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.

General Assembly General Assembly. 30.

1. (1) The General Assembly of a registered co-operative society shall consist of all those who are eligible to vote at general meetings of the co-operative society.
2. (2) Every member of a registered co-operative society and every ex-officio member of the Administrative Council or Managing Body of such co-operative society, unless under some temporary disqualification shall have the right to attend any general meeting of the co-operative society and to exercise his vote at such meeting provided that the bye-laws of a registered co-operative society may so prescribe-
   • (a) that a registered co-operative society affiliated to such co-operative society may have more than one representative entitled to vote at a general meeting of the co-operative society; and
   • (b) that only one-third of the members of the General Assembly, excluding ex-officio members, may be individual members, the other two-third being representatives of affiliated registered co-operative societies.
3. (3) When the bye-laws of a registered co-operative society contain the provision of sub-section (2)(b) of this section the number of individual members exceeds one-third of the total membership of the co-operative society, the individual members shall elect at a special meeting to be called by the Secretary of the co-operative society not more than one month before the Annual General Meeting in the manner prescribed in the bye-laws for Annual General Meeting, those individual members who, as the representatives of the body of individual members shall form the one-third membership of the General Assembly for the purpose of voting at the annual and other meetings of the General Assembly during the ensuing year, and only such elected representatives have the right to attend and vote at such general meetings.
4. (4) The Supreme authority of a registered co-operative society shall be vested in the General Assembly: Provided that during the pendency of any loan or service from the State Government or any other credit secured at the instance of the State Government , the supreme authority with respect to any matter adversely affecting the interest of the State Government or the Registrar, shall be vested on any person authorized by them in writing and may extend to the appointment of officers to hold any of the offices of the co-operative society or appointment of any persons to be ex-officio members of the Administrative Council, managing body or any committee of the co-operative society even if such persons are not members of the co-operative society. The State Government or Registrar may also exercise in the absence of any loan or service when the State Government or Registrar as the case may be deemed their intervention to be necessary in the interest of the members of the co-operative society or of the Cooperative Movement in general. The State Government or the Registrar, as the case may be, may fix the salary of any such appointed officer and declare it to be in charge of the co-operative society. They may cancel any such appointments made by them.
5. (5) An annual or special meeting of the General Assembly shall be summoned and shall exercise its authority and perform its function in such manner as may be prescribed in the bye-laws of the co-operative society.