Co-operative to be a body corporate

A Co-operative registered under this Act shall be a body corporate by the name under which it is registered having perpetual succession and common seal. The Co-operative shall be entitled to acquire, hold and dispose of property, to enter into contracts, to sue and be sued and to do all other things necessary for the purpose for which it is constituted. In the Principal Act, in section 23, in sub section (3), after clause (k-3) the following clause shall be inserted, namely:- “(k-4) Review of the list of board of directors who have borrowed loans from the cooperative and other top twenty defaulting borrowers.”