The Co-operative Societies Act, 1912

(1) This Act may be called the Co-operative Societies Act, 1912; and (2) it extends to the whole of India except 2[the territories which, immediately before the 1st November, 1956, were comprised in Part B States.]

In this Act, unless there is anything repugnant in the subject or context, (a) “by-laws” means the registered by-laws for the time being in force, and includes a registeredamendment of the by-laws: (b) “committee” means the governing body of a registered society to whom the management ofits affairs is entrusted: (c) “member” includes a person joining in the application for the registration of a society andaperson admitted to membership after registration in accordance with the by laws and any rules: (d) “officer” includes a chairman, secretary, treasurer, member of committee, or other personempowered under the rules or the by-laws to give directions in regard to the business of the society: (e) “registered society” means a society registered or deemed to be registered under this Act: (f) “Registrar” means a person appointed to perform the duties of a Registrar of Co-operativeSocieties under this Act: and (g) “rules” means rules made under this Act.

The State Government may appoint a person to be Registrar of Co-operativeSocieties for the State or any portion of it, and may appoint persons to assist such Registrar, and may, bygeneral or special order, confer on any such persons all or any of the powers of a Registrar under this Act.

Subject to the provisions hereinafter contained, a societywhich has as its object the promotion of the economic interests of its members in accordance withco-operative principles, or a society established with the object of facilitating the operations of such asociety, may be registered under this Act with or without limited liability: Provided that unless the State Government by general or special order otherwise directs (1) the liability of a society of which a member is a registered society shall be limited; (2) the liability of a society of which the object is the creation of funds to be lent to its members,and of which the majority of the members are agriculturists, and of which no member is a registeredsociety, shall be unlimited.

Wherethe liability of the members of a society is limited by shares, no member other than a registered societyshall (a) hold more than such portion of the share capital of the society, subject to a maximum of onefifth, as may be prescribed by the rules; or (b) have or claim any interest in the shares of the society exceeding one thousand rupees