Preamble

Grado MANIPUR [ii GAZETTE RIPE AR EXTRAORDINARY PUBLISHED BY AUTHORITY ~ No. 345(A) Imphal, Thursday, October 28, 2010 (Kartika 6, 1932) GOVERNMENT OF MANIPUR SECRETARIAT: LAW & LEGISLATIVE AFFAIRS DEPARTMENT NOTIFICATION Imphal, the 28th October, 2010 No. 2/32/2010-Leg/L ~~ The following Act of the Legislature, Manipur which recieved assent of the Governor of Manipur on 19-10-2010 is hereby published in the Manipur Gazette. THE MANIPUR CO-OPERATIVE SOCIETIES (FOURTH AMENDMENT) ACT, 2010 (Manipur Act No. 10 of 2010) An Act further to amend the Manipur Co-operative Societies Act, 1976 (Manipur Act No. 14 of 1976). Be it enacted by the Legislature of Manipur in the Sixty-first Year of the Republic of India as follows: I Short title and Commencement.-(1) This Act may be called the Manipur Co-operative Societies (Fourth Amendment) Act, 2010.

1. (2) It shall come into force on such date as the State Government may, by notification in the Official Gazette, appoint . 2 Amendment of section 2. - In section 2 of the Manipur Co-operative Societies Act. 1976 (hereinafter referred to as the Principal Act), -
   • (i) after clause (1), the following new clause (1a) shall be inserted, namely,- “(1a) “Apex Society” means a co-operative society whose area of operation extends to the whole of the State of Manipur and which has, as its principal object, the promotion of the principal objects of, and the provision of facilities for the operation of other co-operative societies affiliated to it and classified asan apex society by the Registrar; ; . 2. -
   • (ii) after clause (5), the following new clause (5a) shall be inserted, namely,- “(5a) “Capital to Risk Weighted Assets Ratio” means the capital adequacy norms stipulated by the National Bank from time to time;";
   • (iii) after clause (6), the following new clause (6a) shall be inserted, namely.- N *(6a) “Chartered Accountant” means a member of the Institute of Chartered Accountants of India within the meaning of the Chartered Accountants Act, 1949 (38 0f 1949).;
   • (iv) inclause (11), for the words “30th day of June”, the words 3 Ist day of March” shall be substituted;
   • (v) after clause (19), the following new clause (19a) shall be inserted, namely.- .Z ‘(19a) “Long Term Co-operative Credit Structure Society” means the Co-operative Credit Institutions (Land Development Banks) advancing loans other than short term loans comprising of State Co-operative Land Development Bank and Primary Co-operative Land Development Banks, State Co-operative Bank and any other Co-operative Bank permitted by the Registrar to function as a Land Development Bank under section 142;;
   • (vi) after clause (20), the following new clauses ( 20a) and (20b) shall be inserted. namely. “(20a) “Multipurpose Co-operative Society” means a primary co-operative society the object of which is to provide various services including services related to credit, business, industry.consumer durables to its members; (20b) “National Bank” means the National Bank for Agriculture and Rural Development established under section 3 of National Bank for Agriculture and ~~ Rural Development Act, 1981 (61 of 1981);; “n
   • (vii) after clause (22), the following new clauses (22a) and (22b) shall be inserted, namely,- (22a) “Primary Agricultural Credit Society” means a Primary Agricultural Co-operative Credit Society as defined under clause (cciv) of section 5 of Banking Regulation Act, 1949 (10 of 1949) and includes a Multipurpose R Co-operative Society; + (22b) “Primary Society” means a co-operative society whose membership consists exclusively of individuals and self help groups;”;
   • (viii) after clause (25), the following new clause (25a) shall be inserted, namely,- (25a) “Reserve Bank” means Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934)’; =3=
   • (ix) after clause (27), the following new clause (27a) shall be inserted, namely.- (27a) “Short Term Co-operative Credit Structure Society” means the Short-Term Co-operative Credit Structure Society at the apex level and the primary level and includes the State Co-operative Bank and a Primary Agnicultural Co-operative Credit Society;’;
   • (x) after clause 30, the following new clause (30a) shall be inserted, namely,- (30a) “State Co-operative Bank” means an Apex Society engaged in the business of banking:":
   • (xi) after clause (32), the following new clause (32a) shall be inserted. namely, (32a) “The Urban Co-operative Bank” means a co-operative society other than a Primary. Agricultural Co-operative Credit Society which is licensed by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949". 3 Amendment of section 9.- In sub-section (1) of section 9 of the Principal Act,-
   • (i) in clause (a), for the words “six months”, the words “one month” shall be substituted;
   • (ii) in clause (c), after the words “first thereon”, the following “words “within one month from the date of the receipt of the application” shall be inserted.