Acts and rues relating to co-operative socieities in india
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Short title and extent.—
(1) This Act may be called the Co-operative Societies Act, 1912; and
(2) It extends to 1 [the whole of India except 2 [the territories which, immediately before the 1st November, 1956, were comprised in Part B States]].
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Societies which may be registered.—Subject to the provisions hereinafter contained, a society which has as its object the promotion of the economic interests of its members in accordance with co-operative principles, or a society established with the object of facilitating the operations of such a society, may be registered under this Act with or without limited liability: Provided that unless the 1[State Government] by general or special order otherwise directs—
(1) the liability of a society of which a member is a registered society shall be limited;
(2) the liability of a society of which the object is the creation of funds to be lent to its members, and of which the majority of the members are agriculturists, and of which no member is a registered society, shall be unlimited.
5. Restrictions on interest of member of society with limited liability and a share capital.—Where the liability of the members of a society is limited by shares, no member other than a registered society shall—
(a) hold more than such portion of the share capital of the society, subject to a maximum of one-fifth, as may be prescribed by the rules; or
(b) have or claim any interest in the shares of the society exceeding one thousand rupees.
6. Conditions of registration.—
(1) No society, other than a society of which a member is a registered society, shall be registered under this Act which does not consist of at least ten persons above the age of eighteen years and, where the object of the society is the creation of funds to be lent to its members, unless such persons—
(a) reside in the same town or village or in the same group of villages; or
(b) save where the Registrar otherwise directs, are members of the same tribe, class, caste or occupation.
(2) The word “limited” shall be the last word in the name of every society with limited liability registered under this Act.
7. Power of Registrar to decide certain questions.—When any question arises whether for the purposes of this Act a person is an agriculturist or a non-agriculturist, or whether any person is a resident in a town or village or group of villages, or whether two or more villages shall be considered to form a group, or whether any person belongs to any particular tribe, class, caste or occupation, the question shall be decided by the Registrar, whose decision shall be final.
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