the Multi State Cooperative Societies Bill having been passed by both the Housing cooperative society of Parliament received the assent of the President on 3rd July, 2002 and it came on the Statute Book as the multi state society ACT, 2002 (39 of 2002). It came into force on 19th August, 2002.Where a multi state cooperative society is declared sick under sub-section (1), the Central Government may, on the recommendation of Central Registrar, constitute an interim board for a maximum period of five years consisting of experts in the field of co-operation, management, finance, accountancy and in other areas relating to such multi-State co-operative society for the purpose of preparing and implementing a scheme for rehabilitation or revival of such multi state co-operative society. The quorum for a meeting of the board of directors of a multi State society shall be one-third of its total strength and the participation of the directors by video-conferencing or by other electronic means shall also be counted for the purpose of quorum under this sub-section .An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co operatives as people's institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto. Co-operative societies are democratic organizations.
Their affairs shall be administered by persons elected or appointed in a manner agreed to by the members and accountable to them. All members of cooperative societies shall enjoy equal rights of voting in the principle of one member, one vote and participation in decisions affecting their Co-operative Societies. Their administration shall be conducted on a democratic basis in a suitable form An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of cooperative as people's institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto. No signature to an application on behalf of a society shall be valid, unless the person signing is a member of the Board of Directors of such society, and is authorized by the Board by a resolution to sign on its behalf, the application for registration of multi state society and its bye-laws, and a copy of such resolution is appended to the application.