The National Co-operative Development Corporation Act, 1962

(1) This Act may be called the National Co-operativeDevelopment Corporation Act, 1962. (2) It extends to the whole of India 1***. (3) It shall come into force on such date2 as the Central Government may, by notification in theOfficial Gazette, appoint.

In this Act, unless the context otherwise requires,-- 1[(a) "agricultural produce" includes the following:-- (i) edible and non-edible oil seeds; (ii) cattle feed, including oilcakes and other ingredients; (iii) produce of horticulture and animal husbandry; (iv) produce of forestry; (v) produce of poultry farming; (vi) produce of pisciculture; and (vii) produce of other allied activities, whether or not undertaken jointly with agriculture;] 2[(aa) “bank” means a nationalised bank and includes a scheduled bank; (ab) “Board” means the Board of Management of the Corporation constituted under section 10;] 3[(aba) "Central financing institution" means Industrial Development Bank of India establishedunder sub-section (1) of section 3 of the Industrial Development Bank of India Act, 1964 (18 of 1964)or the Industrial Finance Corporation of India Limited, a company formed and registered under theCompanies Act, 1956 (1 of 1956), or the Industrial Credit and Investment Corporation of IndiaLimited, a Company formed and registered under the Indian Companies Act, 1913 (7 of 1913);] 4[(b) "Central Warehousing Corporation" means the Central Warehousing Corporationestablished under sub-section (1) of section 3 of the Warehousing Corporations Act, 1962 (58 of1962); (c) "co-operative society" means a society registered or deemed to be registered under theCo-operative Societies Act, 1912 (2 of 1912) or under the Multi-State Co-operative Societies Act,1984 (51 of 1984) or under any other law with respect to cooperative societies for the time being inforce in any State, which is engaged in any of the activities specified in sub-section (1) of section 9and includes a Co-operative Land Development Bank, by whatever name called;] (d) "Corporation" means the National Co-operative Development Corporation established under5[sub-section (1) of section 3]; 6[(da) "foodstuffs", include-- (i) coconuts and areca-nuts; (ii) eggs and egg products; (iii) fish, whether fresh, frozen, dried or preserved; (iv) fruits, whether fresh, dried or dehydrated; (v) honey; (vi) meat, whether fresh, frozen, dried or preserved; (vii) milk and milk products; (viii) vegetables; (db) "General Council" means the General Council of the Corporation constituted undersub-section (4) of section 3; 7[(dba) "industrial goods" means the products of industrial co-operatives or cottage and villageindustries or products of allied industries in the rural area and includes any handicrafts or rural crafts; (dbb) "livestock" includes all animals to be raised for milk, meat, fleece, skin, wool and other byproducts;] (dc) "Managing director" means the managing director of the Corporation; 8[(dd) "nationalised bank" means a corresponding new bank constituted under section 3 of theBanking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or undersection 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of1980);]] (e) "notified commodity" means any commodity (other than agricultural produce 2[andfoodstuffs]) which the Central Government may, by notification in the Official Gazette, declare to bea notified commodity for the purposes of this Act, being a commodity with respect to whichParliament has power to make laws by virtue of entry 33 in List III in the Seventh Schedule to theConstitution; 7[(ea) "notified services" means any service which the Central Government may, by notificationin the Official Gazette, declare to be notified services for the purposes of this Act;] (f) "prescribed" means prescribed by rules made under this Act; (g) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of IndiaAct, 1934 (2 of 1934); 6[(ga) "scheduled bank" means a bank for the time being included in the Second Schedule to theReserve Bank of India Act, 1934 (2 of 1934);] 9[(h) “State Bank” means the State Bank of India constituted under the State Bank of India Act,1955 (23 of 1955)or any of the subsidiary banks of the State Bank of India; (ha) "State Co-operative Bank" has the same meaning as in the National Bank for Agricultureand Rural Development Act, 1981 (61 of 1981);] (i) "year" means the financial year.

1[2A. [Construction of references to any law not in force or any functionary not existence in theState of Jammu and Kashmir*].--Omitted by the Jammu and Kashmir Reorganization (Adaptation of CentralLaws) Order, 2020, vide notification No. S.O. 1123(E) dated (18-3-2020)and Vide Union Territory of Ladakh Reorganisation (Adaptation of Central Laws) Order, 2020, notification No. S.O. 3774(E), dated (23-10-2020). ]

(1) The CentralGovernment shall, by notification in the Official Gazette, establish with effect from such date as may bespecified in the notification, a Corporation by the name of the National Co-operative DevelopmentCorporation which shall be a body corporate having perpetual succession and a common seal with powerto acquire, hold and dispose of property and to contract, and may, in the said name, sue and be sued. (2) The head-office of the Corporation shall be in New Delhi. 1[(3) The Corporation shall carry on its functions through the General Council and the Board. (4) The General Council shall consist of the following members, namely:-- (i) a President and a Vice-President, both to be nominated by the Central Government; (ii) eight members, ex officio, to be nominated by the Central Government from such of itsMinistries dealing with economic matters as it may think fit; 2[(iii) Chairman of the National Bank of Agriculture and Rural Development constituted underthe National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981), ex officio;] (iv) Managing Director of the State Bank, ex officio; (v) Managing Director of the Food Corporation of India, constituted under the Food CorporationsAct, 1964, (37 of 1964) ex officio; (vi) Managing Director of the Central Warehousing Corporation, constituted under theWarehousing Corporations Act, 1962 (59 of 1962), ex officio; 3[(vii) one member to be nominated by the Central Government from amongst the chairmen ofone of the Central financing institutions, ex officio;] (viii) a member representing banks, to be nominated by the Central Government; (ix) Chairman of the National Co-operative Union of India, ex officio; (x) Chairman of the National Agricultural Co-operative Marketing Federation, ex officio; (xi) Chairman of the National Federation of Co-operative Sugar Factories, ex officio; (xii) Chairman of the All India Federation of Co-operative Spinning Mills, ex officio; (xiii) Chairman of the All India State Co-operative Banks,Federation, ex officio; (xiv) eleven members, other than those nominated under clause (xv), representing the States andthe Union territories, to be nominated by the Central Government, provided that not more than oneperson shall be so nominated from each State or Union territory; (xv) eleven members to be nominated by the Central Government from among the Chairmen ofthe State level co-operative federations from the States and Union territories, provided that not morethan one person shall be so nominated from each State or Union territory; (xvi) four members representing persons having special knowledge of, or practical experience in,agricultural co-operative development, to be nominated by the Central Government; (xvii) 4[fourmembers] representing national level organisations engaged or interested in thepromotion and development of co-operative programmes, to be nominated by the CentralGovernment; (xviii) the managing director. (5) The powers and functions of the Corporation shall be exercised or discharged, as the case may be,by the General Council, and references elsewhere in this Act to the Corporation shall, unless the contextotherwise requires, be construed as references to the General Council. (6) Notwithstanding the expiry of the prescribed term of his office, every member of the GeneralCouncil shall continue to hold office as such, until his successor in such office has assumed charge ofsuch office. (7) Members of the General Council, other than the managing director, shall be entitled to receivesuch sitting fees as may be specified by regulations made by the Corporation under this Act, for attendingany meeting of the General Council, Board or any committee of the Corporation: Provided that no official member shall be entitled to receive any sitting fee.]

A person shall be disqualified for beingchosen as, and for being, a member of the Corporation-- (i) if he is, or at any time has been, adjudicated insolvent or has suspended payment of his debtsor has compounded with his creditors; or (ii) if he is or has been convicted of any offence involving moral turpitude and sentenced inrespect thereof to imprisonment for not less than six months, unless a period of five years has elapsedfrom the date of expiry of the sentence; or (iii) 1[except in the case of managing director,] if he is a salaried official of the Corporation.