The Assam Co-operative Societies Act, 2007
assam · 2012
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1Identity of the cooperative society
- S. 2Section 2 defines key terms used throughout the Assam Co-operative Societies Act, 2007.
- S. 3Membership (a) eligibility
- S. 4Section 4 outlines the registration criteria for cooperative societies in Assam, emphasizing limited liability and phasing out unlimited liability societies.
- S. 5Section 5 outlines conditions for the management and potential administration or winding up of registered Co-operative Banks by the Reserve Bank.
- S. 6Section 6 outlines the structure, eligibility, election, duties, and powers of the Board of Directors for Assam Co-operative Societies.
- S. 7Section 7 regulates cooperative society formation, registration, share acquisition, and Registrar's authority over disputes.
- S. 8Section 8 outlines the financial structure, capital, and liability aspects of cooperative societies in Assam.
- S. 9Section 9 mandates cooperative societies to create and follow bye-laws for their management, subject to the Act's provisions.
- S. 10Section 10 outlines procedures for bye-law amendments, arbitration council functioning, society dissolution, language use, loan refund, and other required matters.
- S. 11Section 11 registers societies, records their bylaws, and issues certificates within 60 days if conditions are met.
- S. 12Section 12 outlines the process for registering amendments to the bye-laws of a registered cooperative society in Assam.
- S. 13Section 13 allows a cooperative society to split into two or more societies, with members and creditors having 30 days to withdraw their shares or loans.
- S. 14Section 14 allows two or more cooperative societies to merge into a new one, with members and creditors having 30 days to withdraw their shares or loans.
- S. 16(1) Every cooperative society shall specify the full address of its head office in its bye-laws
- S. 17Section 17 of The Assam Co-operative Societies Act, 2007 outlines the registration fees and potential fee adjustments for cooperative societies.
- S. 18Section 18 outlines the process for admitting and potentially disqualifying members of cooperative societies in Assam.
- S. 19Section 19 specifies conditions under which a person becomes or loses membership in a cooperative society.
- S. 20Section 20 outlines the process for admitting or refusing membership in cooperative societies, including appeal rights.
- S. 21Section 21 allows members to withdraw from a cooperative society after one year, without fulfilling remaining obligations.
- S. 22Section 22 details the conditions under which a member's membership in a cooperative society ends and the society's obligation to inform the member or nominee.
- S. 23Section 23 allows the Board to terminate a member's membership for misconduct or non-compliance, with an appeal process and a five-year readmission restriction.
- S. 24(1) Every cooperative society shall maintain a register of members
- S. 28Section 28 of the Assam Co-operative Societies Act, 2007 extends a deceased member's liability for society debts for five years post-cessation or death.
- S. 31The term of the Board shall be three Cooperative years
- S. 32The Board may, at any time, call a general meeting of the members of the cooperative society
- S. 34Section 34 outlines quorum requirements and meeting adjournment procedures for General and Delegate General Body meetings in cooperative societies.
- S. 35(1) There shall be a Board for the management of every cooperative society registered under this Act
- S. 36Section 36 outlines the election, removal, resignation, and acting roles of the President and Vice-president in a cooperative society under the Assam Co-operative Societies Act, 2007.
- S. 37Section 37 bars insolvent, criminal, contract profiteers, defaulting credit members, and those prejudicial to cooperative interests from cooperative society board membership.
- S. 38Section 38 outlines the Board's powers, duties, and functions in managing and overseeing cooperative societies in Assam.
- S. 39Section mandates annual general meetings within 120 days post-year end or board dissolves.
- S. 40Section 40 outlines eligibility criteria for members to become directors of a cooperative society in Assam.
- S. 41Section 41 mandates the Board to conduct elections for Directors and delegates, outlines the procedure, and specifies consequences for non-compliance.
- S. 42(1) The term of office of the Directors shall be three cooperative years
- S. 43Section 43 outlines the meeting requirements and special meeting requisition process for the Board of a cooperative society in Assam.
- S. 44Section 44 outlines how decisions are made in meetings, with majority votes, and casting votes for ties except in elections for top positions.
- S. 45Section 45 mandates cooperative societies to record meeting proceedings and send them to the Registrar for approval.
- S. 46—
- S. 47Section 47 of the Assam Co-operative Societies Act, 2007 deems meetings valid despite minor irregularities or vacancies.
- S. 49Section 49 establishes the role and powers of the Chief Executive in managing a cooperative society in Assam.
- S. 50Section 50 outlines voting rights and representation for members in registered societies, allowing one vote per member and prohibiting proxy voting.
- S. 51Section 51 mandates that loans from a registered society must be used as intended, with the society able to recover if misused.
- S. 52Section 52 regulates the transfer or change of a member's share in a registered society's capital, subject to prescribed maximum holding conditions.
- S. 53Section 53 of the Assam Co-operative Societies Act, 2007 protects members' shares from attachment or sale for personal debts.
- S. 55Section allows members to nominate beneficiaries for their shares if society bye-laws permit.
- S. 56Section 56 of the Assam Co-operative Societies Act, 2007 governs the transfer of a deceased member's shares in a cooperative society to a nominee or legal heir after a 90-day period.
- S. 58Members of a dissolved cooperative society are liable to cover any asset shortfall, unlimited for unlimited societies and limited by bye-laws for limited ones.
- S. 59Section 59 restricts land transfer in cooperative farming societies to the society or approved members, and outlines land succession rules upon member death or cessation.
- S. 60Section 60 allows a registered society to require debtors to pay off prior debts to the society, freeing mortgaged property from prior encumbrances.
- S. 61Section 61 of the Assam Co-operative Societies Act, 2007 regulates mortgaged land transfers, defaults, and property sales by societies without court intervention.
- S. 62Section 62 validates payments and transfers by registered societies against claims from other parties.
- S. 63Section 63 allows Assam cooperative societies to raise funds from members and borrow from non-members and institutions as per bye-laws.
- S. 64(1) The funds mobilized by a cooperative society shall be deployed primarily for the furtherance of its objectives
- S. 65(1) The surplus, if any
- S. 66Section 66 ensures cooperative societies settle deficits by charging members and prohibits withdrawal without clearing the deficit.
- S. 67Section 67 allows cooperative societies to create reserves and funds, ensuring contributory provident funds for employees are separate and protected.
- S. 68Section 68 mandates registered societies to update address changes to the Registrar and affiliating society within 30 days.
- S. 69Section 69 mandates registered societies to maintain and allow inspection of specified documents and provide certified copies upon payment.
- S. 70Section 70 allows registered societies to receive deposits and borrow, but limits liabilities to 25 times the sum of paid-up share capital and accumulated reserve fund.
- S. 71Section 71 allows the State Government to provide loans or financial aid to cooperative societies for approved schemes, while Section 72 restricts societies from giving certain types of loans.
- S. 74Section 74 prioritizes debts due to a registered society from members or their estates for agricultural or industrial supplies and loans.
- S. 75Section 75 allows a registered society to deduct dues from members' shares, deposits, or estate payments.
- S. 76Section 76 mandates salary deductions for loan repayments by government or local authority employees in registered societies.
- S. 77Section 77 exempts certain instruments and debentures of registered societies from Indian Registration Act requirements.
- S. 78Section 78 exempts certain mortgages to cooperative societies for agricultural loans from registration under the Indian Registration Act.
- S. 79The section allows the State Government to remit taxes, cess, fees, stamp duty, and registration fees for registered societies.
- S. 80Section 80 mandates cooperative societies to maintain and make available specific accounts, records, and documents for inspection.
- S. 81Section 81 mandates annual audits of registered societies' accounts by the Registrar or authorized auditors, with access to society's books and audit fees.
- S. 82Section allows Registrar to complete incomplete society accounts and recover costs from the society.
- S. 83Section 83 mandates detailed audits of Assam cooperative societies, including verification of assets, liabilities, and compliance with statutory requirements.
- S. 84Section 84 mandates the audit officer to submit an audit report to the society and Registrar, highlighting any legal, accounting, or misconduct issues.
- S. 85Section 85 mandates registered societies to correct audit objections and report to the Registrar, with non-compliance disqualifying the Board.
- S. 86Section 86 mandates the chief auditor to order recasting or re-audit of accounts if needed, with costs borne by the auditor or officer if due to non-compliance or inadequate records.
- S. 87Section 87 mandates the Registrar to conduct inquiries into violations of the Act upon application by certain stakeholders, with specific timelines and reporting requirements.
- S. 88Section 88 allows inspections of registered societies by the Registrar, creditors, and financing banks for financial oversight.
- S. 89Section 89 outlines the cost-sharing and recovery procedures for expenses incurred during society inspections and inquiries.
- S. 90(1) No person
- S. 91Section 91 penalizes false or misleading reports to the Registrar under the Assam Co-operative Societies Act, 2007, with fines and imprisonment for individuals and fines for corporate bodies.
- S. 92Section 92 mandates disputes in registered societies to be referred to the Registrar for resolution, except for disciplinary actions against employees.
- S. 93Section 93 outlines procedures for dispute resolution and conditional property attachment in cooperative societies.
- S. 94Section 94 of The Assam Co-operative Societies Act, 2007 allows the Registrar to cancel a society's registration if it fails to operate or complies poorly, leading to its dissolution.
- S. 95Section 95 details the appointment and powers of a liquidator for winding up a cancelled cooperative society in Assam.
- S. 96Section 96 details the disposition of a dissolved society's funds and assets for local public utility or replacement society formation.
- S. 97Section 97 mandates the liquidator to report to the Registrar upon winding up a society, who then closes liquidation proceedings and directs record deposit.
- S. 98Section 98 directs that surplus assets from a dissolved cooperative society be used for specified bye-law objects or the cooperative development fund.
- S. 99Section 99 allows legal actions against a cooperative society's liquidator or members only with the Registrar's permission.
- S. 100Section 100 details the process for liquidation and dissolution of a cooperative society in Assam.
- S. 101Section 101 restricts civil court jurisdiction over society dissolution matters, allowing only the Registrar to pursue liquidators with permission.
- S. 102Section 102 allows the Registrar to issue a Cooperative Demand Certificate for loan recovery from defaulting members after due inquiry.
- S. 103Section 103 allows the Registrar to investigate misconduct by society members or officers if they violated the Act or mismanaged funds.
- S. 104Section penalizes willful non-compliance with the Act's requirements by societies or officials with fines up to ₹5,000 and additional daily fines.
- S. 105Section penalizes members or their heirs for disposing property charged to a society to defraud it.
- S. 106The Registrar can penalize members for unauthorized participation or misuse of loans by ordering fines up to ₹5,000.
- S. 107The Registrar can fine a responsible society officer up to ₹5,000 per day for delays in complying with the Act's requirements.
- S. 108(1) No court inferior to that of a Magistrate of the first class shall try any offence under this Act
- S. 109Section 109 protects the Registrar and liquidators from legal action for actions done in good faith under the Act.
- S. 110Section 110 specifies that no civil or revenue court can challenge or dissolve a cooperative society's registration, management, or dissolution.
- S. 111Section 111 allows appeals to the Registrar from decisions by government officers, permits Registrar reviews, and restricts State Government appeals to questions of law.
- S. 112Section 112 allows the Registrar to attach property to prevent disposal or removal to recover dues under the Act.
- S. 113Section 113 empowers the Registrar to act as a Civil Court for debt recovery, while Section 114 outlines procedures for recovering dues as land revenue or public demand.
- S. 115Section 115 allows the Registrar to sanction compromises or arrangements between a registered society and its creditors, binding all parties if approved by majority creditors.
- S. 116Section 116 mandates RBI or NABARD approval for any changes in cooperative banks, and mandates liquidation after license cancellation.
- S. 117Registered cooperative societies are treated as corporate entities with perpetual succession and legal powers.
- S. 118Section 118 establishes that society records are prima facie evidence of member entry and exit dates.
- S. 119Section 119 allows certified copies of society records to serve as evidence in legal proceedings.
- S. 120Section 120 ensures existing societies registered under 1949 Act continue under 2007 Act with unchanged bye-laws and ongoing legal actions.
- S. 121Section 121 updates references to the 1949 Act in other laws to refer to the 2007 Act in Assam.
- S. 122The provisions of the Indian Companies Act, 1913 shall not apply to registered societies
- S. 123Section 123 protects the validity of acts done in good faith by a registered society or its officers, even if defects or disqualifications are later discovered.
- S. 125Section 125 empowers the Registrar to replace a cooperative society's Board if it fails to address issues or comply with duties, appointing administrators for up to six months.
- S. 126Section 126 empowers the Registrar or authorized personnel to seize society's records and funds if negligence or misuse is suspected.
- S. 128Section 128 specifies that claims against a registered society must be filed within the member's lifetime, overriding the Indian Limitation Act.
- S. 129Section 129 mandates cooperative societies to annually submit detailed financial and operational reports to the Registrar.
- S. 130The Assam Co-operative Societies Act, 2007 allows the State Government to exempt registered societies from the Assam Money Lenders Act, 1934.
- S. 131The Assam Co-operative Societies Act, 2007 allows the State Government to create rules with penalties up to ₹5,000 for violations.
- S. 132(1) The Assam Cooperative Societies Act, 1949, is hereby repealed