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Meghalaya Co-Operative Societies Act, 2015

Meghalaya Co-Operative Societies Act, 2015 is Meghalaya legislation.

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

Legislative Amendment Timeline

Chronological legislative evolution of MEGHALAYA ACT NO. 11 OF 2015 across statutory gazettes and amending Acts.

Enacted2015

Amendments0

Enactment2015
Act Enacted

Principal Statute in Force: No subsequent statutory amendments have been recorded for this edition.

Meghalaya Co-Operative Societies Act, 2015

Download the official MEGHALAYA ACT NO. 11 OF 2015 PDF (free)

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Legislative Amendment Timeline

Meghalaya Co-Operative Societies Act, 2015

Download the official MEGHALAYA ACT NO. 11 OF 2015 PDF (free)

Browse

Legislative Amendment Timeline