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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 Chapter X
Title: Winding Up of Multi-state Co-operative Society
State: Central
Year: 2002
.....shall be reimbursed by the liquidator or such other person in the circumstances, to the extent and in the manner provided in section 21 of that Act. Section 89 - Liquidator (1) Where the Central Registrar has made an order under section 86 for the winding up of a multi-State co-operative society, the Central Registrar may appoint a liquidator for the purpose and fix his remuneration. (2) A liquidator shall, on appointment, take into his custody or under his control all the property, effects and actionable claims to which the multi-State co-operative society is or appears to be entitled and shall take such steps as he may deem necessary or expedient to prevent loss or deterioration of, or damage to, such property, effects and claims and he may carry on the business of the multi-State co-operative society so far as may be necessary with the previous approval of the Central Registrar. (3) Where an appeal is preferred under clause (1) of sub-section (1) of section 99, an order for the winding up of a multi-State co-operative society made under section 86 shall not operate thereafter until the order is confirmed in appeal: Provided that the liquidator shall continue to.....
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 124
Title: Power to Make Rules
State: Central
Year: 2002
.....procedure in the matter of such applications; (b) the matters in respect of which a multi-State co-operative society may make bye-laws under sub-section (2) of section 10; (c) the manner in which the order of refusal to register any amendment of the bye-laws shall be communicated under sub-section (9) of section 11; (d) the manner in which a multi-State co-operative society shall have a principal place of business and registered address under section 14; (e) the procedure and conditions for change in the extent of the liability of a multi-State co-operative society under section 16; (f) the manner in which order of refusal to register an amendment of bye-laws shall be communicated under sub-section (4) of section 22; (g) the classification of federal co-operative and other terms and conditions applicable to in under sub-section (3) of section 23; (h) the restriction on holding the share capital of the society other than a member referred to in section 33; (i) the constitution and powers of smaller body representing the general body under the proviso to sub-section (1) of section 38; (j) the period within which annual general meeting be called and the procedure.....
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 123
Title: Supersession of Board of Specified Multi-state Co-operative Society
State: Central
Year: 2002
.....the administrator to arrange for the constitution of a new board for such specified multi-State co-operative society in accordance with the bye-laws of such society and immediately on the constitution of such board, the administrator shall hand over the management of such society to such newly constituted board and cease to function. (6) Where a specified multi-State co-operative society is indebted to any financial institution, the Central Government shall, before taking any action, under sub-section (1) in respect of that society, consult the financial institution. Explanation.-- For the purposes of sections 122 and 123, "specified multi-State cooperative society" means any multi-State co-operative society in which not less than fifty-one per cent. of the paid-up share capital, or, of total shares, is held by the Central Government.
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 110
Title: Minutes of Proceedings of General Meetings and of Board and Other Meetings
State: Central
Year: 2002
.....of the meeting. (6) In the case of a meeting of the board or of a committee of the board, the minutes shall also contain-- (a) the names of the members of the board present at the meeting; and (b) in the case of each resolution passed at the meeting, the names of the members of the board, if any, dissenting from, or not concurring in, the resolution. (7) Nothing contained in sub-sections (1) to (6) shall be deemed to require the inclusion in any such minutes of any matter which, in the opinion of the chairperson of the meeting-- (a) is, or could reasonably be regarded as, defamatory of any person; (b) is irrelevant or immaterial to the proceedings; or (c) is detrimental to the interests of the multi-State co-operative society. Explanation.-- The chairperson shall exercise an absolute discretion in regard to the inclusion or non-inclusion of any matter in the minutes on the grounds specified in this sub-section.
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 108
Title: Inspection of Books of Account, Etc., of Multi-state Co-operative Society
State: Central
Year: 2002
.....in token of the inspection having been made. (5) Notwithstanding anything contained in any other law for the time being in force or any contract to the contrary, the Central Registrar or an officer authorised under clause (ii) of sub-section (1), making an inspection under this section shall have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908, while trying a suit, in respect of the following matters, namely:-- (i) the discovery and production of books of account and other documents, at such place and such time as may be specified by such person; (ii) summoning and enforcing the attendance of persons and examining them on oath; (iii) inspection of any books, registers and other documents of the multi-State co-operative society at any place. (6) Where an inspection of the books of account and other books and papers of the multi-State co-operative society has been made under this section, the Central Registrar or an officer authorised under clause (ii) of sub-section (1), making the inspection shall make a report to the Central Government.
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Chapter XV
Title: Miscellaneous
State: Central
Year: 2002
.....Act. Section 121 - Certain Act not to apply (1) The provisions of the Companies Act, 1956(1 of 1956) and the Monopolies and Restrictive Trade Practices Act, 1969(54 of 1969) shall not apply to the multi-State co-operative societies. (2) The multi-State co-operative societies registered or deemed to be registered under the provisions of this Act shall not indulge in monopolistic and restrictive trade practices as defined in the Monopolies and Restrictive Trade Practices Act, 1969 (54 of 1969). Section 122 - Central Governments power to give directions to specified multi-State co-operative societies in public interest If the Central Government is satisfied that in the public interest or for the purposes of securing proper implementation of co-operative production and other developmental programmes approved or undertaken by the Central Government or to secure proper management of the business of the specified multi-State co-operative societies generally or for preventing the affairs of such society being conducted in a manner detrimental to the interests of the members, any depositors or creditors thereof, it is necessary to issue directions to any class of specified.....
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 86
Title: Winding Up of Multi-state Co-operative Societies
State: Central
Year: 2002
(1) If the Central Registrar, after audit has been conducted under section 70 or special audit has been conducted under section 77 or an inquiry has been held under section 78 or an inspection has been made under section 79, is of opinion that the society ought to be wound up, he may, after giving the society a reasonable opportunity of making its representations by order, direct it to be wound up. (2) The Central Registrar may, of his own motion and after giving the multi-State cooperative "society a reasonable opportunity of making its representation, make an order directing the winding up of the multi-State co-operative society,-- (a) where it is a condition of the registration of the society that the society shall consist of at least fifty members and the number of members has been reduced to less than fifty; or (b) where the multi-State co-operative society has not commenced working within a period of six months of the date of its registration or such extended period as the Central Registrar may allow in this behalf or has ceased to function in accordance with co-operative principles. (3) The Central Registrar may cancel an order for the winding up of a multi-State.....
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 77
Title: Power of Central Government to Direct Special Audit in Certain Cases
State: Central
Year: 2002
.....in the order, shall be conducted and may by the same or a different order appoint either a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949(38 of 1949) or the multi-State co-operative society's auditor himself to conduct with special audit: Provided that the Central Government shall not order for special audit of a multi-State co-operative society's accounts if that Government or the State Government either by itself or both hold less than fifty-one per cent. of the paid-up share capital or of the shares in such multi-State co-operative society. (2) The chartered accountant or the multi-State co-operative society's auditor appointed under sub-section (1) to conduct a special audit as aforesaid is hereafter in this section referred to as the special auditor. (3) The special auditor shall have the same powers and duties in relation to the special audit as an auditor of a multi-State co-operative society has under section 73: Provided that the special auditor shall, instead of making his report to the members of the multi-State co-operative society, make the same to the Central Government. (4) The.....
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Schedule I
Title: First Schedule
State: Central
Year: 2002
THE FIRST SCHEDULE [See section 3(g)] Co-Operative Principles 1. Voluntary and Open Membership.---Co-operatives are voluntary organisations, open to all persons capable of using their services and willing to accept the responsibilities of membership, without discrimination on bases of gender, social inequality, racial, political ideologies or religious consideration. 2. Democratic Member Control.--Co-operatives are democratic organisations con-trolled by their members, who actively participate in setting their policies and decision making. Elected representatives of these co-operatives are responsible and accountable to their members. 3. Member's Economic Participation.--Members contribute equitably and control the capital of their Co-operative democratically. At least a part of the surplus arising out of the economic results would be the common property of the co-operatives. The remaining surplus could be utilised benefiting the members in proportion to their share in the Co-operative. 4. Autonomy and Independence.--Co-operatives ere autonomous, self-help organisations controlled by their members. If co-operatives enter into agreement with other organisations.....
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