Sikkim Co-Operative Societies Act, 1978
No: 12 Dated: Apr, 05 1978
Sikkim Co-Operative Societies Act, 1978
(Act No. 12 of 1978)
An Act to consolidate and amend the law relating ta co-operative societies in the State of Sikkim.
Whereas it is expedient to further facilitate the formation and working 'of co-operative societies for the promotion 'of thrift, self help and mutual aid among persons with common economic needs and to bring about improvement in agriculture and industry through better methods 'of production, better business and better living and far that purpose ta amend and consolidate the law relating to co-operative societies in the State 'of Sikkim.
Be it enacted by the State Legislature in the Twenty ninth Year 'of the Republic 'of India as follows ;
CHAPTER I
Preliminary
1. Short title, extent and commencement. - (i) This Act may be called the Sikkim Co-operative societies Act, 1978.
(ii) It extends to the whole of the State of Sikkim.
(iii) It shall came into force an such date as the Government may, by notification in the Official Gazette appoint.
In this act, unless the context 'Otherwise requires.
2. Definitions. - (a) Agricultural Refinance and Development Corporation Means the Agricultural Refinance and Development Corporation Constituted under the Agricultural Refinance and Development Corporation Act, 1963 (10 of 1963).
(b) 'Bank' includes.
(i) A banking company as defined in section 5 'of the Banking Regulation Act, 1949 (10 of 1949).
(ii) State Bank 'of India constituted under the State Bank of India Act, 1955 (23 of 1955).
(iii)A corresponding new bank constituted under section 3of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970).
(iv) Any other banking institution notified by the Central Government under section 51 of the Banking Regulation Act, 1949 (10 of 1949).
(c) 'Bye-laws' means the Registered bye-laws for the time registered being in force, and includes amendments of such Bye-laws.
(d) 'Committee' means the governing body of a society, by whatever name called, to which the management of the affairs of the society is entrusted.
(e) "Co-operative year" means the period beginning from the 1st day of April, or the date of commencement of business, or the date of registration of the society and ending on the 31st day of March every year for the purpose of drawing balance sheets of registered societies.
(f) 'Deposit Insurance Corporation' means the Deposit Insurance Corporation established under section 3 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961).
(g) 'Federal society' means a society other than state cooperative bank, (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 three fourths of the total number of votes in the general meeting of such society.
(h) 'Government' means the State Government of Sikkim.
(i) 'Industrial Development Bank' means the Industrial Development Bank of India constituted under the Industrial Development Bank of India Act 1964 (18 of 1964).
(j) 'Member' means a person joining in the application for registration of a society and a person admitted to membership after such registration in accordance with this Act, the rules and the bye-laws, and shall include a nominal member and the Government when it subscribes to the share capital of a society.
(k) 'Nominal member' means a person admitted to membership as such after registration in accordance with the bye-laws.
(l) 'National Co-operative Development Corporation' means the National Co-operative Development Corporation constituted under the National Co-operative Development Corporation Act, 1962 (16 of 1962).
(m) 'officer' means the president, vice-president, chairman, vice-chairman, managing director, secretary, manager, and member of committee, treasurer, liquidator, administrator and includes any other person empowered under the rules or the bye-laws, to give directions in regard to the business of society.
(n) 'prescribed' means prescribed in the rules.
(o) 'primary agricultural credit society' shall have the meaning assigned to it in clause c(ii) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934) and includes a Farmers Service Society or Large-sized Multipurpose Society.
(p) 'Registrar' means a person appointed to perform the functions of the Registrar of Co-operative Societies under this Act and includes any person appointed to assist the Registrar in exercise of all or any of his powers under this Act.
(q) 'Reserve Bank' means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934).
(r) 'Rules' means the rules made under this Act.
(s) 'Society' means a co-operative society registered or deemed to be registered under this Act.
(t) 'Society with limited liability' means a society the liability of whose members is limited by its bye-laws to the amount, if any, unpaid on the shares individually held by them or to such amount as they may individually undertake to contribute to the assets of the society, in the event of its being wound up.
(u) 'Society with unlimited liability' means society the joint or several liability of whose members to meet any deficiency in the assets of the society in the event of its being wound up is unlimited.
(v) State Co-operative Bank' means the 'Sikkim State Co-operative Bank Ltd.' registered as a society under this Act.
CHAPTER II
Registration of Societies
3. Registrar. - (1) The Government may appoint a person to be the Registrar of Cooperative Societies for the State of Sikkim and may appoint other persons to assist him.
(2) The Government may, by general or special order, confer on any person appointed to assist the Registrar all or tiny of the powers of the Registrar under this Act.
(3) Every person appointed to assist the Registrar shall exercise the powers conferred on him under sub-section (2) subject to the general guidance, superintendence and control of the Registrar.
(4) The Government may, be notification in the Official Gazette and subject to such conditions as it may think fit to impose, confer all or any of the powers of the Registrar under this Act on the State Co-operative Bank or any federal society or an officer of such bank or federal society and every such bank or federal society or officer on whom the powers of the' Registrar are so conferred shall exercise such powers under the general guidance, superintendence and control of the Registrar.
4. Societies which may be registered. - Subject to the provisions hereinafter contained, a society which has as its object the promotion of the economic interests of its members in accordance with co-operative principles, or a society established with the object of facilitating the operations of such a society and the State Cooperative Bank may be registered under this Act:
Provided that the Registrar shall not register any society with unlimited liability.