In Definitions of Multi state cooperative society Act, 1984, unless the context otherwise requires:(a) "board" means the board of directors or the governing body of a multi State society by whatever name called, to which the direction and control of the management of the affairs of the society is entrusted;(b) "bye-laws" means the bye-laws for the time being in force which have been duly registered under this Act and includes amendments thereto which have been duly registered under this Act;(c) "Central Registrar" means the Central Registrar of Cooperative Societies appointed under sub-section(1) of section 4 and includes any officer empowered to exercise the powers of the Central Registrar undersub-section(2) of that section; (d) "Chief Executive" means a Chief Executive of a cooperative society.Multi state co-operative societies Act, 2002 Since ‘cooperative societies’ is a State Subject , the cooperative societies formed under State Acts have to restrict their activities to only one State. This hinders growth of cooperative societies. Hence, Multi State Cooperative Societies Act was passed in 1942. It was later replaced by 1984 Act. This 1984 Act is now being replaced by 2002 Act. The 2002 Act has already been passed but has not yet been made effective. The 2002 Act makes special provision for registration and functions of Federal Cooperative Societies. A member may withdraw and resign from the membership after two years and giving at least three months notice in writing and withdraw his share capital with the approval of the Board of Directors. The approval shall not be given while such a member is indebted, to the society. During any co-operative year, the aggregated withdrawals shall not exceed 10% of the total paid-up share capital as on 31st March of the preceding year. A member who withdraws or resigns from the membership will not be allowed to become a member again for a period of two years from the date of his resignation unless he repays the amount withdrawn by him from the society. Provided further that in the case of such multi state society as do not have share capital, the surplus of income over expenditure shall not be treated as net profits and such surplus shall be dealt with in accordance with the bye-laws. donation of amounts not exceeding five per cent of the net profits for any purpose connected with the development of co-operative movement or charitable purpose as defined in section 2 of the Charitable Endowments Act, 1890 (6 of 1890);It is proposed to give freedom to the Board to constitute an Executive Committee and other committees or sub-committees as specified in the bye -laws. However, it is proposed that every society shall be required to constitute an Audit and Ethics Committee of the Board. The existing Restriction on borrowing multi state society is proposed to be relaxed.