Registrar of cooperative in Delhi State cooperative Act, 1972 provides that a Cooperative society shall, out of it’s net profit in any year, credit such portion of the profit not exceeding 5% as may be prescribed to the Cooperative Education Fund Constituted under the Rules. Rule 80 lays down that every cooperative society shall credit a sum calculated at 2% of its net profit, Subject to a maximum of Rs. 2500/- every year for contribution to the Cooperative Education Fund to be Administered by the Registrar. (1) Subject to the provisions of sub-section (2), the liability of a past member or of the estate of a deceased member of a registrar and registration of multi state cooperative society for the debts of the society as they existed-(a) in the case of a past member, on the date on which he ceased to be a member;(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.(2) Notwithstanding anything contained in sub-section (1), where a multi state society is ordered to be wound up under section 86, the liability of a past member who ceased to be a member or of the estate of a deceased member who died within two years immediately preceding the date of the order of winding up, shall continue until the entire liquidation proceedings are completed, but such liability shall extend only to the debts of the society as they existed on the date of cessation of membership or death, as the case may be No Multi state co-operative society with unlimited liability shall be registered after the commencement of this Act Provided that where a Multi state cooperative society with unlimited liability was functioning before the commencement of this Act, such a society shall exercise the option within a period of one year from such commencement either to continue to function as such or to convert itself into a registrar of cooperative with limited liability by following the procedure specified in sub-sections (2) to (4).
(2) Subject to the provisions of this Act and the rules, a Multi-state cooperative society may, by an amendment of its bye-laws, change the extent of liability.
(3) When a Multi state cooperative society has passed a resolution to angel the extent of its liability, it shall give notice thereof in writing to all its embers and creditors, and notwithstanding anything contained in the byes or contract to the contrary, any member or creditor shall, during the period of one month from the date of service of the notice upon him, have the registration of withdrawing his shares, deposits or loans, as the case may be.
(4) Any member or creditor who does not exercise his option within the period specified in sub-section (3) shall be deemed to have assented.
(5) An amendment of a bye-law of a Multi state Cooperative Society angling the extent of it’s liability or Division of Multi state cooperative societies hall not be registered or shall not take until either-
(a) the assent thereto of all members and creditors has been obtained; or (b) all claims of members and creditors who exercise the option referred to in sub-section (3) within the period specified therein have been met in full or otherwise satisfied.