Jammu and Kashmir Co-Operative Societies Act, 1989
No: 10 Dated: Jul, 11 1989
THE JAMMU AND KASHMIR CO-OPERATIVE SOCIETIES ACT, 1989
(Act No. X of 1989)
An Act to consolidate and amend the law relating to Co-operative Societies in the State, with a view to providing for the orderly development of the co-operative movement in the State in accordance with the directive principles of the State policy enunciated in the Constitution of Jammu and Kashmir.
Be it enacted by the Jammu and Kashmir State Legislature in the Thirty-ninth Year of the Republic of India as follows: -
CHAPTER I
Preliminary
1. Short title, extent and commencement. - (1) This Act may be called the Jammu and Kashmir Co-operative Societies Act,1989.
(2) It shall extend to the whole of the State of Jammu and Kashmir.
(3) It shall come into force on such date as the Government may, by notification in the Government Gazette, appoint in this behalf.
2. Definitions. - In this Act, unless the context otherwise requires,-
(a) "Apex Co-operative Bank" means a Co-operative Federation at State level engaged in business of banking;
(aa) "Board" means governing body of a Co-operative Society to which the direction and control of the management of the affairs of the Society is entrusted.
(b) "Bye-law" means the bye-laws for the time being in force which have been registered under this Act and includes amendments thereto which have been duly registered under this Act.
(bb) "Central Co-operative Bank" means a central society engaged in business of banking;
(bba) "Chartered Accountant" means a member of the Institute of Chartered Accountants of India within the meaning of Chartered Accountants Act, 1949 (38 of 1949);
(c) "Chief Executive" means the Chief Executive of State Level Federation Central Societies or Primary Societies by whatever designation called who shall also be a member of the Board and other committees constituted by the Board.
(d) "Committee" means the governing body of a Co-operative Society to whom the management of its affairs is entrusted.
(e) "Co-operative Bank" means Co-operative Society which undertakes banking business.
(ee) "Co-operative Credit Structure Society" includes the Apex Co-operative Bank, a Central Co-operative Bank and a Primary Agricultural Credit Society;
(f) "Co-operative Federation" at-
(i) "District level" means a Federation of Co-operative Societies to which primaries as well as block level Societies are affiliated.
(ii) "Divisional level" means Co-operative Societies to which block level/ primary level/ district level societies are affiliated.
(iii) "State level" means a Co-operative Society at Apex level to which divisional level/ district level/primary level Co-operative Societies are affiliated.
(g) "Co-operative Society" means a Society registered or deemed to be registered under this Act.
(h) "Co-operative" in relation to any Co- operative Society or class of such Societies means the year ending 31st day of March and where the accounts of such society or class of such societies are, with the previous sanction of the Registrar, Co-operative Societies, balanced on any other day, the year ending on such day.
(i) "Co-operative Society with unlimited liability" means a Co-operative 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.
(j) "Co-operative Society with limited liability" means a Co-operative 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.
(k) "Creditor" includes depositor.
(l) "Deposit Insurance Corporation" means the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961.
(m) "Federal body" means a Co-operative Federation at District, Divisional or State level, as the case may be.
(n) "Member" means a person joining in the application for the registration of a Co-operative Society and a person admitted to membership after such registration in accordance with this Act, rules and bye-laws, and includes a nominal and an associate member.
(nn) 'Multipurpose Co-operative Society' means a primary society, the object of which is to provide various services including services relating to savings, credit business, industry, consumer durables to its members;
(o) "Net Profit" means profit after deduction of establishment charges, contingent charges, interest payable on loans and deposits, audit fee and such other sums as may be prescribed.
(p) 'National Bank' means the National Bank for Agriculture and Rural Development established under section 3 of National Bank for Agriculture and Rural Development Act, 1981 (Central Act No. 61 of 1981);
(q) "Officer" means a President, Vice-President, Chairman, Vice-Chairman, Managing Director, Secretary, Manager, Member of the Board, Treasurer, Liquidator and Administrator appointed under section 30 and include any other person empowered under this Act or rules of bye-laws to give directions in regard to the business of a Co-operative Society.
(r) "Prescribed" means prescribed by rules made under this Act.
(rr) 'Primary Agricultural Co-operative Credit Society' means a Co-operative Society, by whatever name called, 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;
(s) "Registrar" means a person appointed to perform the functions of the Registrar of Co-operative Societies under this Act and include any person appointed to assist the Registrar when exercising all or any of the powers of the Registrar.
(t) "Reserve Bank" means the Reserve Bank of India established under section 3 of the Reserve Bank of India Act, 1934.
(u) "Rules" means the rules made under this Act.
(v) "Tribunal", means the Jammu and Kashmir Special Tribunal constituted under the Jammu and Kashmir Special Tribunal Act, 1988.