Which society can be registered - No multi state cooperative society can be registered under Multi State Cooperative Society rules, 2002 unless - (a) its main objects are to serve interests of members in more than one State and (b) Its bye-laws provide for social and economic betterment of its members through self-help and mutual aid in accordance with the cooperative principles. [Section 5(1)]. The word or its equivalent in any Indian language shall be affixed to the name of every multi state cooperative society registered under the Act with limited liability. Division bench of Chief Justice Chaska Bhattacharya and Justice Partial were deciding on point whether a multi state cooperative bank registered under multi state cooperative societies Act, 2002, having taken over a cooperative bank registered under Gujarat Cooperative Societies Act, 1961, could legally enforce a money decree under provisions of the state Act. 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. Multi state cooperative society can be formed under multi state cooperative societies Act. Cooperative Societies Act, 2002 has received President’s assent. The Act will supersede 1984 Act when brought into force. Under the Act, there will be a Central Registrar overseeing and regulating multi-state cooperative societies. Under the Act, a quasi-judicial authority titled the Cooperative Disputes Settlement Authority will be set up to replace existing system of such settlement by Central Registrar. This is intended to ensure quicker and more judicious settlement of disputes. A Cooperative Society is taxed at rates, which are different from those applicable to an AOP. Under the annual Finance Act , though individuals, Hindu undivided family, AOP or body of individuals , whether incorporated or not , or every artificial juridical person referred to in the Income Tax Act, are chargeable at rates prescribed in paragraph A, of the Finance act. The limitation of cooperative society is chargeable to tax as per rates prescribed under paragraph B of Part1 of the first schedule to the annual Finance Act.