The Central Registrar may, after considering the report of the made to him under sub-section of order the of the multi state cooperative society to be cancelled and on revelation, that society shall stand dissolved. An order passed under sub-section shall be communicated by post to the president or the chairperson, as the case may be, of cooperative society and to the financial institutions, if any the society was a member. Visions & of the 2002 Act are same and identical to Section 1984 Act.

multi state cooperative society Attribution assessed by a liquidator rank next lo debts due to the Government or a State Government or a local authority in accordance the order of priority in insolvency proceedings. To the 1984 Act.

The surplus assets, as shown in the report of liquidator for multi state cooperative society which is wound up (a) may, if the bye-laws of the cooperative society • the purpose for which surplus shall be utilized be utilized Central Registrar for the said purpose, and (b) if the bye-laws aforesaid do not specify the purpose, be div by the Central Registrar with the previous sanction of the Government, amongst the members of such multi state societ

(1) Subject to any rules made in this behalf, the whole of the assess a cooperative society in respect of which an order for winding up has been made, shall vest in the liquidator appointed under Section from the date on which the order takes effect and the liquidator shall power to real such assets by sale or otherwise.

Credit cooperative society notwithstanding anything to the contrary contained elsewhere the Central Registrar shall make an order for the winding up operative bank, if so required by the Reserve Bank in the circumspect mentioned in of the Deposit Insurance and Credit Guars Corporation Act, 1961 . Provisions of the 2002 Act are word to word sere identical of the multi state cooperative society Act, 1984 Act.

(1) No credit cooperative society with unlimited liability shall be registered after the commencement of Cooperative Society Act.

The words/expressions appearing in these bye-laws shall have the following meaning unless otherwise provided: (a) “Act” means the credit cooperative societies act, 2002 as amended from time to time. (b) Rules mean the Cooperative Societies Rules, 2002 made under this Act, and amended from time to time. (c) MSCS Act means the Multi State society Act, 2002 as amended from time to time.

The cooperative movement involves autonomous association of persons united voluntarily to meet their common economic, social and cultural needs through a jointly owned and democratically controlled enterprise. cooperative society, as business enterprises, is different from other firms, in view of the fact that their ownership and control are directly vested in the hands of the members. The cooperative structure is designed on the principles of mutual help, democratic decision making and open membership.

Power of central government to make rules in multi state society:-(1)The central government may, by notification in the official Gazette, make rules for carrying into effect the provisions of this Act.

Transitional provision relating to certain multi state cooperative society (1) Where in respect of any cooperative society specified in the fifteenth Schedule to the Punjab Reorganization Act, 1966, which under the provisions of Sub section (1) of Section 5-A would become a multi state society, the Board of Directors adopts, by a majority of not less than three fourths of the directors, any scheme for the reconstitution, reorganization or dissolution of the society, including proposals regarding(a) the formation of new co-operative societies and