Act Info:
(1) This Act may be called the Karnataka Souharda Sahakari Act, 1997.
(2) It shall come into force on such1[date] as the State Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act.
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1. Act came into force 1.1.2001 w.e.f. 31.3.2004.
Section 1 - Short title and commencement
(1) This Act may be called the Karnataka Souharda Sahakari Act, 1997.
(2) It shall come into force on such1[date] as the State Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act.
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1. Act came into force 1.1.2001 w.e.f. 31.3.2004.
Section 2 - Definitions
In this Act unless the context otherwise requires,-
(a) "Board" means the board of directors of a Co-operative constituted under section 24 and includes the Board of Directors of the Federal Co-operative constituted under section 53;
(b) "Bye-laws" means the bye-laws of Co-operatives registered or deemed to be registered under sections 5 and 11 including the bye-laws of the Federal Co-operative registered under section 53;
(c) "Chief Executive" means any employee appointed by the board of a Co-operative or Federal Co-operative by whatever designation called who discharges the functions of a Chief Executive under the bye-laws of such Co-operative or Federal Co-operative;
(d) "Chief Promoter" means a person elected at the meeting of the promoters and authorised by the Registrar to collect initial share capital before registration and who shall take all such necessary steps for the registration of a Co-operative or union Co-operative;
(e) "Co-operative" means a Co-operative including a Co-operative bank doing the business of banking registered or deemed to be registered under section 5 and which has the words `Souharda Sahakari' in its name;
1[(ee) "Co-operative Bank" means a Co-operative engaged in or having as one of its objects, the business of banking;"
Explanation.-For the purpose of this clause "banking" shall have the meaning assigned to it in section 5 of the Banking Regulation Act, 1949 (Central Act 10 of 1949)."]
(f)"Co-operative Principles" means the Co-operative principles specified in Chapter X;
(g) "Co-operative Society" means a Co-operative society registered under the Karnataka Co-operative Societies Act, 1959 (Karnataka Act 11 of 1959);
(h) "Co-operative with limited liability" means a Co-operative in which liability of its members for the debts of the Co-operative in the event of its being wound up is limited to the share amount contributed by such members;
(i) "Co-operative with unlimited liability" means a Co-operative whose members are in the event of its being wound up jointly and severally liable for and in respect of all its obligations and to contribute to any deficit in the assets of the Co-operative;
(j) "Co-operative Year or Year" means the year commencing from first day of April;
(k) "Deficit" means the net excess of expenditure over income;
1["(kk) "Deposit Insurance Corporation" means the Deposit Insurance and Credit Guarantee Corporation established under section 3 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961)"]
(l)2["Director" means an elected or co-opted member of the board;]
(m) "Federal Co-operative" means a Federal Co-operative constituted under section 53;
(n) "Financing Agency" means a Co-operative or commercial bank and includes any other body or corporation or financial institution which gives financial assistance to a Co-operative;
(o) "General Body" in relation to the Co-operative means the general body of all the members of the Co-operative under2[section 23 and section 53] includes a representative general body of the members;
(p) "General Meeting" means a meeting of the general body of the members of the Co-operative or Federal Co-operative;
(q) "Government" means the State Government;
1["(qq) "Insured Bank" means a Co-operative Bank having the same meaning as assigned to it in clause (i) of section 2 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961);"]
(r) "Member" means a person who has contributed towards the share capital of a Co-operative before its registration and includes a person admitted to membership after such registration in accordance with the Act, rules and the bye-laws1[and includes a nominal and an associate member];
"(rr) "National Bank"- means the National Bank for Agriculture and Rural Development constituted under section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (Central Act 61 of 1981);"
(s) "Officer Bearer" means the President or Chairperson, Vice President or Vice Chairperson, Administrator, Liquidator and includes a member of the board or any other person not being an employee empowered to exercise the powers of an office bearer in accordance with the bye-laws;
(t) "Primary Co-operative" means a Co-operative whose membership is not open to another Co-operative;
(u) "Registrar" means an Officer of the Government appointed under section 3 to perform the functions of the Registrar of Co-operatives and includes Additional Registrars of Co-operatives, Joint Registrars of Co-operatives, Deputy Registrars of Co-operatives and Assistant Registrars of Co-operatives appointed to assist the Registrar while exercising all or any of the powers of the Registrar under this Act and includes any other person on whom all or any of the powers of the Registrar under this Act are conferred;
1["(v) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (Central Act 2 of 1934)".]
3[(x)] "Surplus" means the net excess of income over expenditure;
1["(w) 'Secondary Co-operative' means a Co-operative whose membership is also open to another Co-operative"]
3[(y)] "Union Co-operative" means a Co-operative of five or more Co-operatives registered under section 5.
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1. Inserted by Act 21 of 2004 w.e.f. 31.3.2004.
2. Substituted by Act 21 of 2004 w.e.f. 31.3.2004.
3. Renumbered by Act 21 of 2004 w.e.f. 31.3.2004.
Section 2 - Definitions
In this Act unless the context otherwise requires,-
(a) "Board" means the board of directors of a Co-operative constituted under section 24 and includes the Board of Directors of the Federal Co-operative constituted under section 53;
(b) "Bye-laws" means the bye-laws of Co-operatives registered or deemed to be registered under sections 5 and 11 including the bye-laws of the Federal Co-operative registered under section 53;
(c) "Chief Executive" means any employee appointed by the board of a Co-operative or Federal Co-operative by whatever designation called who discharges the functions of a Chief Executive under the bye-laws of such Co-operative or Federal Co-operative;
(d) "Chief Promoter" means a person elected at the meeting of the promoters and authorised by the Registrar to collect initial share capital before registration and who shall take all such necessary steps for the registration of a Co-operative or union Co-operative;
(e) "Co-operative" means a Co-operative including a Co-operative bank doing the business of banking registered or deemed to be registered under section 5 and which has the words `Souharda Sahakari' in its name;
1[(ee) "Co-operative Bank" means a Co-operative engaged in or having as one of its objects, the business of banking;"
Explanation.-For the purpose of this clause "banking" shall have the meaning assigned to it in section 5 of the Banking Regulation Act, 1949 (Central Act 10 of 1949)."]
(f)"Co-operative Principles" means the Co-operative principles specified in Chapter X;
(g) "Co-operative Society" means a Co-operative society registered under the Karnataka Co-operative Societies Act, 1959 (Karnataka Act 11 of 1959);
(h) "Co-operative with limited liability" means a Co-operative in which liability of its members for the debts of the Co-operative in the event of its being wound up is limited to the share amount contributed by such members;
(i) "Co-operative with unlimited liability" means a Co-operative whose members are in the event of its being wound up jointly and severally liable for and in respect of all its obligations and to contribute to any deficit in the assets of the Co-operative;
(j) "Co-operative Year or Year" means the year commencing from first day of April;
(k) "Deficit" means the net excess of expenditure over income;
1["(kk) "Deposit Insurance Corporation" means the Deposit Insurance and Credit Guarantee Corporation established under section 3 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961)"]
(l)2["Director" means an elected or co-opted member of the board;]
(m) "Federal Co-operative" means a Federal Co-operative constituted under section 53;
(n) "Financing Agency" means a Co-operative or commercial bank and includes any other body or corporation or financial institution which gives financial assistance to a Co-operative;
(o) "General Body" in relation to the Co-operative means the general body of all the members of the Co-operative under2[section 23 and section 53] includes a representative general body of the members;
(p) "General Meeting" means a meeting of the general body of the members of the Co-operative or Federal Co-operative;
(q) "Government" means the State Government;
1["(qq) "Insured Bank" means a Co-operative Bank having the same meaning as assigned to it in clause (i) of section 2 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961);"]
(r) "Member" means a person who has contributed towards the share capital of a Co-operative before its registration and includes a person admitted to membership after such registration in accordance with the Act, rules and the bye-laws1[and includes a nominal and an associate member];
"(rr) "National Bank"- means the National Bank for Agriculture and Rural Development constituted under section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (Central Act 61 of 1981);"
(s) "Officer Bearer" means the President or Chairperson, Vice President or Vice Chairperson, Administrator, Liquidator and includes a member of the board or any other person not being an employee empowered to exercise the powers of an office bearer in accordance with the bye-laws;
(t) "Primary Co-operative" means a Co-operative whose membership is not open to another Co-operative;
(u) "Registrar" means an Officer of the Government appointed under section 3 to perform the functions of the Registrar of Co-operatives and includes Additional Registrars of Co-operatives, Joint Registrars of Co-operatives, Deputy Registrars of Co-operatives and Assistant Registrars of Co-operatives appointed to assist the Registrar while exercising all or any of the powers of the Registrar under this Act and includes any other person on whom all or any of the powers of the Registrar under this Act are conferred;
1["(v) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (Central Act 2 of 1934)".]
3[(x)] "Surplus" means the net excess of income over expenditure;
1["(w) 'Secondary Co-operative' means a Co-operative whose membership is also open to another Co-operative"]
3[(y)] "Union Co-operative" means a Co-operative of five or more Co-operatives registered under section 5.
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1. Inserted by Act 21 of 2004 w.e.f. 31.3.2004.
2. Substituted by Act 21 of 2004 w.e.f. 31.3.2004.
3. Renumbered by Act 21 of 2004 w.e.f. 31.3.2004.