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Start Free TrialSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Chapter I
Title: Preliminary
State: Central
Year: 2002
.....of the State Bank of India (Subsidiary Banks) Act, 1959. (2) Words and expressions used and not defined in this Act but defined in the India Contract Act, 1872 or the Transfer of Property Act, 1882 or the Companies Act, 1956 or the Securities and Exchange Board of India Act, 1992 shall have the same meanings respectively assigned to them in those Acts. _________________________ 1. Inserted vide The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 2. The words "in accordance with the directions or guidelines issued by the Reserve Bank;" Omittted by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 3. Substituted for " doubtful or loss asset in accordance with the directions or under guidelines relating to assets classifications issued by the Reserve Bank" by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 4. Substituted for "trustee or any asset management company making investment on behalf of mutual fund or provident fund or gratuity fund or pension fund " by The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2004. 5......
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 17
Title: Amalgamation or Transfer of Assets and Liabilities, or Division of Multi-state Co-operative Societies
State: Central
Year: 2002
.....formed by amalgamation in accordance with the resolution passed under sub-section (2), the Central Registrar, on being satisfied that the resolution has become effective under sub-section (6) shall, unless for reasons to be recorded in writing he thinks fit to refuse so to do, register the new society or societies, as the case may be, and the bye-laws thereof. (8) On the issue of an order under sub-section (7), the provisions of section 21 shall, so far as may be, apply to the multi-State co-operative society so divided or the multi-State co-operative societies so amalgamated. (9) Where a resolution passed by a multi-State co-operative society under this section involves the transfer of any assets and liabilities, the resolution shall, notwithstanding anything contained in any other law for the time being in force, be a sufficient conveyance to vest the assets and liabilities in the transferee without any further assurance.
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 43
Title: Disqualifications for Being a Member of Board
State: Central
Year: 2002
.....behalf of or against any other multi-State co-operative society which is a member of the former society. Explanation.-- For the purposes of this clause, "legal practitioner" has the same meaning as in clause (i) of sub-section (1) of section 2 of the Advocates Act, 1961; (j) has been convicted for any offence under this Act; (k) is disqualified for being a member under section 29; (l) has been expelled as a member under section 30; (m) absents himself from three consecutive board meetings and such absence has not been condoned to by the board; (n) absents himself from three consecutive general body meetings and such absence has not been condoned by the members in the general body. (2) A person shall not be eligible for being elected as member of board of a multi-State co-operative society for a period of five years if the board of such multi-State co-operative society fails-- (a) to conduct elections of the board under section 45; or (b) to call the annual general meeting under section 39; or (c) to prepare the financial statement and present the same in the annual general meeting.
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 40
Title: Special General Meeting of General Body
State: Central
Year: 2002
(1) The Chief Executive may, at any time, on the direction of the board, call a special general meeting of the society and shall call such meeting within one month after the receipt of a requisition in writing from the Central Registrar or from such member or members or a proportion of the total number of members, as may be provided in the bye-laws, (2) If a special general meeting of a multi-State co-operative society is not called in accordance with the requisition referred to in sub-section (1), the Central Registrar or any person authorised by him in this behalf shall have the power to call such meeting and that meeting shall be deemed to be a meeting called by the Chief Executive in accordance with the provisions of that sub-section and the Central Registrar may order that the expenditure incurred in calling such meeting shall be paid out of the funds of the society or by such person or persons who, in the opinion of the Central Registrar, was or were responsible for the refusal or failure to convene the special general meeting.
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Chapter V
Title: Direction and Management of Multi-state Co-operative Societies
State: Central
Year: 2002
.....for the refusal or failure to convene the special general meeting. Section 41 - Board of directors (1) Subject to the provisions of this Act and rules, there shall be a board of directors for every multi-State co-operative society consisting of such number of members as specified in sub-section (3). (2) The members of a multi-State co-operative society, by a resolution in a general meeting, shall elect directors who shall be members of board. (3) The board shall consist of such number of directors as may be specified in the bye-laws: Provided that the maximum number of directors in no case shall exceed twenty-one: Provided further that the board may co-opt we directors in addition to twenty-one directors specified in the first proviso: Provided also that the functional directors in the national co-operative societies shall also be the members of the board and such members shall be excluded for the purpose of counting the total number of directors specified in the first proviso. Section 42 - Association of employees in management decision making process Every multi-State co-operative society shall devise such procedure, as may be specified in the bye-laws.....
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 24
Title: Functions of Federal Co-operative
State: Central
Year: 2002
.....or multi-State co-operatives based on self-help and mutual aid. (2) Without prejudice to the generality of the provisions contained in sub-section (1), the federal co-operative may-- (a) ensure compliance of the co-operative principles; (b) make model bye-laws and policies for consideration of its member cooperative; (c) provide specialised training, education and data-base information; (d) undertake research, evaluation and assist in preparation of perspective development plans for its member co-operative; (e) promote harmonious relations amongst member co-operative; (f) help member co-operative to settle disputes among themselves; (g) undertake business services on behalf of its member co-operative, if specifically required by or under the resolution of the general body or the board, or bye-laws of a member co-operative; (h) provide management development services to a member co-operative; (i) evolve code of conduct for observance by a member co-operative; (j) evolve viability norms for a member co-operative; (k) provide legal aid and advice to a member co-operative; (l) assist member co-operative in organising self-help; (m) develop market.....
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Chapter III
Title: Registration and Functions Federal Co-operatives
State: Central
Year: 2002
..... (4) All provisions of this Act, applicable to a multi-State co-operative society shall, as far as may be, apply to a federal co-operative. Section 24 - Functions of federal co-operative (1) Subject to the provisions of this Act and any other law for the time being in force, a federal co-operative may discharge the functions to. facilitate the voluntary formation and democratic functioning of co-operative societies as federal co-operative or multi-State co-operatives based on self-help and mutual aid. (2) Without prejudice to the generality of the provisions contained in sub-section (1), the federal co-operative may-- (a) ensure compliance of the co-operative principles; (b) make model bye-laws and policies for consideration of its member cooperative; (c) provide specialised training, education and data-base information; (d) undertake research, evaluation and assist in preparation of perspective development plans for its member co-operative; (e) promote harmonious relations amongst member co-operative; (f) help member co-operative to settle disputes among themselves; (g) undertake business services on behalf of its member co-operative, if specifically.....
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 19
Title: Promotion of Subsidiary Institution
State: Central
Year: 2002
.....co-operative society deems its existence necessary: Provided that a multi-State co-operative society, while promoting such a subsidiary institution, shall not transfer or assign its substantive part of business or activities undertaken in furtherance of its stated objects. Explanation.-- For the purposes of this section,-- (a) an institution shall be deemed to be a subsidiary institution if the multi-State co-operative society-- (i) controls the management or board of directors or members of governing body of such institution; or (ii) holds more than half in nominal value of equity shares of such institutions; or (iii) if one or more members of such multi-State co-operative society, hold whether by themselves or together with subsidiary institution or their relatives, as the case may be, the majority of equity shares in that institution; (b) a subsidiary institution shall not include a partnership firm. (3) The annual reports and accounts of any such subsidiary institution shall be placed each year before general meeting of the promoting multi-State co-operative society.
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Chapter II
Title: Central Registrar and Registration of Multi-state Co-operative Societies
State: Central
Year: 2002
.....require. Section 7 - Registration (1) If the Central Registrar is satisfied-- (a) that the application complies with the provisions of this Act and the rules; (b) that the proposed multi-State co-operative society satisfies the basic criterion that its objects are to serve the interests of members in more than one State; (c) that its bye-laws provide for social and economic betterment of its members through self-help and mutual aid in accordance with the co-operative principles; (d) that the proposed bye-laws are not contrary to the provisions of this Act and the rules, he may register the multi-State co-operative society and its bye-laws. (2) The application for registration shall be disposed of by the Central Registrar within a period of four months from the date of receipt thereof by him. (3) Where the Central Registrar refuses to register a multi-State co-operative society, he shall communicate, within a period of four months from the date of receipt of the application for registration, the order of refusal together with the reasons therefor to the applicant or applicants, as the case may be: Provided that no order of refusal shall be made unless the.....
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 51
Title: Chief Executive
State: Central
Year: 2002
(1) There shall be a Chief Executive, by whatever designation called, of every multi-State co-operative society to be appointed by the board and he shall be a full-time employee of such multi-State co-operative society. (2) The Chief Executive shall be a member of the board and of the Executive Committee and such other committees or sub-committees as may be constituted under sub-section (1) of section 53. (3) Where the Central Government or the State Government holds fifty-one per cent. or more of the equity share capital or of total shares of the multi-State co-operative society, the salary and allowances payable to and other terms and conditions of service including pension, gratuity and other retirement benefits of the Chief Executive shall be such as may be prescribed.
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