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The Maharashtra Co-Operative Societies Act, 1960

(Maharashtra Act No. 24 of 1961)

Last Updated 22nd March, 2021 [mh037]

Chapter I

Preliminary

(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,-

(c) which has been classified as an apex society by the Registrars;].

[(2-A) "authorised person" means any person duly authorised by the Registrar to take action under the provisions of this Act;]

[(3) * * * * * *]

(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 society [but does not include any sum paid or payable as bonus to any employee of the society under the payment of Bonus Act, 1965;].

(5) "bye-laws" means bye-laws registered under this Act and for the time being in force and includes registered amendments of such bye-laws;

[(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 primary 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];

(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) "consumer 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 bye-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 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 the Act];

[(10-aii-l) "co-operative credit structure entity" means the primary agriculture 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 [as 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;].

[(10-B) * * *;].

(11) "dividend" means the amount paid, out of the profits of a society, to a member in proportion to the shares held by him;

[(11-A) "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;

[(14-A) "functional director" means a Managing Director or a Chief Executive Officer by whatever designation called and includes any Head of the Department, workman or representative of the recognised union of the concerned society, 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];

[( 16-A) "lift irrigation society" means a society, the object of which is to provide water supply, by motive power or otherwise to its members, for irrigation and otherwise;].

(17) "Liquidator" means a person appointed as liquidator under this Act;

(18) "local authority" includes a school board and an agricultural produce market committee constituted by or under any law for the time being in force;

(19)(a) "member" means a person joining in an application for the registration of a co-operative society which is subsequently registered, or a person duly admitted to membership of a society after registration and includes a nominal, [or associate] member [and any depositor or financial service user of primary agricultural co-operative credit society],

[(a-l) "active member" means a member who participates in the affairs of the society and utilises the minimum level of services or products of that society as may be specified in the by-laws;]

(b) "associate member" means a member who holds jointly a share of a society with others, but whose name does not stand first in the share certificate;

(c) "nominal member" means a person admitted to membership as such after registration in accordance with the by-laws;

(d) [***];

[(19A) "National Bank" means the National Bank for Agriculture and Rural Development (NABARD), constituted under the provisions of the National Bank for Agriculture and Rural Development Act, 1981;]

(20) "officer" means a person" elected or appointed by a society to any office of such society according to its bye-laws; and includes [any office bearer such as a chairperson, vice-chairperson, president, vice-president, managing director, manager, secretary, treasurer, member of the committee and any other person, by whatever name called,] elected or appointed under this Act, the rules or the bye-laws, to give directions in regard to the business of such society;

[(20-A) "Official Assignee" means a person or body of persons appointed by Registrar under sub-section (2) of section 21A;];

(21) "prescribed" means prescribed by rules;

(22) "processing society" means a society, the object of which is the processing of goods;

(23) "producers' society" means a society, the object of which is, the production and disposal of goods or the collective disposal of the labour of the members thereof;

(24) "Registrar" means a person appointed to be the Registrar of Co-operative Societies under this Act;

(25) "resource society" means a society, the object of which is the obtaining for its members of credit, goods or services required by them;

(26) "rules" means rules made under this Act;

(27) "society" means a co-operative society registered, or deemed to be registered, under this Act [which is an autonomous association of persons, united voluntarily to meet their common needs and aspirations through a jointly owned and democratically controlled enterprise and adhering to the co-operative principles and values];

(28) "society with limited liability" means a society having the liability of its members limited by its bye-laws;

(29) "society with unlimited liability" means a society, the members of which are, in the event of its being wound up, jointly and severally liable for and in respect of its obligations and to contribute to any deficiency in the assets of the society;

[(29-A) "State Co-operative Election Authority" means an authority constituted by the State Government under section 73CB;]

(30) [* * *]

(31) "working capital" means funds at the disposal of a society inclusive of paid up share capital, funds built out of profits, and money raised by borrowing and by other means.

Chapter II

Registration

(a) in the case of the Registrar, the [Special,] Additional or Joint Registrar, in the office of the Registrar, and

(b) in the case of a person appointed to assist the Registrar, the senior most officer holding the next higher post, in the respective office,

(a) in the case of a society other than a federal society by at least ten persons (each of such persons being a member of a different family), who are qualified under this Act, and

(b) in the case of a federal society, by at least five societies.

(a) all members and creditors have assented, or deemed to have assented, thereto as aforesaid; or

(b) all claims of members and creditors who exercise the option, given by sub-section (2), within the period specified therein, have been met in full or otherwise satisfied.

(a) to amalgamate with another society;

(b) to transfer its assets and liabilities, in whole or in part, to any other society;

(c) to divide itself into two or more societies; or

(d) to convert itself into another class of society:

(i) the society, after passing such resolution, has given notice thereof in such manner as may be prescribed to all its members, creditors and other persons, whose interests are likely to be affected (hereinafter in this section referred to as "other interested persons"), giving them the option, to be exercised within one month from the date of such notice, of becoming members of any of the new societies, or continuing their membership in the amalgamated or converted society, or demanding payment of their share or interest or dues, as the case may be,

(ii) all the members and creditors and other interested persons, have assented to the decision, or deemed to have assented thereto by virtue of any member or creditor or any other interested person failing to exercise his option within the period specified in clause (i) aforesaid, and

(iii) all claims of members and creditors and other interested persons, who exercise the opinion within the period specified, have been met in full or otherwise satisfied.

(a) a copy of the proposed order has been sent in draft to the society or each of the societies concerned.

(b) the Registrar has considered and made such modifications in the draft order as may seem to him desirable in the light of any suggestions and objections which may be received by him within such period (not being less than two months from the date on which the copy of the order as aforesaid was received by the society) as the Registrar may fix in that behalf, either from the society or from any member or class of members thereof, or from any creditor or class of creditors.

(a) a copy of the proposed order has been sent in draft to each of the banks concerned;

(b) the Registrar has considered and made such modifications in the draft order as may seem to him desirable in the light of any suggestions or objections which may be received by him within such period (not being less than two months from the date on which the copy of the proposed order was received by the banks) as the Registrar may fix in that behalf, either from the banks or any members, depositors, creditors, employees or other persons concerned.

[(c) the Registrar has obtained the prior approval of the Reserve Bank of India.]

(a) a copy of the proposed order has been sent in draft to each of the societies concerned;

(b) the Registrar has considered and made such modifications in the draft order as may seem to him desirable in the light of any suggestions or objections which may be received by him within such period (not being less than two months from the date on which the copy of the proposed order was received by the societies) as the Registrar may fix in that behalf, either from the societies or any members, depositors, creditors employees or other persons concerned.

(e) the removal of the committee of any existing society and the [appointment of an authorised officer or an interim committee of management from amongst the active members of that society], to manage the affairs of the existing society or of the new society or societies, under the control and direction of the State Government, for a period not exceeding two years, as may be specified in the order or until the successor committee of the concerned society is duly constituted, whichever is earlier:

(f) in the case of an existing federal society, the transfer of any of its member societies as member of another federal society named in the order;

(g) the transfer, in whole or in part, of the assets, rights and liabilities of any, existing society, including the rights and liabilities under any contract made by it to one or more societies and the terms and conditions of such transfer;

(h) the substitution of any such transferee for the existing society, or the addition of any such transferee, as a party to any legal proceeding or any proceeding pending before an officer or authority, to which the existing society is a party; and the transfer of any proceedings pending before the existing society or its officer or authority to any such transferee or its officer or authority;

(i) the transfer or re-employments of any employees of the existing society to, or by, such transferee and the terms and conditions of service applicable to such employees after such transfer or re-employment: '

(j) the application of the by-laws of the existing society to one or more societies without any modifications or with such modifications as may be specified in the order;

(k) all incidental, consequential and supplementary matters as may be necessary or expedient to give effect to the order made under this section.

(a) between a society and its creditors, or

(b) between a society and its members,

(a) that the scheme is economically viable;

(b) that it can be implemented without, in any way, eroding the co-operative character of the society or the societies concerned;

(c) that the scheme is in furtherance of the interests of the members of the society or societies concerned, or is in the public interest, and in the interest of the co-operative movement in general.]

Chapter III

Members and Their Rights and Liabilities

(a) an individual, who is competent to contract under the Indian Contract Act, 1872;

(b) a firm, company or any other body corporate constituted under any law for the time being in force, or a society registered under the societies Registration Act, 1860;

(c) a society registered, or deemed to be registered, under this Act;

[(d) the State Government or the Central Government;]

(e) a local authority;

(f) a public trust registered under any law for the time being in force for the registration of such trusts;

[(g) the depositor or the financial service user:]

(a) hold more than such portion of the total share capital of the society (in no case exceeding one-fifth thereof) as may be prescribed, or

(b) have or claim any interest in the shares of the society exceeding 9[twenty thousand rupees]:

(a) he has held such share or interest for not less than one year;

(b) the transfer is made to a member of the society or to a person whose application for membership has been accepted [by the society, or to a person whose appeal under section 23 of the Act has been allowed by the Registrar; or to a person who is deemed to be a member under sub-section (1A) of section 23.].

(a) in the case of a past member, on the date on which he ceased to be a member and

(b) in the case of a deceased member, on the date of his death, shall continue for a period of two years from such date.

Chapter IV

Incorporation, Duties and Privileges of Societies

(a) the name, address and occupation of each member;

(b) in the case of a society having share capital, the share held by each member;

(c) the date on which each person was admitted a member;

(d) the date on which any person ceased to be a member; and

(e) such other particulars as may be prescribed:

(a) to any instrument relating to shares in a society, notwithstanding that the assets of the society consist in whole or in part of immovable property; or

(b) to any debentures issued by any society and not creating, declaring, assigning, limiting or extinguishing any right, title or interest to or in immovable property, except in so far as it entitles the holder to the security afforded by a registered instrument whereby the society has mortgaged, conveyed or otherwise transferred the whole or part of its immovable property, or any interest therein to trustees upon trust for the benefit of the holders of such debentures; or

(c) to any endorsement upon, or transfer of, any debentures issued by any society.

(a) the stamp duty with which, under any law relating to stamp duty for the time being in force, instruments executed by or on behalf of a society or by an officer or member thereof and relating to the business of the society, or any class of such instruments, or awards of the Registrar [or Co-operative Court] under this Act, are respectively chargeable,

(b) any fee payable by or on behalf of a society under the law relating to the registration of documents and to court-fees, for the time being in force, and

(c) any other tax or fee or duty (or any portion thereof) payable by or on behalf of a society under any law for the time being in force, which the State Government is competent to levy.

(a) any debt or outstanding demand, owing to a society by any member or past member or deceased member, shall be a first charge,-

(i) upon the crops or other agricultural produce raised in whole or in part whether with or without a loan taken from the society by such member or past member or deceased member,-

(ii) upon any cattle, fodder for cattle, agricultural or industrial implements or machinery, or raw materials for manufacture, or workshop, godown or place of business supplied, to or purchased by such member or past member or deceased member, in whole or in part, from any loan whether in money or goods made to him by the society, and

(iii) upon any movable property which may have been hypothecated, pledged or otherwise mortgaged by a member with the society, and remaining in his custody;

(b) any outstanding demands or dues payable to a society by any member or past member or deceased member, in respect of rent, shares, loans or purchase money or any other rights or amounts payable to such society, shall be a first charge upon his interest in the immovable property of the society.

(a) that every such member shall dispose of his produce through the society, and

(b) that any member, who is found guilty of a breach of the bye-laws or of any such contract, shall reimburse the society for any loss, determined in such manner as may be specified in the bye-laws.

(a) any person who makes an application to a society of which he is a member, for a loan shall, if he owns any land or has interest in any land as a tenant, make a declaration in the form prescribed. Such declaration shall state that the applicant thereby creates a charge on such land or interest specified in the declaration for the payment of the amount of the loan which the society may make to the member in pursuance of the application, and for all future advances (if any) required by him which the society may make to him such member, subject to such maximum as may be determined by the society, together with interest on such amount of the loan and advances;

(b) any person who has taken a loan from a society of which he is a member, before the date of the coming into force of this Act, and who owns any land or has interest in land as a tenant, and who has not already made such a declaration before the aforesaid date shall, as soon as possible thereafter, make a declaration in the form and to the effect referred to in clause (a); and no such person shall, unless and until he has made such declaration, be entitled to exercise any right, as a member of the society;

(c) a declaration made under clause (a) or (b) may be varied at any time by a member, with the consent of the society in favour of which such charge is created;

(d) no member shall alienate the whole or any part of the land or interest therein, specified in the declaration made under clause (a) or (b) until the whole amount borrowed by the member together with interest thereon, is repaid in full:

(e) any alienation made in contravention of the provisions of clause (d) shall be void;

(f) [Subject to all claims of the Government in respect of land revenue or any money recoverable as land revenue, and all claims of the [Co-operative Agriculture and Rural Multipurpose Development Bank] in respect of its dues, in either case whether prior in time or subsequent,] and to the charge (if any) created under an award made under the Bombay Agricultural Debtors Relief Act, 1947 or any corresponding law for the time being in force in any part of the State, there shall be a first charge in favour of the society on the land or interest specified in the declaration made under clause (a) or (b), for and to the extent of the dues owing [by the member] on account of the loan.

(g) and in particular, notwithstanding anything contained in [Chapter X of the Maharashtra Land Revenue Code, 1966], the Record of Rights maintained thereunder shall also include the particulars of every charge on land or interests created under a declaration under clause (a) or (b), [and also the particulars of extinction of such charge.]

(i) any resource society, the majority of the members of which are agriculturists and the primary object of which is to obtain credit for its members, or

(ii) any society, or any society of the class of societies, specified in this behalf by the State Government, by a general or special order.

Chapter V

State Aid to Societies

(a) directly purchasing shares in other societies with limited liability;

(b) providing moneys to a society to enable that society (hereinafter in this Chapter referred to as a "Central Society") to purchase shares in other societies with limited liability (the latter societies being hereinafter in this Chapter referred to as "Primary societies");

(c) making payments to the State Government in accordance with the provisions of this Chapter; and for no other purpose.

(a) purchasing shares in Primary Societies;

(b) making payments to the Apex society in accordance with the provisions of this Chapter; and for no other purpose.

(a) the State Government; or

(b) an Apex society from the Principal State Partnership Fund, or a Central society from the Subsidiary State Partnership Fund, as the case may be; the liability in respect of such shares shall, in the event of the society of which the shares are purchased [being wound up], be limited to the amount paid in respect of such shares.

(a) the State Government may enter into an agreement with an Apex society setting out the terms and conditions on which it shall provide moneys to the Apex society for the purpose specified in section 51;

(b) an Apex society may, with the previous approval of the State Government, enter into an agreement with a Central society, setting out the terms and conditions on which it shall provide moneys to that society from the Principal State Partnership fund for the purpose specified in clause (b) of sub-section (2) of section 52.

(a) give loans to a society;

(b) guarantee the payment of the principal of debentures issued by a society, or of interest thereon, or both or the repayment of the shares capital of a society to its members, or the payment of dividends thereon at such rates as may be specified by the State Government;

(c) guarantee the repayment of loans given by a Co-operative Bank to a society;

(d) guarantee the repayment of the principal of, and payment of interest on, loans and advances given by the Reserve Bank of India, or the Industrial Finance Corporation of India, or any other authority constituted under any law for the time being in force; or

(e) provide financial assistance, in any other form (including subsidies), to a society [, including a co-operative credit structure entity].

Chapter VI

Property and Funds of Societies

[(a) in a District Central Co-operative Bank, or the State Co-operative Bank, having awarded at least "A" Audit Class in last three consecutive years];

(b) in any of the securities specified in section 20 of the Indian Trusts Act, 1882;

(c) in the shares, or security bonds, or debentures, issued by any other society with limited liability and having the same classification to which it belongs;

[(d) in any other mode permitted by the rules, or by general or special order in that behalf by the State Government:]

Chapter VII

Management of Societies

(i) to preclude the completion of elections of the remaining members and the publication of their names and the permanent addresses of the elected members likewise as and when they are available; or

(ii) to affect the term of the office of members of the committee under the Act;

(b) the names of the remaining members after they are elected (together with their permanent addresses), may also thereafter be likewise published by the Registrar.]

(a) one for the members belonging to the Scheduled Castes or Scheduled Tribes; [***]

[(a-i) one for the members belonging to the Other Backward Classes [and];

(a-ii) one for the members belonging to the De-notified Tribes (Vimukta Jatis), Nomadic Tribes or Special Backward Classes; [* * *]];

(b) [* * *].

(a) a general or special order, if any, issued by the State Government under section 73-B as it existed before the date of commencement of the Maharashtra Co-operative Societies (Amendment) Act, 1983 shall be deemed to have been issued under sub-section (1) of this section and shall continue to be in force until duly repealed or amended;

(b) the expression "Scheduled Castes" includes "Nav-Boudhas", [* * *]

[(b-1) the expression "Other Backward Classes, De-notified Tribes (Vimukta Jatis) and Nomadic Tribes and Special backward Classes" means such classes or parts of or groups within such classes as are declared, from time to time, by the State government to be Other Backward Classes, De-notified Tribes (Vimukta Jatis) and Nomadic Tribes and Special backward Classes;]

(c) [* * *].

(i) is a defaulter of any society;

(a) in the case of a primary agricultural credit society, a member who defaults the repayment of the crop loan on the due date;

(b) in the case of term lending society, a member who default the payment of any instalment of the loan granted to him;

(c) in the case of any society,-

(i) a member who has taken anamat or advance; or

(ii) a member who has purchased any goods or commodities on credit or availed himself of any services from the society for which charges are payable; and fails to repay the full amount of such anamat or advance or pay the price of such goods or commodities or charges for such service, after receipt of notice of demand by him from the concerned society or within thirty days from the date of withdrawal of anamat or advance by him or from the date of delivery of goods to him or availing of services by him, whichever is earlier;

(d) in the case of non-agricultural credit societies, a member who defaults the payment of any instalment of the loan granted;

(e) in the case of housing societies, a member who defaults the payment of dues to the society within three months from the date of service of notice in writing served by post under certificate of posting demanding the payment of dues;

[(f) in the case of District Central Co-operative Bank or of the State Co-operative Bank, a member, if he,-

(iii) is a person who represents a society whose Managing Committee is superseded.]

(ii) has, in the opinion of the Registrar, deliberately committed breach of co-operative discipline with reference to linking up of credit with cooperative marketing or co-operative processing; or

[(ii-a) has been classified as non-active member under sub-section (2) of section 26; or]

(iii) has been held responsible under section 79 or 88 or has been held responsible for payment of costs of inquiry under section 85; or

(iv) has incurred any disqualification under this Act or the rules made thereunder; or

[(v) carries on business of the kind carried on by the society either in the area of operation of the society or in contravention of the provisions of [clause (b) of sub-section (Al)]; or]

(vi) is a salaried employee of any society (other than a society of employees themselves) or holds any office of profit under any society, except when he holds or is appointed to the office of a Managing Director or any other office declared by the State Government by general or special order not to disqualify its holder or is entitled to be [or is nominated as functional director on the committee of a society under sub-section (2) of section 73A],

[(vii) has more than two children:

(b) "child" does not include an adopted child or children.]

[(viii) is held guilty for any offence under section 146 and convicted under section 147; or

(ix) is convicted with imprisonment of not less than one year for an offence under the provisions of any law for the time being in force;]

(a) inform the State Co-operative Election Authority about the expiry of its term of office at-least six months before the date of expiry of such term;

(b) inform any casual vacancy occurred in the committee or its office bearers, within fifteen days of the occurrence of such vacancy;

(c) furnish such books, records and information as the State Co-operative Election Authority may require as per the calendar specified by the State Co-operative Election Authority;

(d) provide all necessary help, assistance and co-operation for the smooth preparation of electoral rolls for the conduct of elections.

Note: This section is re-numbered as section 73CA by Maharashtra Act No. 16 of 2013 dated 13-8-2013, Section 36, w.e.f. 14-2-2013.

(i) on a requisition in writing of one-fifth of the members of the society or of members the number of which is specified in the bye-laws for the purpose, whichever is lower, or

(ii) at the instance of the Registrar, or

(iii) in the case of a society, which is a member of a federal society, at the instance of the committee of such federal society.

(a) at the first constitution of the committee of any society there is a failure to elect all or any of the members of the committee;

(b) the term [* * *] of the committee of any society or of any of its members has expired or for any other reason election is held and there is a failure to elect all or any of the members required to fill the vacancies;

[(b-1) there is a stalemate in the constitution or committee has ceased to function and vacuum is created in the management;]

(c) any committee is prevented from entering upon office;

(d) a new committee has failed to enter upon office on the date on which the term of office of the existing committee expired; or

(e) [* * *]

[(f) where more than one group of persons in a society is claiming to be elected as the committee members and proceedings in respect thereof have been filed in the Co-operative Court;]

(i) any member or members of the society to be the member or members of the committee to fill the vacancies;

(ii) a committee, consisting of not more than three members of the society, or [one or more authorised officers], who need not be members of the society, to manage the affairs of the society till a new committee enters upon office:

(a) within the time provided in this Act, the rules or the bye laws, or the order as the case may be, or

(b) where no time is so provided, within such time, having regard to the nature and extent of the action to be taken, as the Registrar may specify by notice in writing.

Chapter VIII

Audit, Inquiry, Inspection and Supervision

(i) overdues of debts, if any;

(ii) cash balance and securities and a valuation of the assets and liabilities of the society;

(iii) whether loan and advances and debts made by the society on the basis of security have been properly secured and the terms on which such loans and advances are made or debts are incurred are not prejudicial to the interest of the society and its members;

(iv) whether transactions of the society which are represented merely by book entries are not prejudicial to the interest of the society ;

(v) whether loans and advances made by the society have been shown as deposits;

(vi) whether personal expenses have been charged to revenue account;

(vii) whether the society has incurred any expenditure in furtherance of its objects;

(viii) whether the society has properly utilised the financial assistance granted by Government or Government undertakings or financial institutions, for the purpose for which such assistance was granted;

(ix) whether the society is properly carrying-out its objects and obligations towards members.

[(b) [If the Registrar has reason to believe that there exists an element of fraud, misapplication of funds, manipulation of the accounts and the accounts of the society are likely to be tampered with, thereby causing loss to the society, he shall be competent to depute flying squad to a society or societies for examination of books, records, accounts, and such other papers and for verification of cash balance. The report of the Flying Squad shall be treated as sufficient evidence for further action, if any],

[(c) If it is brought to the notice of the Registrar that the audit report submitted by the auditor does not disclose the true and correct picture of the accounts, the Registrar or the authorised person may carry out or cause to be carried out a test audit of accounts of such society. The test audit shall include the examination of such items as may be prescribed and specified by the Registrar in such order.]

(b) If any such person refuses to produce to the Registrar or any person authorised by him under sub-section (1), any book or papers which it is his duty under clause (a) to produce or to answer any question which put to him by the Registrar or the person authorised by the Registrar in pursuance of sub-clause (a) the Registrar or the person authorised by the Registrar may certify the refusal and the Registrar after hearing any statement which may be offered in defence punish the defaulter with a penalty not exceeding [five thousand rupees]. Any sum imposed as penalty under this section shall on the application by the Registrar or the person authorised by him to a Magistrate having jurisdiction be recoverable by the Magistrate as if it were a fine imposed by himself.

[(c) The Registrar or the officer authorised by him shall complete the inquiry and submit his report as far as possible within a period of six months and in any case not later than nine months.]

(a) satisfies the Registrar that the debt is a sum then due, and that he has, demanded payment thereof and has not received satisfaction within reasonable time, and

(b) deposits with the Registrar such sum as the Registrar may require as security for the costs of any inspection of the books of the society, the Registrar may, if he thinks it necessary, inspect or direct some person authorised by him by order in writing in this behalf to inspect the books of the society.

(a) no order of apportionment of the costs shall be made under this section unless the society or person or the legal representative of the deceased person liable to pay the costs thereunder, has or have been heard, or has or have had a reasonable opportunity of being heard;

(b) the Registrar shall state in writing the grounds on which the costs are apportioned.

[(c) overall view is taken to ensure that the business of the society is being run on sound business principles and under professional and efficient management];

(d) the society is following the co-operative principles and the directives or directions given by the State Government in accordance with the provisions of this Act and the rules made thereunder:

[(e) the returns as provided by section 79 are submitted to the Registrar regularly and properly.]

(a) to inspect the records and books of the accounts of any society and for that purpose he shall have, at all times, access to all the records and" books of accounts of the society; and

(b) to summon any officer or employee who has the custody of the records or books of accounts of the society to produce them before him.

Chapter IX

[Settlement of Disputes]

(a) a society, its committee, any past committee, any past or present officer, any past or present agent, any past or present servant or nominee, heir or legal representative of any deceased officer, deceased agent or deceased servant of the society, or the Liquidator of the society [or the official Assignee of a deregistered society].

(b) a member, past member of a person claiming through a member, past member of a deceased member of society, or a society which is a member of the society [or a person who claims to be a member of the society;]

[(c) a person other than a member of the society, with whom the society, has any transactions in respect of which any restrictions or regulations have been imposed, made or prescribed under sections 43, 44 or 45, and any person claiming through such person;

(d) a surety of a member, past member or deceased member, or surety of a person other than a member with whom the society has any transactions in respect of which restrictions have been prescribed under section 45, whether such surety or person is or is not a member of the society;]

(e) any other society, or the Liquidator of such a society [or-de-registered society or the official Assignee of such a de-registered society].

(i) a claim by or against a society for any debt or demand due to it from a member or due from it to a member, past member or the nominee, heir or legal representative of a deceased member, or servant for employee whether such a debt or demand be admitted or not;

(ii) a claim by a surety for any sum or demand due to him from the principal borrower in respect of a loan by a society and recovered from the surety owing to the default of the principal borrower, whether such a sum or demand be admitted or not;

(iii) a claim by a society for any loss caused to it by a member, past member or deceased member, by any officer, past officer or deceased officer, by any agent, past agent or deceased agent, or by any servant, past servant, past servant or deceased servant, or by its committee, past or present, whether such loss be admitted or not;

(iv) a refusal or failure by a member, past member or a nominee, heir or legal representative of a deceased member, to deliver possession to a society of land or any other asset resumed by it for breach of condition as the assignment.

(a) when the dispute relates to the recovery of any sum, including interest thereon, due to a society by a member thereof be computed form the date on which such member dies or ceases to be a member of the society;

(b) when the dispute is between a society or its committee, and any past committee, any past or present officer, or past or present agent, or past or present servant or the nominee, heir or legal representative of a deceased officer, deceased agent or deceased servant of the society, or a member, or past member, or the nominee, heir or legal representative of a deceased member and when the dispute relates to any act or omission on the part of either party to the dispute, be six years from the date on which the act or omission with reference to which the dispute arose, took place;

(c) when the dispute is in respect of any matter touching the constitution, management or business of a society which has been ordered to be wound up under section 102, or in respect of which a nominated committee [or an administrator or committee or authorised person has been appointed under sections 77A, 78 or 78A, be six years from the date of the order issued under section 77A, 78 or 78A or, under section 102, as the case may be];

(d) when the dispute is in respect of an election of [a committee or officers] of the society, be [two months] from the date of the declaration of the result of the election.

(a) is about to dispose of the whole or any part of his property, or

(b) is about to remove the whole or any part of his property from its or his jurisdiction.

(a) On a certificate signed by [the Official Assignee or] the Registrar [or the Co-operative Court] or a Liquidator, be deemed to be a decree of a Civil Court, and shall be executed in the same manner as a decree of such Court, or

(b) be executed according to the law and under the rules for the time being in force for the recovery of arrears of land revenue:

Chapter X

Liquidation

(a) after an inquiry has been held under section 83 or an inspection has been made under section 84 [or 89A] or on the report of the auditor auditing the accounts of the society, or

(b) on receipt of an application made upon a resolution carried by three-fourths of the members of a society present at a special general meeting called for the purpose, or

(c) of his own motion, in the case of a society which-

(i) has not commenced working, or

(ii) has ceased working, or

(iii) possesses shares or members' deposits not exceeding five hundred rupees, or

(iv) has ceased to comply with any conditions as to registration and management in this Act or the rules or the by laws.

(a) to institute and defend any suit and other legal proceedings, civil or criminal, on behalf of the society, in the name of his office;

(b) to carry on the business of the society, so far as may be necessary for the beneficial winding up of the same;

(c) to sell immovable and movable property and actionable claims of the society by public auction or private contract, with power to transfer the whole or part thereof to any person or body corporate, or sell the same in parcels;

[(c-i) to transfer by sale assets valued at market price to a society registered with similar objects or to Government undertaking which carries on the same business as of the society under liquidation;

(c-ii) to lease to other societies or to Government undertaking, with prior approval of the Registrar, the property of the society to run the same business as that of the society under liquidation;]

(d) to raise, on the security of the assets of the society, any money required;

(e) to investigate all claims against the society and, subject to the provisions of the Act, to decide questions of, priority arising out of such claims, and to pay any class or classes of creditors in full or rateable according to the amount of such debts, the surplus being applied in payment of interest from the date of liquidation at a rate to be approved by the Registrar, but not exceeding the contract rates;

(f) to make any compromise or arrangement with creditors or persons claiming to be creditors or having or alleging themselves to have any claims, present or future, whereby the society may be rendered liable;

(g) to compromise all calls or liabilities to calls and debts and liabilities capable of resulting in debts, and all claims present or future, certain or contingent, subsisting or supposed to subsist between the society and a contributory or alleged contributory or other debtor or person apprehending liability to the society, and all questions in any way relating to or affecting the assets or the winding up of the society, on such terms as may be agreed, and take any security for the discharge of any such call, liability, debt, or claim, and give a complete discharge in respect thereof;

(h) to determine, from time to time, after giving an opportunity to answer the claim, the contribution to be made or remaining to be made by the members or past members or by the estates, nominees, heir or legal representatives of deceased members, or by any officer, past officer or the assets of the society, such contribution being inclusive of debts due from such members or officers;

(i) to issue requisitions under section 98;

[(j) to refer or to get referred any dispute to the Co-operative Court for decision;]

(k) to determine by what persons and in what proportion the costs of the liquidation shall be borne;

(l) to fix the time or times within which the creditors shall prove their debts and claims or be included for the benefit of any distribution made before those debts or claims are proved;

(m) to summon and enforce the attendance of witnesses and to compel the production of any books, accounts, documents, securities, cash or other properties belonging to or in the custody of the society by the same means and in the same manner as is provided in the case of a Civil Court under Code of Civil Procedure, 1908;

(n) to do all acts, and to execute in the name and on behalf of the society, all deeds, receipts and other documents as may be necessary to such winding up;

(o) to take such action as may be necessary under section 19, with the prior approval of the Registrar, if there is reason to believe that the society can be reconstituted.

(a) an object of public utility and of local interest as may be recommended by the members in general meeting held under the preceding section;

(b) a federal society with similar objects to which the cancelled society was eligible for affiliation or, where no federal society exists, the State federal society which may be notified in this behalf by the State Government; and

(c) any charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890.

[Chapter X-A]

Insured Co-Operative Bank

(a) There shall be a [District Co-operative Agriculture and Rural Multi-purpose Development Bank] for each District excluding the City of Bombay District and Bombay Suburban District.

(b) Every [District Co-operative Agriculture and Rural Multi-purpose Development Bank] shall consist of [* * *]

[(i) not more than twenty-one delegates, to be elected from Talukas in a District including the delegates from reserved categories, one from the persons belonging to the Schedule Castes or Schedule Tribes, one from the persons belonging to Other Backward Classes, one from the persons belonging to De-notified Tribes (Vimukta Jatis) or Nomadic Tribes or Special Backward Classes and two women, who shall be elected from the District;].

[(i-a) * * *]

(ii) [* * *];

(iii) the Divisional Officer of the [State Co-operative Agriculture and Rural Multi-purpose Development Bank] of the concerned division, ex-officio',

[(iv) the Manager of the District Co-operative Agriculture and Rural Multi-purpose Development Bank, ex-officio];

(c) [* * *];

(d) Save as otherwise provided in this section, every election to elect delegates [and members] [shall be conducted by the State Co-operative Election Authority:]

(a) The delegates [and members] elected in accordance with the provisions of [clause (d)] of sub-section (1) of section 112A [and sub-section (1) of section 112AA] shall, for the purposes of section 72, constitute the general body of members of the [State Co-operative Agriculture and Rural Multi-purpose Development Bank]

(b) The committee of the [State Co-operative Agriculture and Rural Multi-purpose Development Bank] shall consist of the following members, namely:-

[(i) twenty one members to be elected from amongst the Chairmen of all Districts, including five reserved seats, one from the persons belonging to the Schedule Castes or Schedule Tribes, one from the persons belonging to Other Backward Classes, one from the persons belonging to De-notified Tribes (Vimukta Jatis) or Nomadic Tribes or Special Backward Classes and two women];

(ii) (A) [* * *]

(B) [* * *]

(iii) to (vii) [* * *];

(a) where debentures are issued against mortgages [instruments of hypothecation, guarantees, pledge or charge] held, the aggregate of-

(i) the amounts due on the mortgages; [and any or all of the aforesaid instruments].

(ii) the value of the properties and other assets transferred or deemed to have been transferred under section 121 by the, [District Co-operative Agriculture and Rural Multi-purpose Development Banks] to the [state Co-operative Agriculture and Rural Multi-purpose Development Bank] and subsisting as such time; and

(iii) The amounts paid under the mortgages [and the other instruments] aforesaid and the unsecured amounts remaining in the hands of the [State Co-operative Agriculture and Rural Multi-purpose Development Bank] or the Trustee at the time;

(b) Where debentures are issued otherwise than on mortgages [or the instruments aforesaid] held, the total amount as calculated under clause (a) increased by such portion of the amount obtained on the debentures as is not covered by a mortgage, [instruments of hypothecation, guarantee, pledge or charge.].

(a) that the work described or the purpose for which the loan is granted, is an improvement or productive purpose, [or for the purpose of dwelling house in rural area], as the case may be, within the meaning of section 111;

(b) that the person had at the date of the order a right to make such an improvement or incur expenditure for the productive purpose, [or for the purpose of dwelling house in rural area], as the case may be; and,

(c) that the improvement is one/benefiting the land [or such dwelling house] specified and productive purpose [or for the purpose of dwelling house in rural area], concerns the land [or such dwelling house] offered in security, or any part thereof as may be relevant.

(a) the [Co-operative Agriculture and Rural Multipurpose Development Bank] has been previously authorised to exercise the power conferred under this subsection after hearing the objections, if any, of the debtor or debtors,

(b) notice in writing requiring payment of sum debt or loan money or part thereof has been served upon -

(i) the debtor or each of the debtors,

(ii) any person who has any interest in or charge upon such property or upon the right to redeem the same as far as it known to the bank,

(iii) any surety for the payment of the debt or loan or any part thereof, and

(iv) any creditor of the debtor who has in a suit for administration of his estate obtained a decree for sale of concerned property, and

(c) default has been made in payment of such debt or loan or part thereof, for three months after service of the notice.

(a) from the mortgagor [or the debtor] to the [Co-operative Agriculture and Rural Multipurpose Development Bank] may be adjusted, and

(b) from any member or past member or whom the mortgagor [or the debtor] is indebted may also be adjusted under the written authority given by such member and past member, and after holding such inquiry as may be deemed necessary.

(b) Where the property sold is in the occupancy of a tenant or other person entitled to occupy the same, and a certificate in respect thereof has been granted under the foregoing sub-section, the Collector shall, on the application of the purchaser and after notice to such tenants or other persons, order the delivery to be made by affixing copy of the certificate of sale in a conspicuous place on the property and proclaiming to the occupant by beat of drum or other customary mode at some convenient place that the right, title and interest of the mortgagor have been transferred to the purchaser.

(a) from the borrower-as if they were arrears of land revenue due by him;

(b) out of the land for benefit of which the loan has been granted-as if they were arrears of land revenue due in respect of that land;

(c) from a surety (if any)-as if they were arrears of land revenue due by him;

(d) out of the property comprised in the collateral security (if any) - according to the procedure for the realisation of and revenue by the sale of immovable property other than the land on which the revenue is due.

(a) for the inspection of the account books and proceedings of [Co-operative Agriculture and Rural Multipurpose Development Bank];

(b) for the submission of returns and reports by such banks in respect of their transactions;

(c) for the periodical settlement of accounts between such banks and the [State Co-operative Agriculture and Rural Multipurpose Development Bank] being accounts relating to the payment of the amounts recovered by such banks on mortgages transferred to the [State Co-operative Agriculture and Rural Multipurpose Development Bank];

(d) for the form in which applications to such banks for loans shall be made and for the valuation of properties offered as security for such loans;

(e) for the investment of moneys realised from the mortgagors;

(f) the conditions of service of employees of such banks;

(g) the programme and policy to be followed by such banks for making loans;

(h) the types and extent of security to be obtained by such banks of advancing loans;

(i) generally, for the purpose of safeguarding the interest of the parties furtherance of activities of such banks, and carrying out the purposes of this Chapter.

[Chapter XI-1A

(a) "non-agricultural co-operative credit society" means a society, the primary object of which is to provide credit to its members and accept deposits from members and includes,-

(i) an urban credit co-operative society ;

(ii) a rural non-agricultural credit co-operative society ;

(iii) a salary earners' credit co-operative society ; and

(iv) any other society or class of societies, which the State Government may, by general or special order published in the Official Gazette, from time to time, specify in this behalf ;

(b) "the Maharashtra State Non-agricultural Co-operative Credit Societies Regulatory Board" or "the Regulatory Board" means the Board constituted under section 144-13A ;

(c) "Stabilization and Liquidity Support Fund" means the Stabilization and Liquidity Support Fund created under section 144-25A.

(a) borrowing, raising or accepting deposits from members, lending or advancing of money either upon or without security, negotiating loans and advances, providing safe deposit vaults by itself to members ;

(b) managing, selling and realizing any property which may come in possession of such non-agricultural co-operative credit society in satisfaction or part satisfaction of any of its claims ;

(c) acquiring, holding and generally dealing with any property or any right, title or interest in any such property which may form the security or part of security for any loans or advances or which may be connected with any such security ;

(d) acquisition, construction, maintenance and alteration of any building or works necessary or convenient for the purpose of the nonagricultural co-operative credit society ;

(e) selling, improving, managing, developing, exchanging, leasing, mortgaging, disposing of or turning into account or otherwise dealing with all or any part of the property and rights of the non-agricultural co-operative credit society ;

(f) acquiring and undertaking the whole or any part of the business of any member of the non-agricultural co-operative credit society for the purpose of recovery of loan advanced to such member, when such business is of a nature specified in this section ;

(g) doing all such other things as are incidental or conducive to the promotion or advancement of the business of the non-agricultural cooperative credit society ;

(h) undertaking functions itself or seek assistance for asset reconstruction with previous sanction of the Registrar in accordance with law for the time being in force ;

(i) any other form of business which the State Government may, by notification in the Official Gazette, specify as a form of business in which it is lawful for a non-agricultural co-operative credit society to engage.

(a) grant any loans or advances on the security of its own shares as per section 44 ;

(b) enter into any commitment for granting any loan or advance to or on behalf of,-

(i) any of its present directors and his family members except against his own fixed deposits or those held in the name of the family member in the same society, where he is the director or against adequate and clear security furnished by him;

(ii) any firm or company in which any of the directors and his family member is interested as owner, partner, manager, guarantor or major shareholder or in which he holds any interest.

(a) any of its past and present Director and his family members ; or

(b) any firm or company in which any of its past and present Director or his family member is interested as director, partner, managing agent or guarantor or major shareholder or in which he holds any interest.

(a) The Registrar, who shall be the Chairman of the Regulatory Board ;

(b) an officer not below the rank of Additional Registrar appointed by the Registrar ;

(c) two retired officers, not below the rank of Deputy General Manager from any co-operative bank to be nominated by the State Government,-

(i) who shall have an experience of at least ten years as officer not below the rank of Deputy General Manager of bank and no disciplinary or any other legal action was taken against them ; and

(ii) one of them shall be retired from the service of bank whose area of operation is entire State and other shall be retired from the service of bank whose area of operation is less than the State ;

(d) one Chartered Accountant, whose name appears on the panel of auditors kept by the Registrar, and having at least ten years of experience of auditing of non-agricultural co-operative credit societies, to be nominated by the State Government ;

(e) four representatives of the non-agricultural co-operative credit societies, who have been awarded "A" audit class in last three consecutive years, to be nominated by the State Government,-

(i) who shall have an experience of at least ten years as director of non-agricultural co-operative credit society and shall not be ineligible for being a member or being appointed or nominated or co-opted or elected as a member of committee of any society as specified in section 73CA ; and

(ii) one of them shall be director of society whose area of operation is the entire State; one of them shall be director of society whose area of operation is not less than a district; and two of them shall be director of society whose area of operation is less than a district.

(a) becomes an insolvent; or

(b) is convicted and sentenced to imprisonment for an offence which in the opinion of the Government involves moral turpitude ; or

(c) becomes of unsound mind, and stands so declared by a competent authority; or

(d) refuses to act or becomes incapable of acting as the member; or

(e) becomes ineligible for being a member or being appointed or nominated or co-opted or elected as a member of committee of any society as specified in section 73CA.

(a) the maximum amount of deposit that can be collected from an individual member by a society ;

(b) the maximum and minimum rates of interest for deposits and secured and unsecured loans ;

(c) the upper limit up to which loan could be granted to an individual member and all his connected accounts ;

(d) the maximum limit to be maintained by the non-agricultural cooperative credit society by way of cash reserve ;

(e) the rate of contribution to be made by non-agricultural cooperative credit society to the Stabilization and Liquidity Support Fund and its periodicity which may be annual or otherwise ;

(f) the criteria for a society to be eligible to receive support for the refund of deposit from the Stabilization and Liquidity Support Fund ;

(g) the maximum limit of expenditure permitted to be incurred by non-agricultural co-operative credit society, on its administrative and establishment expenses.

(a) the classification of non-performing asset ;

(b) the minimum educational qualification and training for being eligible to be appointed as Chief Executive Officer and other officers and staff of society ;

(c) the eligibility criteria for a society which may contribute to the Stabilization and Liquidity Support Fund ;

(d) the recognition of one or more companies or societies to function as asset reconstruction company or otherwise in accordance with law for the time being in force ;

(e) general guidelines on those matters which the Regulatory Board may deem fit and require to issue from time to time in the interest of the non-agricultural co-operative credit societies.

(a) impose restrictions on any non-agricultural co-operative credit society for refund of deposit and or its withdrawal, till such date as may be specified;

(b) issue orders when a society shall not accept any more and further deposits, till it complies with certain conditions as related to Statutory Liquidity Ratio and Cash Reserve Ratio or any other condition; or

(c) modify or cancel any moratorium or direction issued under subsection (1), and in so modifying or cancelling any moratorium or direction, may impose such conditions as he may deem fit, subject to which the modification or cancellation shall have effect.

(a) to pass order, to sanction and draw and pay an amount from the Stabilization and Liquidity Support Fund to an eligible society to maintain statutory liquidity ratio as prescribed by the Regulatory Board, at such rate of interest, schedule of repayment, as stated in the order ;

(b) to pass order, to sanction and draw an amount from the Stabilization and Liquidity Support Fund to pay deposit of members of a non-agricultural co-operative credit society which is taken into liquidation after the date of commencement of the settlement ;

(c) to frame such regulations as are necessary for providing support or assistance for repayment of deposit by the liquidator. The Regulatory Board shall be competent to decide the quantum of assistance or amount of support, as the case may be, subject to the amount notified by the State Government in the Official Gazette, from time to time Government.

(a) where the contravention is of the nature referred to in section 144-5A or section 144-24A, a penalty not exceeding twice the amount of the deposits in respect of which such contravention was made ;

(b) where the contravention or default is of the nature referred to in sub-section (1) of section 144-9A or section 144-10A, a penalty not exceeding fifty thousand rupees or twice the amount involved in such contravention or default where such amount is quantifiable, whichever is more; and where such contravention or default is a continuing one, a further penalty which may extend to twenty-five thousand rupees; for everyday, after the first, during which the contravention or default continues.

[Chapter XI-A

Elections of Committees and Officers of Certain Societies]

[Deleted]

Chapter XII

Offences And Penalties

(a) any member of a society transfers any property or interest in property in contravention of sub-section (2) of section 47 or any person knowingly acquires, or abets in the acquisition of, such property;

(b) any employer and every director, manager, secretary or other officer or agent acting on behalf of such [employer who without any sufficient cause fails to pay a co-operative society amount deducted by him from its employee within a period of fourteen days from the date on which such deduction is made, and also any person who,], without sufficient cause, fails to comply with sub-section (2) of section 49; or

(c) a committee of a society or an officer or member thereof fails to invest funds of such society in the manner required by section 70; or

(d) any person, collecting share money for a society in formation, does not within a reasonable period deposit the same in the State Co-operative Bank, or a Central Co-operative Bank, or an Urban Co-operative Bank or a Postal Savings Bank; or

(e) any person, collecting the share money for a society in formation, makes use of the funds/so raised for conducting any business or trading in the name of society to be registered or otherwise; or

(e-1) any person, who collects share money or any other sum by misrepresentation to the members or prospective members in the name of the society to be registered, or after registration of a society by such misrepresentation, or otherwise; or

(e-2) any person, knowingly gives a false certificate in whatever form showing that a person is or is not a "defaulter" within the meaning he of that expression in the Explanation to clause (i) of sub-section (1) of [section 73CA]; or;].

(f) a committee of a society, or an officer or member thereof, fails to comply with the provisions of sub-sections (2), [(2A),] (3) or (4) of section 75; or

(g) [a co-operative society or an officer or member thereof wilfully makes a false return or fails to furnish a return under section 75 or 79 of the Act, or furnishes false information or wilfully fails to furnish any information required from him by a person holding an inquiry under section 83, person authorised under section 88 or as required under any provisions of this Act,] any officer or member of a society who is in possession of information, books and records, fails to furnish such information or produce books and papers, or give assistance to a person appointed or authorised by the State Government or the Registrar under section [77A, 78, 78A, 81, 83, 84, 88, 89A, 94, 103 or 110A;]; or

[(h) any officer or custodian who wilfully fails to handover custody of books, accounts, documents, records, cash, security and any other property belonging to a co-operative society of which he is an officer or custodian, to an authorised person or, to a person appointed under sections 77A, 78, 78A, 103 or 110A, or any other person appointed under this Act; or

(h-1) a committee of a society or an officer or member thereof involved in corrupt practices during the election; or]

(i) a committee of a society with a working capital of fifty thousand rupees or more, or any officer or a member thereof, fails without any reasonable excuse to give any notice, send any return or document, do or allow to be done anything which the committee, officer or member is by this Act required to give, send, do or allow to be done or comply with orders made under section 79; or

(j) [any person, wilfully or without any reasonable excuse disobeys any summons, requisition or lawful written order issued under sections 81, 83, 88, or any other provisions of the Act; or] a committee of a society or an officer or member thereof wilfully neglects or refuses to do any act, or to furnish any information required for the purposes of this Act by the Registrar, or other person duly authorised by him in writing in this behalf; or

(k) a committee of a society, or an officer or member thereof, wilfully makes a false return, or furnishes false information, or fails to maintain proper accounts; or

(l) any officer, member agent or servant of a society fails to comply with the requirements of sub-section (4) of section 81; or

[(l-1) the Committee fails to submit audit rectification report to the Registrar and the annual general body meeting as per section 82; or]

(m) any officer or a member of a society wilfully fails to comply with decision, award or order passed under section [96]; or

(n) a member of a society fraudulently disposes of property over which the society has a prior claim, or a member or officer or employee or any person disposes of his property by sale, transfer, mortgage, gift or' otherwise, with the fraudulent intention of evading the dues of the society; or

(o) any officer of a society wilfully recommends or sanctions for his own personal use or benefit or for the use or benefit of a person in whom he is interested, a loan in the name of any other person; or

(p) any officer or member of a society destroys, mutilates, tampers with, or otherwise alters, falsifies or secrets or is privy to the destruction, multilation, alteration, falsification or secreting of any books, papers or securities or makes, or is privy to the making of any false or fraudulent entry in any register, book of account or document belonging to the society; or

[(p-1) in case of non-agricultural co-operative credit society, in addition to above,-

(viii) the society fails to contribute towards the Stabilization and Liquidity Support Fund as per the provision of section 144-26A ; or.]

[(p-2) any officer or past officer or Member or past Member of the Committee of the housing society fails to supply the copies of the documents as provided under sub-section (2) of section 154B-8 ; or]

(q) any officer or member of a society or any person does any act declared by the rules to be an offence.

(a) if it is an offence under clause (a) of that section, with imprisonment for a term which may extend to six months, or with fine which may extend to [five thousand rupees], or with both;

(b) if it is an offence under clause (b) of that section, with imprisonment for a term which may extend to [three years], or with fine which may extend to [fifteen thousand rupees], or with both;

(c) if it is an offence under clause (c) of that section, with fine which may extend to [five thousand rupees];

(d) if; it is an offence under clause (d) of that section, with fine which may extend to [five thousand rupees];

(e) if it is an offence under clause (e) of that section, with imprisonment for a term which may extend to one year, or with fine, or with both;

(e-1) if it is an offence under clause (e-1) of that section, with imprisonment of a term which may extend to three years, or with fine which may extend to [fifteen thousand rupees], or with both;

(e-2) if it is an offence under clause (e-2) of that section, with imprisonment of a term which may extend to three years, or with fine which may extend to [fifteen thousand rupees], or with both;].

(f) if it is an offence under clause (f) of that section, with fine which may extend to [five thousand rupees];

(g) if it is an offence under clause (g) of that section, with fine which may extend to [five thousand rupees];

(h) if it is an offence under clause (h) of that section, with fine which may extend to [five thousand rupees];

[h-1) if it is an offence under clause (h-1) under that section, with fine which may extend to five thousand rupees;]

(i) if it is an offence under clause (i) of that section, with fine which may extend to [five thousand rupees];

(j) if it is an offence under clause (j) of that section, with imprisonment for a term which may extend to one month, or with fine which may extend to [five thousand rupees], or with both;

(k) if it is an offence under clause (k) of that section, with imprisonment for a term which may extend to one year, or with fine which may extend to [ten thousand rupees], or with both;

(l) if it is an offence under clause (l) of that section, with fine which may extend to [one thousand rupees];

[(l-1) if it is an offence under clause (l-1) under that section, with fine which may extend to five thousand rupees;]

(m) if it is an offence under clause (m) of that section, with imprisonment for a term which may extend to six months, or with fine which may extend to [five thousand rupees], or with both;

(n) if it is an offence under clause (n) of that section, with imprisonment for a term which may extend to six months, or with fine which may extend to [five thousand rupees] or with both;

(o) if it is an offence under clause (o) of that section, with imprisonment for a term which may extend to two years, or with fine, [which may extend to ten thousand rupees,] or with both;

(p) if it is an offence under clause (p) of that section, with imprisonment for a term which may extend to three years, or with fine, [which may extend to fifteen thousand rupees,] or with both;

[(p-1) if it is an offence under clause (p-1) of that section, with fine which may extend to twenty-five thousand rupees, or with imprisonment for a term which may extend to three years, or with both.]

[(p-2) if it is an offence under clause (p-2) of that section, with fine of rupees one hundred per day after the expiry of peried as provided in subsection (2) of section 154B-8, which may extend to five thousand rupees;]

(q) if it is an offence under clause (q) of that section, with fine which may extend to [one thousand rupees].

Chapter XIII

Appeals, Review and Revision

(a) if made or sanctioned or approved by the Registrar, or the Additional or Joint Registrar on whom the powers of the Registrar are conferred, to the State Government,

(b) if made or sanctioned by any person other than the Registrar, or the Additional or Joint Registrar on whom the powers of the Registrar are conferred, to the Registrar:

[Chapter XIII-A

(a) to advise the State Government on all matters relating to co-operative movement;

(b) to review the co-operative movement and to suggest ways of coordinating the activities of co-operative societies in the State;

(c) to suggest ways and means to remove the difficulties experienced by the co-operative societies;

(d) to report to the State Government on such matters as may be referred to it by the State Government;

(e) to recommend the plans and policies for the development of cooperative movement in the State;

(f) to evaluate existing schemes and suggest new schemes for co-operative development especially for the development of backward classes and economically 'weaker sections of the society;

(g) to advise the State Government for the implementation of special scheme of economic development through co-operative methods; and

(h) to undertake studies for any of the purposes aforesaid either through department or specialised bodies.

(a) the calling of the meetings of the Council and the procedure at such meetings.

(b) duties of the Secretary to the Council,

(c) sub-committee or committees of the Council,

(d) the term of office of members of the Council and travelling and daily allowances admissible to the members of the Council.]

[Chapter XIII-B]

Co-Operative Housing Societies

(1) "allotee" means a Member of a housing society to whom a plot of land or a site, or a flat in a building or complex held by it, is allotted by the co-operative society, or a person who has purchased a flat from the developer or competent authority and joined as a Member of the society ;

(2) "Architect" means a person registered as an architect under the provisions of the Architects Act, 1972 (Mah. 20 of 1972);

(3) "Association of society" means an association of,-

(a) not less than five registered co-operative housing societies, and

(b) in which the voting rights are so regulated that the Members which are housing societies have not less than four-fifths of the total number of votes in the general meeting of such society;

(4) "Auditor" means a person or an auditing firm who or which has been empanelled on the panel approved by the State Government under sub-section (1) of section 81 ;

(5) "Builder promoter" means,-

(i) a person who constructs or causes to be constructed an independent building or a building consisting of flats, or converts an existing building or a part thereof into flats including the redevelopment of building or buildings, for the purpose of selling all or some of the flats to other persons and includes his assignees ; or

(ii) a person who develops land into a project, whether or not the person also constructs structures on any of the plots, for the purpose of selling to other persons all or some of the plots in the said project, whether with or without structures thereon ; or

(iii) any development authority or any other public body in respect of allottees of,-

(a) buildings or flats, as the case may be, constructed by such authority or body on lands owned by it or placed at its disposal by the Government ; or

(b) plots owned by such authority or body or placed at its disposal by the Government, for the purpose of selling all or some of the flats or plots ; or

(iv) an apex State level co-operative housing finance society and a primary co-operative housing society which constructs flats or buildings for its Members or in respect of the allottees of such flats or buildings ; or

(v) any other person who acts himself as a builder, coloniser, contractor, developer, estate developer or by any other name or claims to be acting as the holder of a power of attorney from the owner of the land on which the building or flat is constructed or plot is developed for sale ; or

(vi) such other person who constructs any building or apartment for sale to the general public ;

(6) "Chief promoter" means a promoter who has been elected so in the meeting of promoters for registration of a housing or premises society ;

(7) "Corpus fund" means payment received or receivable by the society from the developer in lieu of surrendering its development rights of plot by way of registered document or contributed by Members for any purpose as decided in general meeting ;

(8) "Co-operative Housing Association" means association of housing societies or other legal bodies for the purpose of maintenance of common amenities or conveyance of land and common amenities in respect of plot or layout ;

(9) "Committee" means the managing Committee or other governing body of a society to which the direction and control of the management of the affairs of a society is entrusted to ;

(10) "Committee Member" means a Member of the society who has been elected or co-opted or nominated in accordance with this Act, rules and bye-laws of the society ;

(11) "defaulter" means a Member or flat owner or occupier who fails to pay the dues of the society within three months from the date of service of bill or notice or due date of payment, whichever is later ;

(12) "dues" means the amount payable by a Member or flat owner to the society and demanded by the society by issuing bill or notice in writing and such demand is based on the provisions of this Act, rules and bye-laws of the society ;

(13) "Flat" means block, chamber, dwelling unit, apartment, office, showroom, shop, godown, premises, suit, tenement, unit or by any other name, means a separate and self-contained part of any immovable property, including one or more rooms or enclosed spaces, located on one or more floors or any part thereof, in building or on a plot of land, used or intended to be used for any residential or commercial use such as residence, office, shop, showroom or godown or for carrying on any business, occupation, profession or trade, or for any other type of use ancillary to the purpose specified ;

(14) "General Body" means all the Members of the society ;

(15) "General Meeting" means meeting of General Body called and conducted in view of the provisions of this Act, rules and bye-laws ;

(16) "Housing Federation" means the State or District Federal Society notified by the Government in the Official Gazette to be the representative of the registered Housing Societies of the specified areas notified by the Government, from time to time ;

(17) "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 and to demolish existing buildings and reconstruct or to construct additional tenements or premises by using potential of the land ;

(a) "tenant ownership housing society" means a society the object of which is to allot the plots to its Members to construct the dwelling unit or flats thereon or to allot the dwelling units already constructed and where land is held either on lease hold or free hold basis by the society and houses are owned or to be owned by the Members ;

(b) "tenant co-partnership housing society" means a society the object of which is to allot the flats already constructed or to be constructed to its Members and where both land and building or buildings are held either on free-hold or lease-hold basis by the society ; and

(c) "other housing societies" means the house mortgage cooperative societies, house construction co-operative housing societies and premises co-operative societies where all the units are offices or commercial galas ;

(18) "Member" means a person joining in an application for the registration of a housing society which is subsequently registered, or a person duly admitted to Membership of a society after its registration and includes associate or joint or provisional Member ;

(a) "Associate Member" means husband, wife, father, mother, brother, sister, son, daughter, son-in-law, daughter-in-law, nephew, niece a person duly admitted to Membership of a housing society on written recommendation of a Member to exercise his rights and duties with his written prior consent and whose name does not stand in the share certificate ;

(b) "Joint Member" means a person joining in an application for the registration of a housing society jointly, which is subsequently registered or a person who is duly admitted to Membership after its registration and who holds share, right, title and interest in the flat jointly but whose name does not stand first in the share certificate ;

(c) "provisional Member" means a person who is duly admitted as a Member of a society temporarily after death of a Member on the basis of nomination till the admission of legal heir or heirs as the Member of the society in place of deceased Member ;

(19) "Officer" means a person elected or appointed by a society to any office according to its bye-laws ; and includes any office bearer such as a chairperson, vice-chairperson, president, vice-president, secretary, joint secretary, treasurer, joint treasurer, Member of the Committee, manager and any other person, by whatever name called, elected or appointed under this Act, the rules or the bye-laws, to give directions in regard to the business of such society ;

(20) "person" includes,-

(i) an individual, who is competent to contract under the Indian Contract Act, 1872, (Mah. 9 of 1972)

(ii) the State Government,

(iii) the Central Government,

(iv) a Hindu Undivided Family,

(v) a company registered under the law for the time being in force,

(vi) a firm registered under the Indian Partnership Act, 1932 (Mah. 9 of 1932) or the Limited Liability Partnership Act, 2008 (Mah. 6 of 2009),

(vii) local authority,

(viii) an association of persons or body of individuals whether incorporated or not,

(ix) a co-operative society registered under any law relating to co-operatives,

(x) a public trust or family trust formed in accordance with a relevant provisions of law,

(xi) any legal body which can hold the immovable property, and

(xii) any entity as may be notified by the State Government, from time to time ;

(21) "Plot" means a piece of land numbered and shown as one plot in a layout sanctioned or to be sanctioned ;

(22) "Promoter" means a person intending to become a Member of a proposed society and who becomes the Member on its registration ;

(23) "Proposed society" means the society the proposal of which is submitted by the builder promoter or by the chief promoter to the Registrar and which has been granted permission for reservation of name and opening account in bank in its name.

(i) ensure the effective and active participation of the Members in the management of the society ;

(ii) groom talented employees for effective management ;

(iii) develop professional skills through co-operative education and training.

(b) The Co-operative Education and Training Fund shall be used for the purpose of promotion of co-operative movement in the State by way of education of the Members and training of officers of the co-operative societies on co-operative principles and management practices, and for the training and incidental expenses borne by the institutions notified under sub-section (1).

(c) The Co-operative Education and Training Fund shall be administered, utilised, maintained and audited, in the manner as may be prescribed, by such Authority or the Institution as may be notified by the State Government, in this behalf.

(a) the dues of housing society are paid ;

(b) the transferee applies and acquires Membership of the cooperative housing society in due course of time :

(ii) Member shall vacate the flat when required for redevelopment of the building or buildings of the society as decided in its general meeting.

(iii) Member shall perform his duties as provided in this Act, rules and bye-laws.

(a) in a District Central Co-operative Bank, the State Co-operative Bank, having awarded at least "A" Audit Class in last three consecutive years, if no such Central Co-operative Bank is available in district, then any Nationalised Bank ;

(b) in any of the securities specified in section 20 of the Indian Trusts Act, 1882 (Mah. 2 of 19823);

(c) in the shares, or security bonds, or debentures, issued by any other society with limited liability ;

(d) in any other mode permitted by the rules, or by general or special order issued in that behalf by the State Government.

(a) one Member belonging to the Scheduled Castes or Scheduled Tribes ;

(b) one Member belonging to the Other Backward Classes ; and

(c) one Member belonging to the De-notified Tribes (Vimukta Jatis), Nomadic Tribes or Special Backward Classes.

(a) a general or special order, if any, issued by the State Government under section 73-B as it existed before the date of commencement of the Maharashtra Co-operative Societies (Amendment) Act, 1983 (Mah. XLV of 1983), shall be deemed to have been issued under sub-section (1) of this section and shall continue to be in force until duly repealed or amended ;

(b) the expression "Scheduled Castes" includes "Nav-Boudhas" ;

(c) the expression "Other Backward Classes, De-notified Tribes (Vimukta Jatis) and Nomadic Tribes and Special Backward Classes" means such classes or parts of or groups within such classes as are declared, from time to time, by the State government to be Other Backward Classes, De-notified Tribes (Vimukta Jatis) and Nomadic Tribes and Special Backward Classes.

(i) if he is a defaulter of any society, or

(ii) if he carries on business of letting, subletting and selling of flats in the housing society of which he is a Member, or

(iii) if he has been held responsible under section 79, 88,154 B-8(2) or 154B-27 or for payment of cost of enquiry under section 85, or

(iv) if he has incurred any disqualification under this Act or the rules made thereunder, or

(v) if he incurs any of the disqualification similar to that mentioned in the provisions of clause (vii), (viii) or (ix) of clause (f) of sub-section (1) of section 73CA.

(i) within the time provided in this Act, rules or the bye-laws or in the order, as the case may be ;

(ii) where no time is provided, within such time having regard to the nature and extent of the action to be taken as the Registrar may specify by notice in writing, the Registrar may himself or through a person authorized by him take such action or execute such order at the expense of the society and such expenses shall be recoverable from the responsible officer of the society as if it were arrears of land revenue :

(i) arranging seminars on issues related to housing societies ;

(ii) imparting training to the persons to be appointed as managers or special recovery officers and to the Members and officers of housing societies ;

(iii) any other purpose as may be notified by the Government from time to time.

(ii) The Registrar suo motu or on an application may remove such person from the panel maintained by Federation who,-

(a) has doubtful integrity, or

(b) has been convicted, or

(c) has been declared mentally incapable, or

(d) has misused his position while rendering his services, or

(e) failed to discharge his duties :

(iii) Required qualifications for the Auditors, Managers and Special Recovery Officers shall be decided by the Registrar, from time to time.

(iv) Every notified Housing Federation shall apply to the Registrar for delegation of necessary powers to the persons so trained as special recovery officer for recovery of the dues of the affiliated societies.

(i) appoint Special Recovery Officer from such panel for execution of Recovery Certificates or Recovery Orders or decrees ; and

(ii) appoint manager from such panel for maintaining records and books of accounts of the society.

Chapter XIV

Miscellaneous

(a) any amount due under a decree or,order of a Civil Court obtained by a society;

(b) any amount due under a decision, award or order of the Registrar, [Co-operative Court] or Liquidator or [Co-operative Appellate Court];

(c) any sum awarded by way of costs under this Act,

(d) any sum ordered to be paid under this Act as a contribution to the assets of the Society;

[(e) any amount due under a certificate granted by the Registrar under subsection (1) or (2) of section 101 or under sub-section (1) of section 137 [or section 154B-29];]

(a) the registration of a society or its bye-laws, or the amendments of its bye-laws, or the dissolution of the committee of a society, or the management of the society on dissolution thereof; or

(b) any dispute required to be referred to [the Co-operative Court,] for decision;

(c) any matter concerned with the winding up and dissolution of a society.

[(i) subject to the provisions of section 3, prescribe the designation of officers who shall exercise powers vested in the Registrar;]

(ii) prescribe the forms to be used and the conditions to be complied with it, the making of applications for the registration of a society under section 8 and the procedure in the matter of such application;

(iii) prescribe the matter in respect of which a society may make, or the [Co-operative court] may direct a society to make, by-laws and the conditions to be followed in making, altering and abrogating by-laws and the conditions to be satisfied prior to such making, alteration or abrogation;

(iv) prescribe the procedure to be followed and conditions to be observed for change of name or liability, amalgamation, transfer, division, conversion, or reconstruction of society;

(v) prescribe the form of and procedure for an application under section 19 and the procedure for reconstruction of a society under that section;

[(v-a) prescribe the conditions subject to which the Official Assignee shall realise the assets and liquidate the liabilities, under section 21A(3);

(v-c) prescribe the form of application, under section 23(1A);]

[(v-c1) prescribe the period of training and education and the intervals at which such training shall be given; and the different rates at which different societies shall contribute towards the training and education fund under section 24A of the Act;

(v-c2) prescribe the amount of payment to be made to the society by a member in respect of the membership; and the manner of communicating the classification of a member as a non-active member under section 26 of the Act;]

[(v-d) prescribe the manner for entering into collaboration by any society or societies with any Government undertaking or any undertaking approved by Government for carrying on any business;]

(vi) prescribe the conditions to be complied with by a person applying for admission or admitted as a member and provide for the election and admission of members and the payment to be made and the interests to be acquired before the exercise of the right of membership;

(vii) prescribe in the case of a federal society or class of federal societies the proportion of individual members to society members in such society or class of societies and the proportion of individual members to society members in the committee of such society or class of societies;

(viii) subject to the provisions of section 28, prescribe the maximum number of shares or portion of the capital of a society which may be held by a member;

(ix) prescribe the procedure for the admission of joint members, members of a joint Hindu undivided family, and minors and persons of unsound mind inheriting the share or interest of deceased members and provide for their rights and liabilities;

(x) provide for the withdrawal, removal or expulsion of members and for the payments to them and for the liabilities of past members and the estate of deceased members;

(xi) prescribe the conditions and procedure for the transfer of share or interest;

(xii) provide for the nomination of a person to whom the share or the interest of a deceased member may be paid or transferred;

(xiii) provide for ascertaining the value of a share or interest of a past member or deceased member;

(xiv) prescribe the payments to be made and the conditions to be complied with by members applying for loans, the period for which loans may be made, and the amount which may be lent to an individual member;

(xv) provide for the inspection of documents in the Registrar's office and the levy of fee for granting certified copies of the same;

(xvi) provide for the procedure for registering the address of a society and the change of its address;

(xvii) provide for the formation and maintenance of a register of members, and where the liability of members is limited by shares, of a register of shares and a list of members;

(xviii) provide for securing that the share capital of any society shall be variable in such a way as may be necessary to secure that the share shall not appreciate in value and that necessary capital shall-be available for the society as required;

(xix) provide for the procedure to be adopted by a society with limited liability in order to reduce its share capital;

(xx) prescribe the period for and terms upon which Government aid may given to societies and terms under which the State Government may subscribe the share capital of and guarantee the payment of the principal of and interest on debentures issued by societies;

(xxi) regulate the manner in which funds may be raised by a society or class of societies by means of shares or debentures or otherwise and the quantum of funds so raised;

(xxii) prescribe the limits for loans to be granted by a society or class of societies against different class of securities or without security and the procedure for granting loans;

(xxiii) prescribe the manner of recalling a loan;

(xxiv) prescribe the limits for granting credit by a non-credit society or a class of non-credit societies;

(xxv) prescribe the prohibitions and restrictions subject to which societies may trade or transact business with persons who are not members;

(xxvi) prescribe the conditions on which any charge in favour of a society shall be satisfied and the extent to which and the order in which the property to the charge shall be used in its satisfaction;

(xxvii) provide for giving reasonable notice of the charge under section 48;

(xxviii) prescribe the procedure by which a society shall calculate and write off bad debts;

[(xxix) the manner in which a society shall construct its annual financial statements and the other purposes for which a society may appropriate its net profits, under section 65;]

(xxx) provide for the formation and maintenance of reserve fund and the objects to which such fund may be applied and for the investment and use of any fund including reserve fund under the control of a society;

(xxxi) prescribe the conditions under which profits may be distributed as dividend and bonus among the members and non-members of a society;

(xxxii) [* * *];

(xxxii-a) [* * *];

(xxxiii) define the co-operative purpose for which a society shall, under section 69, utilise its fund;

(xxxiv) prescribe the mode of investment of funds of a society under section 70 and the proportion of investment in any security or class of securities;

(xxxv) provide for the payment of contribution to any provident fund which may be established by a society for the benefit of officers and servants employed by it and for the administration of such provident fund;

[(xxxv-a) prescribe the procedure for the election to societies, provide for intimation and making arrangements for holding the elections of the committee to the election authority; to provide for preparation of electoral rolls, for conduct of elections of the society or class of societies, also for classification of societies for this purpose;]

(xxxv-b) [* * * ]

(xxxv-c) prescribe the requisition form and the manner in which the motion of no-confidence can be brought under section 73-ID;

(xxxv-d) [* * *];

[(xxxv-d-1) prescribe the conditions, on which the society may grant permission to a member to carry on the business of the kind carried' on by it, outside its area of operation, under [section 73CA(A1)];]

[(xxv-d-2) prescribe the procedure and manner of holding elections, including the latest technology to be used and the manner of classification of societies for the purposes of elections; and the conditions of service of the State Co-operative Election Commissioner under section 73CB (1), (4), (11) of the Act;]

(xxxv-e) prescribes the body of persons for selection of persons on a panel for appointment, under section 74(2);]

(xxxvi) prescribe the procedure and conditions for the exercise by a federal society, of the powers conferred by this Act;

(xxxvii) provide for general meetings of the members for the procedure at such meetings and the power to be exercised by such meetings-

(xxxviii) prescribe the conditions in which a member of a society may be disqualified from voting;

(xxxix) [provide for the removal and appointment of the committee or its members] and other officers and for the appointment of administrator under section 78 and prescribe procedure at meeting of the committee and or for the powers to be exercised and the duties to be performed by the committee, administrator and other officers;

(xl) prescribe qualifications for members of the committee and employees a society or class of societies [duties to be performed by, and several and liabilities therefor, of such members] and the conditions of service subject to which person may be employed by societies;

[(xl-a) prescribe the amount and nature of security to be furnished by any officers or employees of any society or class of societies who are required to handle cash, securities or property belonging to the society, the maximum amount of cash which may be handled or kept at a time by any officer or employee, and the amount, in excess of which, all payment shall be made by or on behalf of the society by means of a cheque;]

(xli) prescribe the returns to be submitted by a society to the Registrar and provide for the person by whom and the form in which such returns shall be submitted;

(xlii) provide for the persons by whom and the from in which copies of documents and entries in books of societies may be certified and the charges to be levied for the supply of copies thereof;

(xliii) provide for the procedure to be adopted by the Registrar in the cases where the taking of possession of books documents, securities, cash and other properties of a society or of a society the affairs of which have been ordered to be wound up by the Registrar or by a person entitled to the same is resisted or obstructed;

(xliv) provide for the procedure to be adopted for taking possession of books, documents, securities, cash and other property of a society by a person acting under sections 81, 83 and 84 in cases where misappropriation of funds, breach of trust or fraud has been committed, or where it is suspected or apprehended that the books, documents, securities, cash and other properties are likely to be tampered with or destroyed or removed;

(xlv) prescribe the accounts and books to be kept by a society or class of societies [prescribe the form, including electronic form, of accounts and books to be kept by a society or class of societies];

(xlvi) prescribe the procedure for conducting an audit, the matters on which the auditor shall submit a report, the form in which the statement of accounts shall be prepared for his audit, the, limits within which the auditor may examine the monetary transactions of a society, the form of audit memorandum and report and the charges if any, to be paid by a society for audit;

[(xlvii) prescribe the procedure for appointment of auditors under sections 75 and 81 and fees to be paid to such auditors; laying audit reports of Apex Societies before both Houses of the State Legislature; norms of qualifications, experience and disqualifications of an auditor; and form of audit report;]

(xlviii) prescribe the form for the rectification of defects discovered in the course of audit, inspection or inquiry;

(xlix) prescribe the procedure for apportioning the cost of inquiry and inspection and for assessing damages against delinquent promoters under section 88 and for recovery of cost and damages;

(l) prescribe the procedure for apportioning the cost of inquiry and inspection and for assessing damages against delinquent promoters under section 88 and for recovery of cost and damages;

(li) prescribe the manner in which appointment shall be made and control exercised by, and the number of persons comprising, and functions to be performed by, the authority constituted under section 90, the manner of election and nomination of such persons, the fees to be paid to such authority and the manner of such payment and the procedure for and the method of calculating any cost, charges or expenses required to be levied under this Act or the rules;

[(lii) prescribe the qualifications of the members constituting the Co-operative Courts, provide for the terms and conditions of their appointment, prescribe the procedure to be followed in proceedings before [the Co-operative Courts]; [provide for fixing, levying and collecting appropriate fees and expenses for determining the disputes (including expenses incurred by the parties to the proceedings), having regard to the services rendered or to be rendered or any expenditure incurred or likely to be incurred for the machinery set up therefor, provide for delegation of the power of fixing the scale of any such fees and expenses to the Registrar, (and all such fees and expenses being applicable to any disputes and other proceedings which may be pending immediately before commencement of Maharashtra Co-operative Societies (Third Amendment) Act, 1973, or which may be referred to or instituted thereafter), provide for the mode of payment of these fees and expenses whether in the form of court-fee stamps, in cash or in any other manner; and provide, for enforcing the decisions, awards or orders in such proceedings];]

(liii) prescribe the form in which a dispute shall be referred to the [Co-operative Court] [prescribe procedure for transfer of disputes for mediation compromise under section 93(4)];

(liv) provide for the issue and service of processes and for providing of service thereof;

(lv) provide for the investigation of, claims and objections that may be preferred against any attachment effected [under section 95];

(lvi) prescribe the procedure for and the method of recovery of any sums due under this Act or the rules;

(lvii) prescribe the procedure to be followed for the custody of property attached under section 95;

(lviii) prescribe the procedure to be followed in the execution of awards;

(lix) prescribe the manner in which any property shall be delivered to, and the terms and conditions subject to which such property shall be held by, a society under section 100;

[(lix-a) to prescribe the manner in which inquiry is to be made by the Registrar for grant of certificate for recovery under section 101; the form and procedure for the application for grant of such certificate and the fees and documents to be accompanied thereto;] [prescribe form of Statement of Accounts and other documents;]

(lx) prescribe the procedure for attachment and sale of property for the realisation of any security given by a person in the course of execution proceedings;

(lxi) prescribe the procedure and conditions for the exercise of the powers conferred under section 105 and the procedure to be followed by a Liquidator and provide for the disposal of surplus assets;

(lxii) prescribe the matters in which an appeal shall lie from the order of Liquidator appointed under section 103;

(lxiii) prescribe the procedure and conditions for the issue, redemption, reissue, transfer, replacement, or conversion of debentures issued by a society to which Chapter XI is applicable;

(Ixiv) prescribe the maximum amount of principal, rate of interest and other conditions for the guarantee of debentures issued by a society to which Chapter XI is applicable;

(Ixv) prescribe the qualifications and methods of appointment of an officer to effect sale under section 133 and the powers and functions which such an officer may exercise;

(Ixvi) prescribe for the appointment of a receiver of the produce and income of the mortgage property for sale under section 133, the conditions in which he may be appointed or removed, the powers and functions which he may exercise and the expenses of management and remuneration which he may receive;

(Ixvii) prescribe the circumstances in which action may be taken by [an Agriculture and Rural Development Bank] against a mortgagor under section 133(2);

(Ixviii) prescribe, in case of sale of immovable property under Chapter XI-

(a) the procedure for proclamation and conduct of the sale and the conditions on which an attempt of sale may be abandoned;

(b) the method of calculating the expenses incidental to the sale or attempted sale;

(c) the procedure for the receipt of deposit and disposal of the proceeds of sale;

(d) the procedure for a resale if an attempted sale is abandoned or the purchase money is not deposited within the prescribed time and the penalty to be levied against the purchaser who fails so to deposit the purchase money;

(e) the form and method of disposal of money by [an Agriculture and Rural Development Bank] under section 135;

(f) the form of sale certificate under section 136;

(g) the procedure for the delivery by the Court of the property purchased to the purchaser under section 136;

(h) the form of the notice referred to in section 143; and

(i) the fee payable or the service of such notices and the manner of serving such notices on, and of the transmitting landlords' fee to, the landlord named in such notices;

(Ixix) prescribe the time within which and the procedure according to which property purchased by [an Agriculture and Rural Development Bank] at a sale of immovable property under Chapter XI shall be disposed of by the bank;

(Ixx) prescribe the procedure to be followed in presenting and disposing of appeals;

[(lxxi) prescribe the qualifications and the period of office of members of the Co-operative Appellate Court;]

(Ixxii) prescribe in the case of appeals lying to the State Government authority to which power of hearing appeals may be delegated;

(Ixxiii) prescribe the method of communicating or publishing any order, decision or award required to be communicated or published under this Act or the rules;

(ixxiv) provide that the contravention of any of the rules shall be an offence under the Act;

(Ixxv) provide for all other matters expressly required or allowed by this Act, to be prescribed by rules.

Notifications

(i) appoints the Deputy Registrar, Co-operative Societies, Mumbai Metropolitan Region Development Authority, to assist the Registrar of Co-operative Societies, Maharashtra State, Pune;

(ii) confers on him the powers of the Registrar specified against him in column (3) of the said Schedule in respect of Co-operative Housing Societies and premises societies of project affected persons for the Mumbai Metropolitan Region Development Authority Area.

Schedule

A. Housing Loan Reduction of Stamp Duty

Schedule

(M.G. Part IV-B. 601)

B. Housing Loan: 50% Reduction in Stamp Duty from Rs. 1 Lakh to Rs. 10 Lakh

And See

C. Notification No. CSL. 1605/C.R.-1202/15-C, dated the 2nd April, 2005

D. Notification No. CSL. 1504/C.R.-482/15-C, dated the 22nd March, 2005

E. Notification No. Mudrank, 2005/C.R.204/M-1

Revenue and Forests Department Mantralaya, Mumbai 400 032, dated the 4th June, 2005

Schedule

Section 23 of the Banking Regulations Act, 1949 (As applicable to Co-operative Societies)

Issue of post-facto/duplicate licences UBD. No. BL(RO) 3/07.01.00-2001/02 dated 18 July, 2002

F. Transaction in Government Securities IDMC.PDRS No. 5039/03.64.00/2001-02 dated 20 May, 2002

• All entities having a Subsidiary General Ledger (SGL) account with RBI are allowed to open Constituent Subsidiary General Ledger (CSGL) accounts on behalf of their 3H

• Although being non-banks, depositories (NSDL/CDSl) and organisations such as have been provided an additional SGL account to open CSGL accounts on behalf of their clients.

• The cost of postage incurred by the depositories on remitting interest and redemption proceeds is being reimbursed by RBI so as to encourage dematerialised holding and retail participation in Gilts.

• Guidelines have been issued to the banks prescribing the safeguards to be adopted for maintenance of CSGL accounts.

• To impart transparency in Government securities traded by clients (through CSGL accounts), a special feature has been incorporated in the Negotiated Dealing System (NDS) for reporting and settlement of such trades. Provision has also been made in the NDS for giving quotes on behalf of clients i.e. CSGL account holders.

• All entities regulated by RBI [including financial institutions (FIs), primary dealers (PDs), cooperative banks, RRBs, local area banks (LABs), non-banking financial companies (NBFCs)] should necessarily hold their investments in Government securities portfolio in either SGL (with RBI) or CSGL (with a scheduled commercial bank/State Co-operative Bank/PD/FI/sponsor bank (in case of RRBs)) and SHCIL or in a dematerialised account with depositories (NSDL/CDSL).

• Only one CSGL or dematerialised account can be opened by any such entity.

• In case the CSGL accounts are opened with a scheduled commercial bank or State Cooperative bank, the account holder has to open a designated funds account (for all CSGL related transactions) with the same bank.

• In case a CSGL account is opened with any of the non-banking institutions indicated above, the particulars of the designated funds account (with a bank) should be intimated to that institution.

• The entities maintaining the CSGL/designated funds accounts will be required to ensure availability of clear funds in the designated funds accounts for purchases and of sufficient securities in the CSGL account for sales before putting through the transactions.

• No further transactions by a regulated entity should be undertaken in physical form with any broker with immediate effect.

(i) appoints the Officer specified in column (2) of the Schedule hereto appended to assists the Registrar in the areas specified in column (3) thereof, and

(iii) confers on him the powers of the Registrar specified against him in column (4) of the said Schedule.

Schedule

Notifications

(i) appoints the officer who is deputed on the Bombay Mercantile Co-operative Bank Ltd., Mumbai for effecting recovery of dues from the borrower members of the Bombay Mercantile Co-operative Bank Ltd., Mumbai specified in column (2) of Schedule hereinbelow; to assists the Registrar in the area specified in column (3) thereof; and

(ii) confers on him the powers of the Registrar specified against him in column (4) of the said Schedule

Schedule

Order

(a) in respect of the area declared as drought-prone area by the State Government at the relevant time, the ceiling of such land holding shall be 3 hectares;

(b) where the land held or cultivated belongs to the class included in sub-clause (a) of clause (5) of Section 2 of the Maharashtra Agricultural Land (Ceiling on Holdings) Act, 1961 (Maharashtra XXVII of 1961), the ceiling shall be of one hectare and where the land is irrigated but not included in the class of aforesaid, the ceiling shall be of 2 hectares.

Order

(i) Appoints the officer who is appointed on the District Housing Federation for effecting recovery of dues from Co-operative Societies specified in column (2) of schedule herein below; to assist the Registrar in the area specified in Column (3) hereof; and

(ii) Confers on him the powers of the Registrar specified against him in column (4) of the said schedule.

Schedule

Order

(i) appoints officers specified in column (2) of the schedule hereto annexed to assist the Registrar in the areas specified in column (3) thereof; and

(ii) confers on them the powers of the Registrar specified against them in column (4) of the said Schedule.

Schedule

Note - The powers under section 98, 101, 132, 156 will be exercised by Taluka/City/Ward Deputy/ Assistant Registrars within their respective Taluka/City/Ward in respect of ail the societies irrespective of the area of operation of the societies.

Order

Order

Schedule

Order

(i) appoints the Joint Registrar of Co-operative Societies, City and Industrial Development Corporation of Maharashtra Limited, to assist the Registrar; and

(ii) confers on him the powers of the Registrar under the Maharashtra Co-operative Societies Act, 1960 (Maharashtra XXIV of 1961), and the Maharashtra Co-operative Societies Rules, 1961, specified against him in respect of the Co-operative Housing/Premises Societies of the allottees of the City and Industrial Development Corporation of Maharashtra Ltd., falling in Thane and Raigad Districts.

Schedule

Order

(i) appoints the Assistant Registrar of Co-operative Societies, Slum Rehabilitation Authority to Assistant the Registrar of Co-operative Societies, Maharashtra State, Pune in Greater Bombay area,

(ii) confers on him the powers of the Registrar specified against him in column (3) of the following Schedule in respect of Co-operative Housing Societies of the Slum dwellers in Greater Bombay.

Schedule