Amendment status not verified — confirm the current text below against the official source.
In this Act, unless there is anything repugnant in the subject or context, - (a) Act means the Meghalaya Co-operative Societies Act, 2015; (b) Administrative Council or Board of Directors means an intermediate body between a Managing body or Executive Committee by whatever name called and include the General Assembly of a registered Cooperative Society; (c) Affiliating Cooperative Society means the registered Cooperative Society of which a particular Cooperative Society is a member; (d) Affiliated Co-operative Society means the particular Cooperative Society which is a member of the affiliating Cooperative Society; (e) Apex Society means a Cooperative Society whose area of operation extends to the whole State of Meghalaya and which has, as its principal object, and the provision of facilities for the operation of other Co-operative Societies affiliated to it and classified as an Apex Society by the Registrar; (f) Area of operation means the area from which the membership is drawn or as specified in the bye-laws of the Co-operative Society; (g) Assistant Registrar means an Assistant Registrar of Co-operative Societies appointed under this Act; (h) authorized person means a person referred to as such in provision of section 10(2)(b); (i) board means the board of directors or the governing body of a Co-operative Society by whatever name called to which the direction and control of the management of the affairs of a society is entrusted; (j) Bye-law means the registered bye-law under this Act and includes a registered amendment of such bye-law; (k) Capital to Risk Weighted Assets Ratio means the Capital adequacy norms stipulated by the Reserve Bank from time to time ; (l) Chartered Accountant means a member of the Institute of Chartered Accountants under Chartered Accountant Act, 1949 (38 of 1949); (m) Co-operative Demand Certificates means a Certificate as defined under this Act; (n) Co-operative Officer means a person appointed under the provision of this Act for the purpose of supervision, inquiry, inspection, audit of the accounts of a Registered Co-operative Society and any other matter that may be delegated by the Registrar; (o) Co-operative Society means a Co-operative Society registered or deemed to be registered under this Act relating to Co-operative Societies for the time being in force; (p) Co-operative Union means a registered Apex Cooperative Society which has its principal object the undertaking of Cooperative education, propaganda, training and extension of co-operative services; (q) Co-operative Year means the period beginning and ending on such dates as may be fixed by the Registrar for the purpose of drawing up the balance sheet of a registered Co-operative Society; (r) Delegate means a person elected by a group of individual members to represent in the general body by the Co-operative Society in accordance with the bye-laws of the Co-operative Society; (s) Deputy Registrar means a Deputy Registrar of Cooperative Societies appointed under this Act; (t) Deposit Insurance Corporation means the Deposit Insurance Credit Guarantee Corporation established under Section 3(1) of the Deposit Insurance and Credit Guarantee Corporation Act, 1961(47 of 1961); (u) Dividend means the amount paid, out of the profits of a co-operative society, to a member in proportion to the shares held by him in accordance with the bye-laws of the co-operative society; (v) Employee means a person, not being an office-bearer, employed by a registered co-operative society oh a salary or similar form of remuneration other than advance patronage dividend or payment for goods sold or through such co-operative society; (w) Family means a person, his spouse, his children, dependent on him and his other relatives dependent on him and jointly residing with him; (x) Farming Society means a co-operative society formed with the object of promoting development of land and better methods of cultivation, and includes farming society, tenant farming co-operative society, collective farming co-operative society, joint farming co-operative society, irrigation co-operative society and a crop protection co-operative society; (y) Financing Institution means a National or State level co-operative institution or organization, which provides financial assistance or advance or loan to a co-operative society or an individual; (z) General Assembly means the supreme body of a registered co-operative society as defined in Section 30 . (i); (za) Housing Society means a co-operative society, the object of which is to provide its members with open plots for housing, dwelling houses or flats; or if open plots, dwelling houses or flats are already acquired to provide to its members with common amenities and services; (zb) Industrial Society means a co-operative society formed with the objects of promoting development of small scale industries, such as carpentry, blacksmitheiy, goldsmithery, producing finished goods and products from raw materials of any kind; (zc) Joint Registrar means a Joint Registrar of Co-operative Societies appointed under this Act; (zd) Joint Liability Group means an informal group comprising of four to ten individuals coming together for the purpose of availing bank loan on individual basis or through group mechanism through co-operative societies against mutual guarantee; (ze) limited liabilities means a liability of the member limited by the bye-laws of co-operative society to the amount, if any, unpaid on the shares respectively held by the member or to such amount as they may, respectively, undertake to contribute to the assets of the society in the event of its being wound up; (zf) liquidator means a person appointed as liquidator under this Act; (zg) Managing Body or Board of Directors means an elected body to which the management of the affairs of a registered co-operative society is directly entrusted and does not include the Administrative Council; (zh) Marketing Society means a co-operative society formed for the marketing and procurement of agricultural or other produce and including among its objects, the supply of the requisites of such production; (zi) Member means a person admitted to membership after registration of a co-operative society in accordance with the bye-laws and rules of the co-operative society and includes a promoter and the State Government when it subscribes to the Share Capital of a co-operative society; (zj) Multipurpose Society means a primary co-operative society, the object of which is to provide various services including services related to credit, business, industry and consumer durables to its members; (zk) Multi-State Co-operative Society means a co-operative society with objects not confined to one State and registered or deemed to be registered under any law for the time being in force relating to such co-operative; (zl) National Bank means the National Bank for Agricultural and Rural Development established under Section 3 of the National Bank for Agricultural and Rural Development Act, 1981 (Central Act No. 61 of 1981); zm) 'Nominal Member means a person admitted to membership as such after registration in accordance with the bye-laws;' (zn) office bearer means a member duly elected by the General Assembly of a registered co-operative society, according to its bye-law, to any office of such cooperative society, including the office of the President or Chairman, Vice-President or Vice-Chairman, Managing Committee members or Member of Board of Directors and Treasurer; Provided that any officer appointed by Government of Meghalaya to hold charge of any office of registered cooperative society shall be deemed to be an office bearer unless specifically stated to the contrary; (zo) prescribed means prescribed by rules made under this Act; (zp) Primary Agricultural Credit Society means a cooperative society as defined under clause(cciv) of Section 5 of the Banking Regulation Act, 1949 (Central Act 10 of 1949) and includes a Multipurpose Co-operative Society; (zq) Processing Society means a co-operative society formed with the object of producing goods by mechanical or manual process and an industrial cooperative society and a co-operative society for the processing of agricultural commodities; (zr) Promoter means an eligible person or a registered cooperative society signing the application for registration of a co-operative society; (zs) Primaiy Society means a co-operative society whose membership consists exclusively of individuals and self help groups; (zt) A Self Help Group is a homogeneous group of rural poor comprising of not more than twenty members formed voluntarily to save small amounts out of their earnings and to form a Corpus to be lent to the members of such group; (zu) Registered Society means a co-operative society registered or deemed to have been registered under this Act and includes a society formed after amalgamation of such two or more cooperative societies or division of such an existing co-operative society; (zv) Registrar means a person appointed to perform the duties of the Registrar of Co-operative Societies under this Act; (zw) Representative means a member of the society to represent the co-operative society in other co-operative societies; (zx) Reserve Bank means the Reserve Bank of India established under Section 3 of the Reserve Bank of India Act, 1934 (Central Act 2 of 1934); (zy) Reserve Fund means funds created by the co-operative society out of its net profit every year as provided under this Act; (zz) rules means rules made or deemed to be made under this Act; (zza) State Level Co-operative Society means a co-operative society having its area of operation extending to the whole of a state; (zzb) Society means a co-operative society registered or deemed to be registered under this Act; (zzc) State Act means any law made by the Legislature of a State; (zzd) State Cooperative Bank means an Apex Co-operative Society engaged in the business of banking; (zze) State Government means the Government of Meghalaya unless expressed otherwise; (zzf) State means the State of Meghalaya; (zzg) Tribunal means a body of officials appointed by the State Government to arbitrate or settle disputes involving recovery of overdue loans; (zzh) Urban Bank means the primary Co-operative Urban Bank engaged in the business of banking under the Banking Regulation Act, 1949 (Central Act 10 of 1949) as applicable to co-operative societies; and (zzi) Working Capital means funds at the disposal of a cooperative society inclusive of paid up Share Capital, deposits, funds built out of profits, and money raised by borrowing and by other means;