Keyword(s):
Agricultural Marketing Society, Consumers Society, Credit Society, Co-
Operative Bank, Co-Operative Land Development Bank, Dividend, Financing
Bank, Farming Society, Federal Society, Firm, General Society
Sections
I. Short title, extent and commencement.
- Definitions.
CHAPTER I
Registration - Registrar.
- Societies which may be registered.
- Registration with limited or unlimited liability.
- Conditions of registration.
- Power to exempt societies from conditions as to registration.
- Application for registration.
- Registration.
- Evidence of registration.
- Power of Registrar to decide certain questions.
- CIassification of societies.
- Amendment of bye-laws of society.
- Power to direct amendment of bye-laws.15. Change of name.
- Change of liability.
- Amalgamation, transfer, division or conversion of Societies.
- Power to direct amalgamation, division and reorganisationin public
interest, etc. - Reconstruction of societies.
- Partnershipof societies.
- Cancellation of registration.
CHAPTER m
Members and their rightsand liabilities - Persons who may become member.
- Open membership.
- Nominal and sympathiser member.
- Cessarion of membership.
- No rights of membership to be exercised till due payments are made.
- Voting powers of members.
- Restrictions on holding of sl~ares.
- Restrictions on transfer or charge on share or interest.
- Transfer of interest on death of member.
- Shareorinterestnotliabletoattachment.Sections
- Rights of members to see books etc.
- Liability of past member and estate of deceased member.
- Insolvency of members.
- Expulsion of members.
- Disqualification for membership.
- Liability of members.
CHAPTER IV
Incorporation,duties and privileges of societies - Societies to be bodies corporate.
- Address of societies.
- Register of members.
- CopyofAct,etc.,tobeopentoinspection.
! - Exemprion from compulsory registration of insrruments relaling to
shares and debentures of society. - Power to exempt from taxation.
- Restrictions on borrowings.
- Regulation of loan making policy.
- Restrictions on other transactions with non-members.
- Charge and set-off in respect of share or interest of member.Sections
- Prior claitn of society.
- Charge on immovable properv of members borrowing from cer-
tain societies.
5 1. Deduction from salary to meet society’sclaim in certain case.
CHAPTER V
Governmentaid to Societies - Partnership of Governmenr in societies.
- Liability to be limited in respect of shares purchased by government.
- Other forms of Government aid to societies.
- Provisions of this chapter to override other laws.
CHAPTER VI
Property and funds of Societies - Funds not to be divided among members.
- Appi-opriationof Profits.
- Reserve fund.
- Restrictions on dividend.
- Contribution ro educational fund of the federal society notified the
Government.
6 Contriburion topublicpurposes. - Investment of funds.
G3. Employees’ provident fund,
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