Co-Operative Society Registration
- Co-operative society means society registered or deemed to be registered under Act.
- Co-operative society with limited liability means a co-operative society the liability of whose members is limited by its bye-laws to the amount, if any unpaid on the shares individually held by them or to such amount as they may individually undertake to contribute to the assets of the society, in the event of its being wound up.
- Co-operative society with unlimited liability means a co-operative society the liability of whose members is unlimited for the purpose of contributing jointly and severally to any deficiency in the assets of the society in the event of its being-wound up.
Societies which may be Registered.
- A society which has as its object the promotion of the economic interests of its members in accordance with co-operative principles, or a society established with the object of facilitating the operations of such a society, may be registered under this Act with or without limited liability.
- Provided that no society shall be registered if it likely to be economically unsound or the registration of which may have an adverse effect on the development of co-operative movement.
- Provided further that, unless the Lieutenant-Governor by general or special order otherwise directs, the liability of the society of which a member is a co-operative society shall be limited.
- The word “limited” or its equivalent in any Indian language shall be the last word in the name of every society registered under this act with limited liability.
- A Society shall consist of a minimum 11 members at the time of its registration