Amendment status not verified — confirm the current text below against the official source.
In this Act, unless the context otherwise requires-- (a) "apex society " means a society have the whole of the state as its area of operation and having as its members only other societies with similar objects and declared as such by the Registrar; 2A[(aa) "assisted society" means a co-operative society which has received the Government assistance in the form of share capital, loan, grant or any other financial assistance or any guarantee by the Government or from Boards constituted by the Government for repayment of loan, interest or deposits; (ab) "auditing of accounts of co-operative societies" means a close examination of financial transactions, overdue debts, if any, maintenance of books of accounts, documents and other records of a business, preparation of audit report and includes an inquiry into the affairs of the society and subsidiary institutions in order to ascertain the correctness of accounts and the extent to which its activities were useful in promoting the economic welfare of the members in accordance with co-operative principles;] [It includes the verification of accounts through software solutions, auditing of information system and migration of data, in the case of societies whose accounts are computerized ] 21AA[(ac) "Anand Pattern Milk Cooperative Society" means a Primary Dairy Cooperative Society, otherwise known as "Ksheerolpadaka Sahakarana Sangam", registered on or after the 1st day of January 1980, and functioning as per the model bye-laws of Anand Pattern, with the principal objectives of procurement and marketing of milk and milk products and pouring marketable surplus of milk to the Regional Cooperative Milk Producers' Union and for providing inputs to the dairy farmers, within the area of operation of the society;] [(ad) "administrative audit" means a close assessment of all affairs of the society, including constitution, management and establishment, maintenance of books and accounts and other records and internal control systems of the society and the extent to which its activities were useful in promoting the economic welfare of the members in accordance with the co-operative principles, and it includes Compliance Audit, Performance Audit as well as IT Audit;] (b) "bye-laws " means the registered bye-laws of a Cooperative society for the time being in force; (c) "circle Cooperative union " means a circle Cooperative union constituted under section 88; [(d) central society means a society having jurisdiction over one or more Revenue District but not the whole of the State as its area of operation, and having as its members only other societies and declared as such by the Registrar or the Government;] 3A[(da) "chief executive" means any employee of a co-operative society by whatever designation called and includes an officer of the State Government or an employee of any other institution or co-operative society, who discharges the functions of a chief executive under the Act, the Rules or the Bye-laws;] [(db) "common software for Primary Agricultural Credit Societies" means an effective software solution that covers the complete day-to-day functions of Primary Agricultural Credit Societies through a centralised architecture. (dc) "consortium" means a formal association of co-operative societies formed based on a common objective for establishing a new entity for raising funds for providing financial assistance for public purpose with the approval of State Government;] (e) "committee " means the governing body of a Cooperative society by what ever name called, to which the management of the affairs of the society is entrusted; [(ea) Cooperative Arbitration Court means a Court constituted under S.70A; [(eb) Consortium Lending Scheme means the Consortium Lending Scheme framed under Section 57C;] [(ec) Cooperative Development and Welfare Fund means the Cooperative Development and welfare Fund established under S.57A;] 6A[(ecc) 'Cooperative Ombudsman' means the person or persons appointed under sub-section (2) of section 69A;] 6B[(eccc) "co-operative principles" means the co-operative principles listed in Schedule II appended to this Act;] [(ed) Cooperative Service Examination Board means the Cooperative Service Examination Board under S.80B;] (f) "Cooperative Society" or "society" means a Cooperative society registered or deemed to be registered under this Act; (g) "Cooperative society with limited liability " means a society in which the liability of its members for the debts of the society in the event of its being wound up is limited by its bye-laws; (i) to the amount, if any, unpaid on the shares respectively held by them; or (ii) to such amount as they may, respectively, undertake to contribute to the assets of the society; (h) "Cooperative society with unlimited liability " means a society, the members of which are, in the event of its being wound up, jointly and severally liable for and in respect of all its obligations and to contribute to any deficit in the assets of the society; [(ha) deposit Guarantee Scheme means the Deposit Guarantee Scheme framed under S.57B; [(hb) 'Director of Cooperative Audit' means the Director of Cooperative Audit appointed under sub-section (1) of section 63 and any officer to whom all or any of the powers of the Director of Cooperative Audit may be delegated by the Government by general or special order under sub-section (3) of section 63;]] (i) "dispute " means any matter touching the business, constitution, establishments or management of a society capable of being the subject of litigation and includes a claim in respect of any sum payable to or by a society, whether such claim be admitted or not; [(ia) "District Cooperative Bank" means a central society having jurisdiction over one revenue district and having Primary Agricultural Credit Societies and Urban Cooperative Banks as its members and the principal object of which is to raise funds to be lent to its members, including nominal or associate members, which existed under this Act immediately before the passing of the orders by the Registrar under sub-section (1) or sub-section (1)(a) of Section 74H and has ceased to exist by virtue of such orders: Provided that if the general body of a District Cooperative Bank has not passed the resolution under Section 14A, it shall continue as such for a period of 10A[three years] from the date of commencement of the Kerala Cooperative Societies (Amendment) Act, 2021 or till the Registrar completes the process under clauses (a), (b) and (c) of sub-section (1) of Section 74H, whichever is earlier;] [(ib) "Federal Co-operative Society" means a society having more than one district as its area of operation and having the State Government, individuals and other co-operative societies as its members. But the number of individual members in the society shall not exceed twenty five per cent of the total membership in the society: Provided that the condition regarding number of individual members shall not be applicable to societies which are in existence before the commencement of the Kerala Co-operative Societies (Amendment) Act, 2023;] (j) "financing bank " means a Cooperative society having as its members only other Cooperative societies and the main object of which is to raise money and lend the sum to its members; (k) "general body meeting " means a meeting of the members who are entitled to vote in the affairs of the society; 11B[(ka) "Kerala State Cooperative Bank" means an apex society having Primary Agricultural Credit Societies and Urban Cooperative Banks as its members, including nominal or associate members of the District Cooperative Banks who shall continue as nominal or associate members of the Kerala State Cooperative Bank;] (l) "member " means a person joining in the application for the registration of a Cooperative society or a person admitted to membership after such registration in accordance with this Act, the rules and the bye-laws and includes a nominal or associate member; 11C[(1a) "miscellaneous societies" means such societies, as may be prescribed, and which accept deposits from their members only and no deposits shall be accepted from nominal or associate members, and shall undertake business activities for the welfare of its members as per the bye-laws and shall issue loans only to members: Provided that no agricultural loans or schematic loans shall be issued to the members except the loans for welfare activities;] (m) "nominal or associate member " means a member who possess only such privilege and rights of a member who is subject only to such liabilities of a member as may be specified in the bye-laws; (n) "officer " means the President, Vice-President, Chairman, Vice-Chairman, Secretary, Manager, member of committee or Treasurer and includes a Liquidator, Administrator and any other person empowered under the rules or the bye-laws to give directions in regard to the business of a Cooperative society. (o) "prescribed " means prescribed by rules made under this Act; 11D[(oa) "prescribed period" means the period of limitation specified in Schedule III appended to this Act;] [12A[(oaa) "Primary Agricultural Credit Society" means a service co-operative society, a service co-operative bank, a farmers' service co-operative bank or a rural bank having its area of operation confined to a Village, Panchayat or Municipality and the primary object or principal business of which is to provide financial accommodation to its members for agricultural purposes or allied agricultural activities, the rate of interest on such loans and advances and the area of operation shall be fixed by the Registrar: Provided that the restriction regarding area of operation shall not apply to societies or banks which are in existence on 1st January, 2000.] [(ob) "Primary Credit Society" means a co-operative society other than Primary Agricultural Credit Society, the primary object or principal business of which is to accept deposit from its members for the purpose of lending to its members or investments and the bye-laws of which do not permit admission of any other co-operative society as its member; ] [(oc) Primary Cooperative Agricultural and Rural Development Bank means a society having its area of operation confined to a taluk and the principal object of which is to provide for long term credit for agricultural and rural development activities:] 14A[Provided that no Primary Cooperative Agricultural and Rural Development Bank shall be registered without the bifurcation of assets and liabilities of the existing societies having the area of operation in more than one Taluk and the societies shall restrict their operation in the area of the respective society on such bifurcation.] 14C[(od) "Primary Co-operative Society" means a society having jurisdiction over any specified area in one revenue district or more than one districts in the State and having individuals, other societies, State Government and Local Self Government as its members;] 14B[(oe) "Primary Tourism Cooperative Society" means a society having its area of operation confined to a taluk and the principal object of which is to promote, organise and assist tourism activities: Provided that, those societies in existence on the 5th day of July, 2018 having more than one taluk as its area of operation shall restrict such area of operation to the taluk where the headquarters of the society is situated, within a period of one year from that date.] (p) "Registrar " means the Registrar of Cooperative Societies appointed under sub-section (1) of section 3 and includes [any other officer of the State Government] on whom all or any of the powers of the Registrar under this Act are conferred; 21AB[(pa) "Recruitment Committees" means the committees constituted under Section 80BB of this Act; (pb) "Regional Cooperative Milk Producers' Union" is a central society having Anand Pattern Primary Dairy Cooperative Societies as their members with the principal objective of undertaking procurement, processing and marketing of milk and milk products and to provide technical, financial and production input assistance to their member societies and dairy farmers within the area of operation comprising two or more revenue districts;] (q) "Rules " means the rules made under this Act; [(qa) Scheduled Castes means the Scheduled Castes in relation to the State of Kerala specified in the Constitution (Scheduled Castes) Order, 1950; (qb) "Scheduled Tribes " means the Scheduled Tribes in relation to the State of Kerala as specified in the Constitution (Scheduled Tribes) order, 1950;] [(qba) "Social Co-operative Societies" means primary co-operative societies formed for the welfare of social classes like differently abled persons, aged persons, transgenders, depressed persons or mentally challenged persons;] 15A[(qc) "Special Officer " means an officer, not below the rank of an Assistant Registrar, appointed by the Registrar to take into custody the assets and liabilities of the society which secured registration without bifurcating the area of operation of an existing society and to register new societies and to constitute committees as provided in Section 28 of the Act.] (r) "State " means the State of Kerala [(ra) [Kerala] State Cooperative Agricultural and Rural Development Bank means an apex society having only primary Cooperative Agricultural and Rural Development Banks as its members and functioning in accordance with the provisions contained in the Kerala State Cooperative Agricultural and Rural Development Banks Act, 1984 (20 of 1984)] [(rb) x x x x] (rc) [State Cooperative Election Commission ] means the State Cooperative Election Commission constituted under S.28B; (s) "State Cooperative Union " means the State Cooperative Union established under section 89; 18A[(sa) "Transferee Bank" means the Kerala State Cooperative Bank. (sb) 'Transferor Bank' means the District Cooperative Bank as defined under clause (ia) of this section.] (t) "Tribunal " means the Tribunal constituted under section 8; (ta) [Urban Co-operative Bank means a society registered under this Act having its area of operation in the urban areas and which undertakes banking business with the licence obtained from Reserve Bank of India.] 19A[(taa) 'Urban Cooperative Society' means a co-operative society the principal object of which is to undertake non-agricultural credit activities and to raise funds to be lent to its members with its area of operation confined to a municipality or a corporation: Provided that the restriction regarding the area of operation shall not be applicable to the existing urban co-operative societies.] [(tb) Vigilance Officer means the Vigilance Officer appointed under section 68A;] (u) "year " means the period commencing on the [first day of April of any year and ending with 31st of March] of the succeeding year or in the case of any registered society or class of registered societies, the accounts of which are made upto any other date with the previous sanction of the Registrar, the year ending with such date. [(v) "Youth Co-operative Societies" means co-operative societies which are registered to promote entrepreneurship, new technology, innovations and start-ups with the objective to generate employment and income and the welfare of youth and having its area of operation within one district.] Inserted by Act 8 of 2013 w.e.f. 14-02-2013 Substituted by the Act 19 of 1987 for "central society means a society to which moneys from the Principal State Partnership Fund established under S.44 are provided to enable that society to purchase shares in other Societies with limited liability. Inserted by Act 8 of 2013 w.e.f. 14-02-2013 Inserted by Act 15 of 1997 w.e.f 13-6-1997 and (ee) re-lettered as (ea). Inserted by Act 1 of 2000 w.e.f. 1-1-2000. Inserted by Act 1 of 2000 w.e.f. 1-1-2000. Inserted by Act 7 of 2010 w.e.f. 28-04-2010. Inserted by Act 8 of 2013 w.e.f. 14-02-2013 Inserted by Act 1 of 2000 w.e.f. 1-1-2000. Inserted by Act 1 of 2000 w.e.f. 1-1-2000. Substituted by Act 7 of 2010 w.e.f. 28-04-2010. Substituted by Act 34 of 2021 (w.e.f.15-01-2020). Substituted by Act 14 of 2023 published in K.G.Ext. No. 1078 dt.22/03/2022 (w.e.f. 13/01/2022). Prior to the Substitution it read as "two years" Substituted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Prior to the Substitution it read as "(ib) Federal Cooperative Society means a society having more than one district as its area of operation and having [the Government] individuals and other Cooperative societies as its members; " Inserted by Act 1 of 2019. Substituted by Act 8 of 2013 w.e.f. 14-02-2013 for 'Miscellaneous Societies' means such societies as may be prescribed and which accept deposits from their members only and undertake business activities for the welfare of their members, as per their approved bye-laws except providing of agricultural and schematic loans and which do not deal with negotiable instruments under the Negotiable Instruments Act, 1881 (Central Act 26 of 1881); Inserted by Act 8 of 2013 w.e.f. 14-02-2013 Substituted by Act 7 of 2010 w.e.f. 28-04-2010. Substituted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Prior to the Substitution it read as "(oaa) 'Primary Agricultural Credit Society' means a Service Cooperative Society, a Service Cooperative Bank, a Farmers Service Cooperative Bank and a Rural Bank, the principal object of which is to undertake agricultural credit activities and to provide loans and advances for agricultural purposes, the rate of interest on such loans and advances shall be the rate fixed by the Registrar and having its area of operation confined to a Village, Panchayath or a Municipality: Provided that the restriction regarding the area of operation shall not apply to societies or banks in existence at the commencement of the Kerala Cooperative Societies (Amendment) Act, 1999 (l of 2000): Provided further that if the above principal object is not fulfilled, such societies shall lose all characteristics of a Primary Agricultural Credit Society as specified in the Act, Rules and Byelaws except the existing staff strength." Substituted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Prior to the Substitution it read as "(ob) primary credit society means a society other than an apex or central society which has its principal object the raising of funds to lent to its members;" Inserted by Act of 1 of 2000 w.e.f. 1-1-2000. Sustituted by Act 13 of 2012. Inserted by Act 39 of 2018, (w.e.f. 05/07/2018). Substituted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Prior to the Substitution it read as " (od) "Primary Co-operative Society" means a society having jurisdiction over a revenue district as a whole or over any specified area within such revenue district and having individual or individuals and other Co-operative Societies as its members;" Inserted by Act 29 of 1986. Inserted by Act 13 of 2012. Inserted by Act No.1 of 2000 w.e.f. 1-1-2000. Omitted by Act 1 of 2019. Prior to the omission it reads as "[State Cooperative Bank ] an apex society having only District Cooperative Banks as its members;" Ibid. Inserted by Act 1 of 2019. Substituted by Act No.9 of 2009 w.e.f. 11/12/2007 pub. in K. G. Ext. No. 30 dt.05/01/2009 for "(ta) "Urban Cooperative Bank" means a Society registered under this Act having its area of operation in the urban areas and which undertakes banking business." Inserted by Act 7 of 2010 published in K. G. No.55 dt.28/04/2010 (w.e.f. 28/04/2010). Substituted by Act 1 of 2000 w.e.f. 1-1-2000. Substituted by Act 9 of 1997 for " first day of July of any year and ending with 30th of June". Inserted by Act 34 of 2021, (w.e.f.12-02-21). Inserted by Act 34 of 2021, (w.e.f.12-02-21). Inserted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Inserted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Inserted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Substituted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Prior to the Substitution it read as "any person" Inserted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Inserted by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024). Added by Act 9 of 2024 published in K.G.Ext. No.1829 dt. 07/06/2024 (w.e.f. 07/06/2024).