Maharashtra Co-operative Societies Act 1960 | Liquidation

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  [Maharashtra Act No. XXIV OF 1961] The Maharashtra Co-Operative Societies Act I960. An Act to consolidate and amend the law relating to co-operative societies in the State of Maharashtra .  WHEREAS, with a view to providing for the orderly development of the co-operative movement in the State of Maharashtra in accordance with the relevant directive principles of State policy enunciated in the Constitution of India, it is expedient to consolidate and amend the law relating to co-operative societies in that State; It is hereby enacted in the Eleventh Year of the Republic of India as follows:- CHAPTER I PRELIMINARY 1.   SHORT TITLE, EXTENT AND COMMENCEMENT 1. This Act may be called the Maharashtra Co-operative Societies Act, 1960 . 2. It extends to the whole of the State of Maharashtra. 3. It shall come into   force on such date as the State Government may, by notification in the Official Gazette,  appoint. 2. DEFINITIONS. In this Act, unless the context otherwise requires,— (1) agricultural marketing society means a society— (a) the object of which is the marketing of agricultural produce and the supply of implements and other requisites for agricultural production, and (b) not less than three-fourths of the members of which are agriculturists, or societies formed by agriculturists ; (2)   apex society means a society,— (a) the area of operation of which extends to the whole of the State of Maharashtra. (b) the main object of which is to promote the principal objects of the societies affilated to   it as members and to provide for the facilities and services to them, and (c) which has been classified as an apex society by the Registrar. [(3)  * * * * * * * DELETED *] (4) bonus means payment made in cash or kind out of the profits of a society to a member, or to a  person who   is not a member,   on the basis of his contribution (including any contribution in the form of  labour or service) to the business of the society, and in the case of .a farming society, on the basis both of such contribution and also the value or income or, as the case may be, the area of the lands of the members brought together for joint cultivation as may be decided by the society[but does not include any sum paid or payable as bonus to any employee of the society under the   Payment of Bonus Act, 1965;] (5) by-laws means    by-laws registered   under this Act and for the time being in force and includes registered amendments of-such by-laws ; (6) “Central Bank” means a co-operative bank, the objects of which include the creation of funds to be loaned to other societies; but does not include the urban co-operative bank; (7) ” committee means the committee of management   or board of directors or other directing body, by whatever name called, in which the management of the affairs of a society is vested under section 73;]. (8) ”  Company means a company as defined in the Companies Act, 1956 and includes a Banking Company and also any board, corporation or other corporate body, constituted or established by any Central, State or Provincial Act for the purpose of    the development of any industry ; (9) Consumer’s society” means a society the object of which is— (a) the procurement,    production or processing, and distribution of    goods to, or the performance of other services for, its members as also other customers and (b) the distribution among its members and customers, in the proportion prescribed by rules or by the by-laws of the society, of the profits accruing from such procurement, production or processing, and distribution; (10) co-operative bank means a society, which is doing the business of banking as defined in clause (b) of sub-section (1) of' section 5 of the Banking Companies Act, 1949 and includes any society which is functioning or is to function as [an Agriculture and Rural Development Bank] under Chapter XI ; (10-ai) Co-operative Appellate Court means 'the Maharashtra State Co-operative Appellate Court constituted under this Act; (10-aii) Co-operative Court means a Court constituted under this Act to decide disputes referred to it under any of the provisions of the Act; (10-aiii) co-operative year means a year ending on the 31 st  day of March or on such other day in regard   to a particular society or class of societies [as may have been fixed by the Registrar, from time to time, for  balancing its or their accounts ; (10-A) 'crop protection society’ means a society the object of which is protection of the   crops, structures, machinery, agricultural implements and other equipment such as those used for pumping water on the land ; (11) dividend means the amount paid, out of the profits of a society, to a .  member proportion to the shares held by him; (12) farming society means a society   in which, with the object of increasing agricultural production,  employment and income and the better utilisation of resources, lands are brought together and jointly cultivated by all the members, such   lands (a) being owned by   or leased to the members (or some of them),   or    (b) coming in possession of the society   in any other manner whatsoever; (13) federal society “ means a society— (a) not less than five members of which are   themselves societies,and (b) in which the voting rights are so regulated that the members which are societies have not less than four-fifths of the total number of votes in the general meeting of such society; (14) firm means a firm registered under the Indian Partnership Act, 1932; (15) general society means a society   not falling in any of the classes of societies denned by the other clauses of this section; (16) housing society means a society, the object, of which is, to provide its members with open plots for housing, dwelling houses or fiats; or if open plots, the dwelling houses or flats are already acquired, to  provide its members common amenities and services; (16-A) lift irrigation society means a society the object of which is to provide water supply;, by motive  power or otherwise to its members, for irrigation and otherwise; (17) Liquidator means a person appointed as liquidator under this Act; (18) local authority includes .  school board and an agricultural produce market committee constituted  by or under any law for the time being in force; (19)(a) member means a person joining in an application for the registration of a co-operative society which is subsequently registered, ,or a person duly admitted to membership of society after registration, and includes a nominal, associate or sympathiser member; (b) associate member means a member v/ho holds jointly a share of a society with others, but whose name does not stand first in the share certificate; (c) nominal member means a person admitted to membership as such after registration in accordance with the by-laws; (d) sympathiser member means a person who sympathises with the aims and objects of the society and who is admitted by the society as such member. (20) officer means a person elected or appointed by a society   to any office or such society according to its by-laws; and includes a chairman, vice-chairman, president, vice-president, managing director, manager, secretary, treasurer, member of the committee, and any other person elected or appointed under this Act, the rules or the by-laws, to give directions in regard to the business of such society; [(20-A) Official Assignee means a person or body of persons appointed by the Registrar under sub-section (2) of Section, 21A;];  (21) prescribed means prescribed by rules; (22)  “  processing society” means a society the   object of which is the    processing of goods; (23)  producers' society  means a society the object of which is, the production and disposal of goods or the collective disposal of the labour of the members thereof; (24)” Registrar  means a person appointed to be the Registrar of Co-operative Societies under this Act;  (25) resource society  means a society the object of which is the obtaining for its members of credit, goods or services required by them; (26)      roles means rules made under this Act; (27)     society  means   a co-operative society registered, or deemed to be   registered, under this Act; (28) “society with limited liability means   a society having the liability   of its   members   limited by its by-laws; (29) society with unlimited liability '* means a society, the members of which .ire, in the event of its  being wound up. Jointly and severally liable for and in respect of its obligations and to contribute to any deficiency in the assets of the society; [ * * * * * CLAUSE (30) DELETED* * ] (31) working capital'' means funds at the disposal of a society inclusive of paid-up share capital, funds  built out of profits, and money raised by borrowing and by other means.   CHAPTER II. REGISTRATION. 3. REGISTRAR AND HIS SUBORDINATES [The State Government may appoint a person to be the Registrar of Co-operative Societies for the State; and may appoint one or more persons to assist such Registrar, [with such designations, and in such local areas or throughout the State, as it may specify in that behalf,] and may, by general or special order, confer on any such person or persons all or any of the powers of the Registrar under this Act. The person or persons so appointed to assist the Registrar and on whom any powers of the Registrar are conferred, shall work under the general guidance, superintendence and control of the Registrar. [They shall be subordinate to the Registrar, and subordination of such persons amongst themselves shall be such as may  be determined by the State Government.].  3A.TEMPORARY VACANCIES  If the Registrar or a person appointed to assist such Registrar is disabled vacancies, from performing his
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