(1) Subject to the provisions of section 55, the share or contribution or interest of a member or past or deceased member in the capital of a share or contribution or interest not liable to attachment in multi state society shall not be liable to attachment or sale under any decree or order of any court in respect of any debt or liability incurred by such member, and an official assignee or a receiver under any law relating t

No Disqualification for a member of a board of any multi state cooperative society or nominee of a member society on a national cooperative society shall be eligible for being chosen as, or for being, a member of the board of such multi state society or national co-operative society or of any other cooperative society to which the multi State cooperative society is affiliated, if such member : ( a ) Has been adjudged by a competent court to

(l) A copy of any entry in a book of a multi state cooperative society regularly kept in the course of its business shall, if certified in such manner as may be prescribed, be received in any suit or legal proceedings as prima facie evidence of the existence of such entry and shall be admitted as evidence of the matters, transactions and accounts therein recorded in every case where, and to the same extent, as the original entry itself if admissible.

(1) No part of the funds, other than net profits, of a multi state cooperative society shall be divided by way bonus or dividend or otherwise distributed among its members. See the descriptive notes on powers and functions of Chief Executive in multi state cooperative society.

Central Registrar of multi state cooperative society in Delhi

Biscomaun represented a strong appeal to Central Registrar to grant multi state cooperative society status to Biscomaun.

Central Registrar rejected his petition on the ground of an enquiry wherein it was found that Biscomaun has operations confined to only 2 states and hence cannot be given the status of multi state credit cooperative society

Nothing in clauses (b) and (c) of sub-section (1) of section 17 of the Registration Act, 1908 (16 of 1908) shall apply to
(a) any instrument relating to shares in a multi state cooperative society, Delhi notwithstanding that the assets of the society consist in whole or in part of immovable property; or

A Charge and set-off in capital members of multi state cooperative society shall have a charge on the share or contribution or interest in the capital and on the deposits of a member or past or deceased member and on any dividend, bonus or profits payable to a member past member or the estate of a deceased member in respect of any debt due from such member or past member or the estate of such deceased member to the society and may set-off any sum credited or payable to a member or past member or the estate of deceased member in or towards payment of any such debt.

Conversion of Producer Company into MSCS The Companies (Amendment of Multi State Cooperative Society) Act 2002 vides notification no. S.O. 135 (E) inserted part IX – A of the Companies Act, 1956 (hereinafter referred to as “the Act”) and introduced the concept of Producer Company[1].

Investment of funds of a Multi State Cooperative Society may invest or deposit its funds
(a) in a cooperative bank, state co-operative bank, cooperative land development bank or Central co-operative bank; or
(b) in any of the securities specified in section 20 of the Indian Trusts Act, 1882 (2 of 1882); or

(l) The Disposal of net profits of a Multi State Cooperative Society shall, out of its net profits in any year,
(a) transfer an amount not less than twenty-five per cent to the reserve fund ;