The Ministry of Law and Justice on August 03, 2023, issued a notification regarding the Multi-State Co-operative Societies (Amendment) Act, 2023 to further amend the Multi-State Co-operative Societies Act, 2002
It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint; and different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be construed as a reference to the coming into force of that provision
The following has been amended namely: -
• In section 7 states “Registration” for sub-sections (2) and (3), the following sub-sections shall be substituted, namely: —
“(2) Without prejudice to the provisions of sub-section (1), the Central Registrar may register a multi-State co-operative society if the aggregate value of the paid-up capital and provision of reserves along with liquidity, exposure and other prudential norms specified in bye-laws of the proposed multi-State co-operative society in the business of thrift and credit is in accordance with such guidelines as may be prescribed:
Provided that the multi-State co-operative societies registered before the commencement of the Multi-State Co-operative Societies (Amendment) Act, 2023 shall meet such norms within a period of five years from the date of commencement of the said Act:
Provided further that if the liquidity, exposure, prudential and other parameters of the multi-State credit society do not meet such norms within the period mentioned above, the Central Registrar shall have powers to issue such directions as it deems appropriate to such society to take relevant action: Provided also that in the case of multi-State co-operative bank, the aggregate value of the paid-up capital and provision of reserves along with liquidity norms provided in the bye-laws shall be such as may be laid down by the Reserve Bank from time to time.
(3) The application for registration shall be disposed of by the Central Registrar within a period of three months from the date of receipt of such application by him: Provided that the Central Registrar may, for rectification of mistakes, if any, in the application, extend the period of three months with such further period, for reasons to be recorded in writing, not exceeding two months on the request of the applicant.
• In section 10 which states “Bye-Laws of the Multi-State Cooperatives” in sub-section (2), in clause (a), for the word “address”, the words and brackets “address, including e-mail address” shall be substituted.
• In section 14 which states “Change of Address”
(i) for the marginal heading “Change of address”, the marginal heading “Address” shall be substituted
(ii) for the word “address”, the words “address, including e-mail address,” shall be substituted.
[Notification No. 11 OF 2023]
