The Maharashtra Co-Operative Societies Act, 1960
CONTENTS
SECTIONS | CHAPTER - I | PAGE |
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1 | Short title, extent and commencement. | 3 |
2 | Definitions | 3 |
SECTIONS | CHAPTER VI - PROPERTY AND FUNDS OF SOCIETIES | PAGE |
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64 | Funds not to be divided. | 43 |
65 | Ascertainment and appropriation of profits. | 43 |
66 | Reserve Fund. | 44 |
67 | Restrictions on dividend. | 44 |
68 | Contribution to education fund of the State federal society. | 44 |
69 | Contribution to public purposes. | 45 |
69A | [Deleted]. | 45 |
69B | Constitution of District Level and State Level Committees. | 45 |
70 | Investment of fund. | 45 |
71 | Employees’ provident fund. | 46 |
71A | Funds not to be utilised for certain proceedings filed or taken by or against officers in personal capacities. | 46 |
SECTIONS | CHAPTER VII - MANAGEMENT OF SOCIETIES | PAGE |
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72 | Final authority of society. | 46 |
72A |
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47 |
73 | Committee, its powers and functions. | 47 |
73-ID | Motion of no-confidence against officers of societies. | 48 |
73A |
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49 |
73AAA |
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51 |
73-B |
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53 |
73C | Reservation for women. | 54 |
73-CA |
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54 |
73CB | State Co-operative Election Authority. | 57 |
73CC | Power of State Government to postpone election. | 59 |
73D |
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60 |
73F | Election to more than one seat on the committee of society. | 60 |
73I | Responsibility of committee or the Administrators or authorised officer to intimate and assist to arrange for election, before expiry of term. | 60 |
74 |
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61 |
75 | Annual general body meeting. | 61 |
76 | Special general body meeting. | 63 |
77 | Acts of societies, etc., not to be invalidated by certain defects. | 64 |
77A | Appointment of member of committee, new committee, or authorised officers, where there is failure to elect member, to constitute committee or where committee does not enter upon office, etc. | 64 |
78 |
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66 |
78A | Power of supersession of committee or removal of member thereof. | 66 |
79 | Society’s obligation to file returns and statements and Registrar’s power to enforce performance of such obligations. | 69 |
79A | Government’s power to give directions in the public interest, etc. | 70 |
79AA | Registrar’s powers to give directions to frame regulations. | 71 |
80 | Registrar’s power to seize records, etc. | 72 |
SECTIONS | CHAPTER VIII - AUDIT, INQUIRY, INSPECTION AND SUPERVISION | PAGE |
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81 | Audit. | 73 |
82 | Rectification of defects in accounts. | 77 |
83 | Inquiry by Registrar. | 77 |
84 | Inspection of books of indebted society. | 78 |
85 | Costs of inquiry and inspection. | 79 |
86 | Recovery of costs. | 79 |
87 | Registrar to bring defects disclosed in inquiry or inspection to notice of society. | 79 |
88 | Power of Registrar to assess damages against delinquent promoters, etc. | 80 |
88A | Deposit towards fees of inquiry. | 80 |
89 | Power to enforce attendance, etc. | 81 |
89A | Power to inspect working of society. | 81 |
90 |
|
82 |
SECTIONS | CHAPTER IX - SETTLEMENT OF DISPUTES | PAGE |
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91 | Disputes. | 82 |
91A | Constitution of Co-operative Courts. | 84 |
92 | Limitation. | 85 |
93 | Transfer of disputes from one Co-operative Court to another, and suspension of proceedings in certain cases. | 86 |
94 | Procedure for settlement of disputes and power of Co-operative Court. | 86 |
95 | Attachment before award or order and inter-locutory orders. | 88 |
96 | Decision of Co-operative Court. | 89 |
97 | Appeal against decision under section 96 and order under section 95. | 89 |
98 | Money how recovered. | 89 |
99 | Private transfer of property made after issue of certificate void aganist society. | 90 |
100 | Transfer of property which cannot be sold. | 90 |
101 |
|
91 |
SECTIONS | CHAPTER X - LIQUIDATION | PAGE |
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102 | Winding up. | 93 |
103 | Appointment of Liquidator. | 93 |
104 | Appeal against order of winding up. | 94 |
105 | Powers of Liquidator. | 94 |
106 | Effect of order of winding up. | 96 |
107 | Bar of suit in winding up and dissolution matters. | 96 |
108 | Audit of Liquidator’s accounts. | 96 |
109 | Termination of liquidation proceedings. | 97 |
110 | Disposal of surplus assets | 98 |
SECTIONS | CHAPTER XA - INSURED CO-OPERATIVE BANK | PAGE |
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110A | Order for winding up, reconstruction, suspension or supersession 98 of committee, etc., of insured co-operative bank, not to be made without sanction or requisition of Reserve Bank of India.. | 98 |
SECTIONS | CHAPTER XI - CO-OPERATIVE AGRICULTURE AND RURAL MULTIPURPOSE DEVELOPMENT BANKS | PAGE |
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111 |
|
99 |
112 |
|
101 |
112A |
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102 |
112AA |
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104 |
112B |
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105 |
113 |
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106 |
114 |
|
106 |
115 |
|
106 |
115 |
|
107 |
116 |
|
108 |
117 |
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108 |
119 |
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108 |
120 |
|
108 |
121 |
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109 |
122 |
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109 |
123 |
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110 |
125 |
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110 |
126 |
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111 |
127 |
|
111 |
128 |
|
111 |
129 |
|
112 |
130 |
|
112 |
131 |
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112 |
132 |
|
113 |
133 |
|
113 |
133A |
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114 |
134 |
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114 |
135 |
|
114 |
136 |
|
115 |
137 |
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116 |
138 |
|
116 |
139 |
|
117 |
140 |
|
117 |
141 |
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117 |
142 |
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118 |
143 |
|
118 |
143A |
|
118 |
144 |
|
119 |
144-1A |
|
119 |
SECTIONS | CHAPTER XI-1A - NON-AGRICULTURAL CO-OPERATIVE CREDIT SOCIETIES | PAGE |
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144-2A | Application of Chapter XI-1A to non- agricultural co-operative credit societies. | 120 |
144-3A | Definitions. | 120 |
144-4A | Forms of business in which non-gricultural co-operative credit societies may engage. | 121 |
144-5A | Prohibition on accepting deposit from non-members. | 122 |
144-6A | Prohibition on trading. | 122 |
144-7A | Disposal of property not required for non- agricultural co-operative credit society. | 122 |
144-8A | Limit on administrative and establishment expenses. | 122 |
144-9A | Society to maintain cash reserve. | 123 |
144-10A | Society to maintain statutory liquidity ratio. | 123 |
144-11A | Restrictions on loans and advances. | 123 |
144-12A | Restrictions on power to remit debt. | 124 |
144-13A | Maharashtra State Non-Agricultural Co-operative Credit Societies Regulatory Board. | 124 |
144-14A | Composition of the Regulatory Board. | 124 |
144-15A | Secretary to the Regulatory Board. | 125 |
144-16A | Term of non-official members of the Regulatory Board. | 125 |
144-17A | Resignation of non-official member. | 125 |
144-18A | Removal of non-official member. | 125 |
144-19A | Casual vacanices how to be filled in. | 125 |
144-20A | Conduct of business of the Regulatory Board. | 125 |
144-21A | Allowances to non-official members of the Regulatory Board. | 125 |
144-22A | Functions and powers of the Regulatory Board. | 126 |
144-23A | Regulations and guidelines to be binding on non-agricultural co-operative credit societies. | 126 |
144-24A | Moratorium and or directions to non- agricultural co-operative credit society. | 126 |
144-25A | Constitution of Stabilization and Liquidity Support Fund. | 127 |
144-26A | Contribution to the Fund by the Societies. | 127 |
144-27A | Utilisation of the Fund. | 127 |
144-28A | Maintenance operation and investment of the Fund. | 127 |
144-29A | Recovery of arrears of contribution, liquidity support or financial assistance. | 128 |
144-30A | Accounts and Audit of the Fund. | 128 |
144-31A | Power of Registrar to impose penalty. | 128 |
SECTIONS | CHAPTER XII - OFFENCES AND PENALTIES | PAGE |
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145 | Prohibiton of use of the word “ Co-operative ” | 129 |
146 | Offences. | 130 |
147 | Punishments for offences under section | 132 |
148 | Cognizance of offences. | 134 |
148A | Contempt of Co-operative Courts and of Co-operative Appellate Court. | 134 |
SECTIONS | CHAPTER XIII - APPEALS, REVIEW AND REVISION | PAGE |
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149 | Maharashtra State Co-operative Appellate Court. | 136 |
150 | Review of orders of Co-operative Appellate Court. | 137 |
151 | Co-operative Appellate Court to have power of Civil Court. | 138 |
152 | Appeals. | 138 |
152A | Appeal against rejection of nomination paper at election. | 139 |
153 | Extension of period of limitation by appellate authority in certain cases. | 139 |
154 | Revisionary powers of State Government and Registrar. | 139 |
SECTIONS | CHAPTER XIII-B - MAHARASHTRA STATE CO-OPERATIVE COUNCIL | PAGE |
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154A | Constitution of State Co-operative Council, its functions, etc. | 140 |
SECTIONS | CHAPTER XIV - MISCELLANEOUS | PAGE |
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155 | Recovery of sums due to Government. | 156 |
156 | Registrar’s powers to recover certain sums by attachment and sale of property. | 157 |
157 | Power to exempt societies from provisions of Act. | 157 |
158 | Delegation of power of Registrar to certain authorities and officers. | 158 |
159 | Branches, etc., of societies outside the State. | 158 |
160 | Handing over records and property to new Chairman on election. | 158 |
160A | Members of State Legislature and certain local authorities not to be remunerated while holding certain offices in societies. | 159 |
160B | Members of committees not entitled to travelling allowance, daily allowance, etc., at a rate higher than the maximum prescribed. | 159 |
161 | Registrar and other officers to be public servants. | 159 |
162 | Indemnity for acts done in good faith. | 159 |
163 | Bar of jurisdiction of Courts. | 160 |
164 | Notice necessary in suits. | 160 |
165 | Rules. | 160 |
166 | Repeal, saving and construction. | 168 |
167 | Companies Act not to apply. | 168 |
168 | Power to remove difficulty. | 169 |
The Maharashtra Co-Operative Societies Act, 1960 - Download PDF |