Maharashtra Co-operative Societies Act, 1960
No: 24 Dated: May, 09 1961
THE MAHARASHTRA CO-OPERATIVE SOCIETIES ACT, 1960
ACT No. XXIV OF 1961
An Act to consolidate and amend the law relating to co-operative societies in the State of Maharashtra.
WHEREAS with a view to providing for the orderly development of the co-operative movement in the State of Maharashtra in accordance with the relevant directive principles of State policy enunciated in the Constitution of India, it is expedient to consolidate and amend the law relating to cooperative societies in that State ;
It is hereby enacted in the Eleventh Year of the Republic of India as follows :—
CHAPTER I
PRELIMINARY
1. Short title, extent and commencement:- (1) This Act may be called the Maharashtra Co-operative Societies Act, 1960.
(2) It extends to the whole of the State of Maharashtra.
(3) It shall come into force on such date as the State Government may, by notification in the Official Gazette, appoint.
2. Definitions:- In this Act, unless the context otherwise requires,—
(1) “agricultural marketing society” means a society—
(a) the object of which is the marketing of agricultural produce and the supply of implements and other requisites for agricultural production, and
(b) not less than three-fourths of the members of which are agriculturists, or societies formed by agriculturists ;
(2) “apex society” means a society,—
(a) the area of operation of which extends to the whole of the State of Maharashtra,
(b) the main object of which is to promote the principal objects of the societies affiliated to it as members and to provide for the facilities and services to them, and
(c) which has been classified as an apex society by the Registrar ;
(2-A) “authorised person” means any person duly authorised by the Registrar to take action under the provisions of this Act;
(4) “bonus” means payment made in cash or kind out of the profits of a society to a member, or to a person who is not a member, on the basis of his contribution (including any contribution in the form of labour or service) to the business of the society, and in the case of a farming society, on the basis both of such contribution and also the value or income or, as the case may be, the area of the lands of the members brought together for joint cultivation as may be decided by the societybut does not include any sum paid or payable as bonus to any employee of the society under the Payment of Bonus Act,1965 ;
(5) “by - laws” means by - laws registered under this Act and for the time being in force and includes registered amendments of such bylaws ;
(6) “Central Bank” means a co-operative bank, the objects of which include the creation of funds to be loaned to other societies; but does not include the urban co-operative bank ;
(7) “Committee” means the committee of management or board of directors or the governing body or other directing body of a co-operative society, by whatever name called, in which the management of the affairs of a society is entrusted under section 73 ;
(8) “Company” means a company as defined in the *Companies Act, 1956 and includes a Banking Company and also any 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 ;
(9) “consumers’ society” means a society the object of which is—
(a) the procurement, production or processing, and distribution of goods to, or the performance of other services for, its members as also other customers, and
(b) the distribution among its members and customers, in the proportion prescribed by rules or by the by-laws of the society, of the profits accruing from such procurement, production or processing and distribution ;
(10) “co-operative bank” means a society which is doing the business of banking as defined in clause (b) of sub-section (1) of section 5 of the Banking Companies Act, 1949 and includes any society which is functioning or is to function as a Co-operative Agriculture and Rural Multipurpose Development Bank under Chapter XI ;
(10-ai) “Co-operative Appellate Court” means the Maharashtra State Co-operative Appellate Court constituted under this Act ;
(10-aii) “Co-operative Court” means a Court constituted under this Act to decide disputes referred to it under any of the provisions of this Act ;
(10-aii-1) “co-operative credit structure entity” means the primary agricultural credit co-operative society, the District Central Co-operative Bank or the State Co-operative Bank ;
(10-aiii) “co-operative year” means a year ending on the 31st day of March or on such other day in regard to a particular society or class of societies 3as may have been fixed by the Registrar, from time to time, for balancing its or their accounts ;
(10-A) “crop protection society” means a society the object of which is protection of the crops, structures, machinery, agricultural implements and other equipment such as those used for pumping water on the land ;
(11) “dividend” means the amount paid, out of the profits of a society, to a member in proportion to the shares held by him ;
(11A) “expert director” means a person having experience in the field of banking, management, co-operation and finance and includes a person having specialisation in any other field relating to the objects and activities undertaken by the concerned society;
(12) “farming society” means a society in which, with the object of increasing agricultural production, employment and income and the better utilisation of resources, lands are brought together and jointly cultivated by all the members, such lands
(a) being owned by or leased to the members (or some of them), or
(b) coming in possession of the society in any other manner whatsoever ;
(13) “federal society” means a society—
(a) not less than five members of which are themselves societies, and
(b) in which the voting rights are so regulated that the members which are societies have not less than four-fifths of the total number of votes in the general meeting of such society ;
(14) “firm” means a firm registered under the Indian Partnership Act, 1932 ;
(14A) “functional director” means a Managing Director or a Chief Executive Officer by whatever designation called, nominated by the Committee;
(15) “general society” means a society not falling in any of the classes of societies defined by the other clauses of this section ;
(16) “housing society” means a society, the object of which is to provide its members with open plots for housing, dwelling houses or flats ; or if open plots, the dwelling houses or flats are already acquired, to provide its members common amenities and services ;