Amendment status not verified — confirm the current text below against the official source.
In this Act, unless the context otherwise requires,- (1) “auditor” means a certified auditors appointed either by the Registrar or by a society to audit the accounts of the society ; (2) “bye-laws” means bye-laws registered under this Act and for the time being in force, and include registered amendments of such bye-laws; Short title. extent and commencement. Definitions. [1962: Guj. X Gujarat Co-operative Societies Act, 1961 (3) “Central Bank” means a co-operative bank, the objects of which include the creation of funds to be loaned to other societies ; (4) “Certified auditor” means a person who possesses the prescribed qualifications and is authorized of the affairs by the Registrar as an auditor under section 84; (5) “committee” means the committee of management, or other directing body, to which the management of the affairs of a society is entrusted; (6) “company” means a company as defined in the Companies Act, 1956, and includes a Banking Company and also 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; (7) “co-operative bank” means a society registered under this Act and doing the business of banking, as defined in clause (b) of sub-section (1) of section 5 of the Banking Companies Act, 1949: 1a[(7A) "co-operative credit structure" means (i) the Primary Agricultural Credit Co-operative Societies: (ii) the Central Co-operative Banks; and (iii) the State Co-operative Bank;] (8) “dividend” means the amount paid, out of the profit of a society, to a member in proportion to the shares held by him ; (9) “federal society” means society, not less than five members of which are themselves societies ; (10) “firm” means a firm registered under the Indian Partnership Act, 1932 ; (11) “Land Revenue Code” means the Bombay Land revenue Code, 1879 as in force in the Bombay and Saurashtra areas of the State of Gujarat or as the case may be, that Code as in force in the Kutch area of the State of Gujarat ; (12) “Liquidator” means a person appointed a liquidator under this Act ; I of 1956. X of 1949. IX of 1932. Bom. V of 1879. 1962: Guj. X] Gujarat Co-operative Societies Act, 1961 (13) “ member” means a person joining an application for the registration of a co-operative society which is subsequently registered, or a person, duly admitted to membership of a society after registration, and includes a nominal, associate or sympathiser member ; 1b[(13A) "National Bank" means the National Bank for Agriculture and Rural Development established under section 3 of the National Bank for Agriculture and Rural Development Act, 1981;] (14) “officer” means a person elected or appointed by a society to any office of such society according to its bye-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 of the bye- laws, to give directions in regard to the business of such society ; (15) “prescribed” means prescribed by rules ; (16) “rebate” means any payment made in cash or kind out of the profits of a society, to a member or any other person, on the basis of his contribution to the business of the society ; (17) “Registrar: means a person appointed to be the Registrar of Co- operative Societies under this Act: and includes to the extent of the powers of the Registrar conferred on any other person under this Act, such person and includes an Additional or Joint Registrar ; (18) “rules” means rules made under this Act ; (19) “Society” means a co-operative society registered, or deemed to be registered, under this Act; (20) “society with limited liability” means a society having the liability of its members limited by its bye-laws ; (21) “society with unlimited liability” means a society, the members of which are, in the events 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 ; [1962: Guj. X Gujarat Co-operative Societies Act, 1961 (22) “the state co-operative council” means the council constituted under section 156 of this Act ; (23) “tribunal” means the Gujarat State Co-operative Tribunal constituted under this Act ; (24) “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. REGISTRAR AND REGISTRATION.