[1st March, 1912.] An Act to amend the Law relating to Co-operative Societies. WHEREAS it is expedient further to facilitate the formation of Co-operative Societies for the. promotion of thrift and self-help among agriculturists, artisans and persons of limited means, and for.

What are the rules of co-operative society?

The supreme authority in a registered society shall be vested in the general meeting of members at which every member has a right to attend and vote on all questions. Subject to the provisions of Sections 28 and 29 of the Act each number shall have one vote only which shall be exercised in person and not by proxy.

What is the legal status of cooperative housing society?

LEGAL STATUS: A co-operative Society is a body corporate registered under the applicable state Act with perpetual succession having a common seal. It can acquire, hold and dispose of properties, enter into contracts and it can sue and it can be sued.

What is bye-laws of cooperative society?

Bye-laws include the objects of the society and completely define and restrict the society’s activities, but the rights and liabilities of members are determined by the Act and not by the bye-laws as such. The bye-laws are the basic structure of the society and are binding on the members.

What are the major provisions of 1912 Act?

(1) The transfer or charge of the share or interest of a member in the capital of a registered society, shall be subject to such conditions as to maximum holding as may be prescribed by this Act or by the rules. (b) the transfer or charge is made to the society or to a member of the society.

Who is the final authority in a cooperative society?

The final authority of the Society shall vest in the General Body. (i) Each member-society shall be represented by one delegate elected to the general body as specified in the Bye-laws of the society; NOTE: No individual can become member of a National Cooperative Society.

Is cooperative society under RBI?

Cooperative banks are currently under the dual control of cooperative societies as well as RBI. While the role of the cooperative society includes incorporation, registration, management, audit, supersession of board of directors and liquidation, RBI is responsible for regulatory functions.