The Denzong Agricultural Co-operative Limited (Acquisition of Certain Shares and Miscellaneous Provisions) Act, 1991
The Denzong Agricultural Co-operative Limited (Acquisition of Certain Shares and Miscellaneous Provisions) Act, 1991
The Denzong Agricultural Co-operative Limited (Acquisition of Certain Shares and Miscellaneous Provisions) Act, 1991, regulates the ownership structure of the Denzong Agricultural Co-operative Limited in Sikkim. It applies to individual shareholders of the cooperative, the Sikkim State Government, and local Multi-Purpose Co-operative Societies. Under this law, the state government acquired all shares previously owned by private individuals, compensating those members for their actual share values and unpaid dividends. The government was also empowered to transfer these shares to registered multi-purpose cooperative societies. By restricting membership exclusively to the state government and registered cooperatives, the Act reorganized the organization's governance, ensuring public and institutional control over agricultural cooperative activities in the region.
- 1. Short title and commencement
- 2. Definitions
- 3. Vesting in the State Government of certain shares of Denzong Co-operative
- 4. Power of Government to direct Vesting of shares in the Multi-Purpose Co-operative Societies Limited
- 5. Payment of amounts
- 6. Share-holders of the Denzong Co-operative
- 7. Share holders to make applications for Registrar
- 8. Unclaimed money to be deposited to the general revenue account
- 9. Act to have overriding effect
- 10. Power to make rules
- 11. Protection of action taken in good faith
- 12. Power to remove difficulties
- 13. Repeal and Saving
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