The ODISHA CO-OPERATIVE SOCIETIES ACT, 1962
odisha · 1963
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1Published vide Orissa Gazette Ext
- S. 2Substituted by Orissa Act 5 of 1970
- S. 3Omitted by Orissa Act 19 of 1983, dated 11
- S. 4Inserted by Orissa Act 28 of 1991, dated 31
- S. 5Inserted by Orissa Act 28 of 1991, dated 31
- S. 6Substituted by Orissa Act 10 of 2011, dated 23
- S. 7Substituted by Orissa Act 11 of 2004
- S. 8Inserted by Orissa Act 1 of 2013, dated 30
- S. 9Section 9 establishes that registered co-operative societies under the Odisha Co-operative Societies Act are bodies corporate with perpetual succession and legal rights.
- S. 10Change of name of a Society :– (1) A Society may, by an amendment of its bye-laws, change its name
- S. 11Inserted by Orissa Act 19 of 1983
- S. 13Section 13 states that amendments to society bye-laws come into force on registration unless specified otherwise, with prior Registrar approval taking effect from the meeting resolution date.
- S. 14Section 14 allows societies to transfer assets, divide, or amalgamate with others, with member approval and notice to members and creditors.
- S. 15Section 15 cancels a society's registration and deems it dissolved if its assets and liabilities are transferred to another society.
- S. 19Section 19 outlines conditions for members' rights, requiring payment and compliance for voting and access to society records.
- S. 20Section 20 outlines voting rights for members in cooperative societies, detailing special voting scenarios for joint, government, and tie-breaking votes.
- S. 22Section 22 limits members' share holdings in cooperative societies to one-tenth of capital or ₹5,000, with state-specific exceptions.
- S. 23Section 23 restricts share transfers in cooperative societies to members holding for a year, to fellow members, and with society approval.
- S. 24Section 24 outlines the process for transferring a deceased member's share in a cooperative society to a nominee or legal heir.
- S. 27Section 27 vests final authority in the general body of members, with exceptions for larger societies.
- S. 28Section 28 outlines the management committee's powers and duties for a cooperative society, including member admission, budget approval, and fund management.
- S. 31Section 31 mandates the government to nominate up to two experienced individuals to a society's committee if it receives government assistance.
- S. 33Securing possession of records etc
- S. 35Section 35 allows a member to authorize salary deductions to repay debts to the Society, with penalties for non-compliance.
- S. 39Section exempts certain instruments related to shares and debentures of societies from compulsory registration under the Indian Registration Act.
- S. 40Section 40 mandates the State Government to encourage and promote the cooperative movement in Odisha.
- S. 41—
- S. 47Section 47 limits dividends for Apex and Central Societies purchasing shares from partnership funds.
- S. 48Section 48 provides indemnity to Apex and Central Societies from losses in partnership funds during dissolution.
- S. 49Disposal of share capital and dividend, etc
- S. 50—
- S. 54Section 54 overrides any conflicting laws regarding properties and funds of societies.
- S. 55Section 55 prohibits distribution of funds other than net profits as bonuses or dividends among members, except for remuneration or wages for services or products.
- S. 56Section 56 mandates cooperative societies to allocate a portion of net profits to reserve and education funds, with balance for dividends, bonuses, special funds, charitable donations, or employee bonuses.
- S. 59Section 59 restricts non-member loans and limits interest on short-term loans by co-operative societies.
- S. 60Section 60 restricts a society's transactions with non-members, except as allowed by Sections 58 and 59.
- S. 61Section 61 allows societies to establish provident funds for employee benefits, which are separate from society assets and not subject to court processes.
- S. 72Section 72 allows the Registrar to order the winding up of a cooperative society under various conditions, including failure to operate or insufficient membership.
- S. 73Section 73 allows the Registrar to appoint and remove a liquidator for winding up a society and for its property to revert if winding up is cancelled.
- S. 74Priority of contribution assessed by a liquidator
- S. 75Section 75 vests all assets of a winding-up society in the appointed liquidator.
- S. 76Section 76 directs the disposal of a liquidated society's surplus assets to specified local, charitable, or cooperative purposes.
- S. 77Section 77 cancels the registration of a society ordered to be wound up under Section 72.
- S. 79Section 79 appoints a Trustee to fulfill the State Bank's obligations to debenture holders.
- S. 80Section 80 establishes the trustee as a corporation sole with perpetual succession and a common seal.
- S. 81Section 81 allows the Board to issue debentures with Trustee's approval, secured by bank's assets, not exceeding a specified total amount.
- S. 84Section 84 allows the State Government to guarantee repayment of loans exceeding the land's value, while Section 85 prioritizes bank mortgages over certain government claims.
- S. 88Section 88 allows the Co-operative Agricultural and Rural Development Bank to receive payments despite mortgage transfer to the State Bank.
- S. 92Section 92 states that if mortgaged property is destroyed or security becomes insufficient, the entire loan becomes immediately due and the bank can take recovery action.
- S. 97Section 97 restricts a mortgagor from leasing mortgaged property for more than five years, making any longer lease void.
- S. 98Section 98 exempts certain mortgages of cooperative banks from registration under the Indian Registration Act.
- S. 102Section 102 allows the Registrar to order sale of charged property to recover debts from society members.
- S. 104Section 104 deems the Registrar or authorized person as a Civil Court for debt recovery under the Act.
- S. 105Section 105 allows the Registrar to attach a person's property to prevent disposal or removal to obstruct enforcement of a co-operative society order.
- S. 106Section 106 allows members of a cooperative society to mortgage or sell their land to the society to repay loans.
- S. 109Section 109 allows appeals against various orders and decisions made by the Registrar regarding co-operative societies.
- S. 113Section 113 allows the State Government to review and revise decisions made by Registrars or Additional Registrars in Odisha cooperative societies.
- S. 117Section 117 prohibits unauthorized use of "Co-operative" in business names without government sanction.
- S. 118Section 118 mandates that every society must register an address for notices and notify the Registrar of any changes within 30 days.
- S. 119Section 119 mandates that every cooperative society must keep a copy of the Act, Rules, and Bye-laws available for public reference at its registered office.
- S. 120Section 120 grants various officials under the Odisha Co-operative Societies Act the powers of a Civil Court for specific legal processes.
- S. 121Section 121 restricts civil and revenue courts from having jurisdiction over proceedings under the Odisha Co-operative Societies Act.
- S. 124Section 124 states that a society's register of members is evidence of when someone joined or left the membership.
- S. 125Section 125 allows certified copies of society records to serve as evidence in legal proceedings.