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1. Short title, Extent and Commencement

  1. This Act may be called the Delhi Co-operative Societies Act 1972. 
  2. It extends to the whole of the Union Territory of Delhi.
  3. It shall come into force on such date as the Lieutenant-Governor may, by notification in the Delhi Gazette, appoint.

2. Definitions

     In this Act, unless the context otherwise requires,

  1. Bye-laws means the registered by-laws for the time being in force, and includes registered amendments of such bye-laws.
  2. Committee means the governing body of a co-operative society, by what-ever name called, to which the management of the affairs of the society is entrusted.
  3. Co-operative bank shall have the same meaning as is assigned to it in the Deposit Insurance Corporation Act, 1961.
  4. Co-operative society means society registered or deemed to be registered under this Act.
  5. 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.
  6. 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.
  7. Deposit Insurance Corporation means the Deposit Insurance Corporation established under section 23 of the Deposit Insurance Corporation Act, 1961.
  8. Federal society means a society.
    1. Not less than five members of which are themselves societies; and
    2.  In which the voting rights are so regulated that the member which are societies have not than four-fifth of the total number of   votes  in the general meeting of such society.
  9. Financing bank means a co-operative society the objects of which include the creation of the funds to be lent to other co-operative societies.Lieutenant-Governor means the administrator of the Union Territory of Delhi appointed by the President under article 239 of the Constitution.
  10. Member means a person joining in the application for the registration of a co-operative society and a person admitted to membership after such registration in accordance with this Act, the rules and the bye-laws, and includes a nominal and an associate member and Central government when it subscribes to the share capital of a society.
  11. Officer mean the president, vice-president, chairman, vice-chairman, managing director, secretary, manager, member of committee, treasurer, liquidator, administrator and includes any other person empowered under the rules or the bye-laws to give direction in regard to the business of a co-operative society.
  12. Prescribed means prescribed by rules.
  13. Registrar means a person appointed to perform the functions of the Registrar of Co-operative Societies under this Act; and includes any person appointed to assist the Registrar when exercising all or any of the powers of the Registrar.
  14. Reserve Bank means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1992.
  15. Rules means the rules made under this Act.
  16. Tribunal means the Delhi Co-operative Tribunal constituted under section 78.

Last Updated Date :- 18-06-2018

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