed Co-operative is not the same as that of a Co-operative already registered under this Act or is not the same as that used by a Co-operative society already registered under section 7 of the Karnataka Co-operative Societies Act, 1959, register the Co-operative and also its bye-laws and send by registered post a certificate of registration and the original registered bye-laws signed and sealed by him to the Chief Promoter mentioned in the application or to the Co-operative society within a period of ninety days from the date of receipt of application. A copy of such certificate of registration along with the copy of the bye-laws and details of promoters shall also be sent to the Federal Co-operative within a period of sixty days from the date of registration. Provided that in the case of a proposed Co-operative Bank, the registration in terms of this section shall take place only with the prior approval of the Reserve Bank. (4) If the conditions laid-down in sub-section (3) are not fulfilled, the Registrar shall communicate by registered post the order of refusal together with the reasons therefor, to the Chief Promoter or to the Co-operative society, as the case may be, within ninety days from the date of receipt of application. (5) An appeal against the order under sub-section (4) may be made,- (a) if the order was made by the Registrar, to the Government; or (b) if the order was made by any other officer to that officerʼs immediate superior officer. (6) If the Registrar fails either to register or to refuse registration within the period specified in sub-section (3) or (4), the Co-operative shall be deemed to have been registered under this Act after the expiry of the said period. In the Principal Act, for section 18, the following shall be substituted, namely:- “18. Investment of Funds.- Such of its funds as are not immediately required for use by a co-operative, shall be invested or deposited outside its business, namely:- (a) With the Karnataka State Co-operative Apex Bank Ltd. or District Central Co-operative Bank Ltd or Urban Co-operative Bank; and (b) With any scheduled bank regulated by the Reserve Bank of India with the prior permission of the Registrar.”