Multi-State Cooperative Societies (Amendment) Bill, 2010
The Multi State
Cooperative Societies
(Amendment) Bill,
2010 was introduced in the
Lok Sabha on November
15, 2010 by the
Minister of Agriculture,
Consumer Affairs, Food and
Public Distribution.
The Bill amends the
Multi State Cooperative
Societies Act,
2002, which regulates multi-
state cooperative societies
i.e. cooperatives which
serves the interest of
members in more than one
state.
This includes federal
cooperative societies
whose membership is available
only to a cooperative society
or a multi-state
cooperative society and 21
national cooperative
societies
specified.
The central
government may appoint a
Central Registrar of
Cooperative Societies. A multi-
state
cooperative society may be
registered if its main object
is to serve the
interest of members in
multiple states, its bye-laws
provide for social and
economic betterment of its
members in accordance with
the cooperative
principles.
The key amendments
to the Act pertain to time
limit for
disposal of application for
registration, distribution of
shares, constitution
of interim board, holding of
elections, constitution of
fund and dispute
settlement.
Disposal
of
registration: The
Act states that the Central
Registrar has to dispose off
an application for
registration within four
months.
The
Bill adds that the time may
be extended to five months
after giving reasons in
writing.
According to the Act
an application shall be
refused
within four months. If it is
not
disposed within that period,
the application shall be
deemed to have been
refused.
The Bill increased the
time
period to five months and
adds that if an application
is not disposed off
within the time period, it
shall be deemed to have been
accepted as a
member.
Distribution of
shares: The Act
states that the shares of a
cooperative society are
redeemable by a member
according to the provisions
of the bye-laws.
The redemption of
shares shall on face value of
shares.
The Bill adds the
proviso that the
cooperative society may
refund the share capital held
by the government. The
redemption of shares shall be
on face value or book value
of shares, whichever
is higher.
Constitution of
interim
board: The Bill
allows the Central Registrar
to
declare any multi-state
cooperative society as
sick.
The central government
may, on the
recommendation of the
Registrar appoint an interim
board for a maximum of five
years.
The Central Registrar
can also
declare a cooperative to be
viable within the five years.
The board of
directors before the
cooperative was declared sick
shall be
reinstated.
Elections:
The Act states that elections
shall be conducted by the
existing board.
The Bill amends this
to state that the central
government may appoint a
Cooperative Election
Authority to conduct
elections in cooperative
societies to
be prescribed.
Constitution of
Fund: The Bill
states that the central
government shall set up the
Cooperative Rehabilitation
and Reconstruction Fund. A
cooperative
society shall credit 0.005%
to 0.1% of its turnover to
the fund, provided it
does not exceed Rs 3crores
per year.
Dispute
settlement:
Under the Act, all
disputes shall be referred to
arbitration under the
Arbitration and Conciliation
Act, 1996.
The Bill amends it by
stating that all disputes
shall be referred to the
Central Registrar. If there
is a
question as to whether a
dispute touches the
constitution or management of
a
society, it shall be decided
by the Central Registrar and
shall not be
questioned by the
court.
Email:
license.consultant@
ozg.co.in
Website: http://co-operative.ozg.in/
Website: http://co-operative.ozg.in/
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