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Bare Act

Meghalaya Co-operative Societies Act, 2015

Corporate2015128 sections

This Act governs co-operative societies in Meghalaya. It provides for the Registrar, which societies can be registered and the conditions for registration, members' age and qualifications, and limits on shareholding. It covers members' liability, bye-laws and their amendment, and the management of societies.

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  1. 1. Short title, extent and commencement
  2. 2. Definitions
  3. 3. The Registrar
  4. 4. Co-operative Societies which may be registered
  5. 5. Age, qualification of a member
  6. 6. Provided that the bye-laws of a co-operative society may prescribe a higher minimum age.
  7. 7. Restrictions on acquisition of Share in a Co-operative Society
  8. 8. Power of Registrar to decide certain questions
  9. 9. Liability
  10. 10. Application for Registration
  11. 11. Registration
  12. 12. Evidence of registration
  13. 13. Amendment of the Bye-laws of a registered co-operative society
  14. 14. Power of Registrar or affiliating co-operative society to direct amendment of bye-laws or adoption of rules of procedure
  15. 15. Division and amalgamation of co-operative societies
  16. 16. Members not to exercise rights till due payment made and conditions fulfilled
  17. 17. Vote of members
  18. 18. Loan to be utilized for the purpose for which advanced
  19. 19. The co-operative society shall have power to recover the advance as prescribed if the member does not so utilize it.
  20. 20. Liability of past member and his estate
  21. 21. Share or interest not liable to attachment
  22. 22. Nomination of transferee
  23. 23. Transfer of interest on death of members
  24. 24. No new claim shall be entertained after the said period of ninety days.
  25. 25. Liability of members on winding up of Co-operative Society with limited Liability
  26. 26. Restriction on Transfer of Possession of Land held Under a Co-operative Society
  27. 27. Right of a registered Cooperative Society to pay prior Debts of a mortgagor
  28. 28. Restriction on Mortgaged Property
  29. 29. Provided also that all transfer of land under this Act shall be in accordance with the provisions of the Meghalaya Transfer of Land (Regulation) Act, 1971.
  30. 30. All payments and transfer made by a registered co-operative society under this chapter, shall be valid and effectual against any demand made upon the co-operative society by any other person.
  31. 31. Annual Meeting of General Assembly
  32. 32. Special Meeting of the General Assembly
  33. 33. Administrative Council
  34. 34. Provided that the procedure and guidelines for the conduct of elections shall be prescribed by the State Government or the Registrar of Co-operative Societies.
  35. 35. Dissolution or reconstruction of Board of Directors, the Administrative Council, Managing Body or any Committee of a Co-operative Society
  36. 36. Dissolution of the Board of Directors /Administrative Council, Managing Body and appointment of persons to manage the affairs of a Co-operative Society
  37. 37. Tenure of office of the person appointed under section 36
  38. 38. The person appointed under sub-section (2) of Section 36 shall hold office until the Board or Managing Body, as the case may be, is reconstituted or his appointment is cancelled by the Registrar.
  39. 39. Address of Co-operative society
  40. 40. Prescription and inspection of documents
  41. 41. Borrowing subject to approval of the Registrar
  42. 42. Participation of members in the affairs of the Cooperative Society
  43. 43. Training or Education of members of Cooperative Society
  44. 44. Power of Government to give financial assistance
  45. 45. Restrictions on loans
  46. 46. Cooperative Society and office bearers to submit Returns or informations and produce documents
  47. 47. Prior Claim of a Cooperative Society
  48. 48. Charge and set off in respect of shares or interest of members
  49. 49. Deduction of dues from salary
  50. 50. Exemption from compulsory registration and personal attendance from registration of instruments
  51. 51. Power to remit certain duties, fees etc
  52. 52. Investment of Funds
  53. 53. Reserve Fund
  54. 54. Distribution of Net Profit
  55. 55. Audit of Accounts of Cooperative societies
  56. 56. Power of the Registrar to have the Accounts written up
  57. 57. Nature of Audit
  58. 58. Audit Report
  59. 59. Audit of Accounts of an Apex Co-operative Society
  60. 60. Rectification of defects
  61. 61. Inquiry by Registrar
  62. 62. Inspection of a Cooperative Society
  63. 63. Cost of Inquiry, Inspection and Recovery of costs
  64. 64. Reference of dispute
  65. 65. Settlement of dispute
  66. 66. Cancellation of registration
  67. 67. Winding up
  68. 68. Distribution of fund of a dissolved Co-operative Society
  69. 69. Liquidator to deposit the books and submit a final report
  70. 70. Bar of suit
  71. 71. Insured Co-operative Banks
  72. 72. Power of Registrar to direct payment of dues
  73. 73. Charge and surcharge
  74. 74. Prohibition of the use of the word “Co-operative”
  75. 75. Punishment for false return, false information, disobeying summons order etc
  76. 76. Punishment for disposing property in contravention of section 47
  77. 77. Penalty for certain misdemeanors
  78. 78. Power to enforce performance of obligation
  79. 79. Cognizance of offences
  80. 80. Indemnity
  81. 81. Bar to Jurisdiction of courts
  82. 82. Appeal or review
  83. 83. Power of Attachment of property
  84. 84. Registrar to be Civil Court for certain purposes
  85. 85. Recovery of sums due
  86. 86. Registrar may order a meeting of Creditors
  87. 87. Overriding effect of Chapter XV
  88. 88. Application of Banking Regulation Act 1949 to Co-operative Banks
  89. 89. Bank registered under this Act.
  90. 90. Membership of Primary Agricultural Credit Co-operative Society
  91. 91. Professionals in Managing Body
  92. 92. Cooperative Bank shall comply with such stipulations of Reserve Bank of India.
  93. 93. Audit of Co-operative Banks
  94. 94. Prudential norms
  95. 95. Regulatory prescription implementation
  96. 96. Grounds for supersession of Primary Agricultural Credit Society
  97. 97. Conduct of election
  98. 98. Time for conduct of election
  99. 99. Provided that in circumstances beyond control the Government may allow holding of such election within a period not exceeding six months from the date of supersession.
  100. 100. Financial and administrative autonomy of Co-operative Credit Structure Society
  101. 101. Government subscription in Share Capital
  102. 102. Government nominees in Managing Body
  103. 103. Affiliation and dis-affiliation in Federal Co-operative Society
  104. 104. Freedom of entry and exit
  105. 105. Freedom to invest or deposit funds
  106. 106. Freedom to obtain loans
  107. 107. Payment of dividend by Primary Agricultural Credit Co-operative Society
  108. 108. Disqualification of members of Managing Body
  109. 109. Registration of Bye-laws
  110. 110. Powers to issue directives
  111. 111. Co-operative Society to be a body Corporate
  112. 112. Register of members
  113. 113. Entries in books of registered co-operative society shall be received as prima facie evidence
  114. 114. Savings of Existing Co-operative Societies
  115. 115. Construction of reference to Act II of 1912
  116. 116. Act VII of 1913 not to apply
  117. 117. Acts of co-operative societies etc, not to be invalidated by certain defects
  118. 118. Power to exempt co-operative societies from provision of the Act
  119. 119. Rules and bye laws not to be deemed to go beyond the Act
  120. 120. Power to exempt co-operative societies from conditions as to registration
  121. 121. Power to order recoupment of expenditures
  122. 122. Power to seize records of co-operative society
  123. 123. Power of the Managing body of an affiliating co-operative society to enquire into the affairs of a member co-operative society
  124. 124. The borrowing co-operative society shall furnish such information and produce such documents, books and accounts as the member of the managing body may require.
  125. 125. Power to exempt co-operative societies from the operation of the Money Lender Act
  126. 126. Powers to make rules
  127. 127. Repeal and savings
  128. I. Fee Structure

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