Sikkim Act, No. 12 of 1978
The Sikkim Co-operative Societies Act, 1978
An
Act
 

to consolidate and amend the law relating to co-operative societies in the State of Sikkim. WHEREAS it is expedient to further facilitate the formation and working of co-operative societies for the promotion of thrift, self-help and mutual aid among persons with common economic needs and to bring about improvement in agriculture and industry through better methods of production, better business and better living and for that purpose to amend and consolidate the law relating to co-operative societies in the State of Sikkim.
 
 
  Be it enacted by the State legislature in the ……..28…….. year of the Republic of India as follows:
   
   

Chapter 1
Preliminary
   
   
Short – title extent I (i) This Act may be called the Sikkim Co-operative societies Act, 1978.
   
And commencement (ii) It extends to the whole of the state of Sikkim.
  (iii) It shall come into force on such date as the Government may, by Notification in the official Gazette appoint.
In this act, unless the context otherwise requires.
   
Definitions 2. (a) ‘Agricultural Refinance and Development Corporation, means the Agricultural Refinance and Development Corporation constituted under
10 of 1963 the Agricultural Refinance and Development Corporation Act, 1963.
  (b) ’Bank’ includes
   (i) A banking company as defined in Section 5 of the Banking
 10 0f 1949 Regulation Act, 1949.
23 of 1955 (ii) State Bank of India constituted under the State bank of India Act. 1955
5 of 1970 (iii) A ‘corresponding new bank’ constituted under section 3 of the Banking Companies ( Acquisition and Transfer of Undertaking) Act, 1970.
  (iv) Any other banking institution notified by the Central Government under
10 of 1949 Section 51 of the Banking Regulation Act, 1949.
  (c) ‘Bye – laws’ means the registered bye – laws for the time being in force, and includes registered amendment of such bye – laws.
  (d) Committee’ means the governing body of a society by whatever name
Called. to which the management of the affairs of the society is entrusted.
  (e) ‘Co- operative year’ means the period beginning from 1st July or the date of commencement of business or the date of registration and ending the 30th June for the purpose of drawing up the balance sheets of registered societies
  (f) ‘Deposit Insurance Corporation’ means the Deposit Insurance Corporation
47 of 1961  established under section 3 of the Deposit Insurance Corporation Act, 1961.
  (g) ‘Federal society’ means a society other than state co-operative bank (a) not less than five members of which are themselves societies; and (b) in which the voting rights are so regulated that the members which are society have not less than three fourths of the total number of votes in the general meeting of such society.
  (h) ‘Government’ means the State Government of Sikkim.
  (i) ‘Industrial Development Bank’ means the Industrial Development bank of
18 of 1964 India constituted under the Industrial Development Bank of India Act. 1964
  (j) ‘Member’ means a person joining in the application for registration of a society and a person admitted to membership after such registration in accordance with this Act, the rules and the bye- laws, and shall include a nominal member and the Government when it subscribes to the share capital of a society.
  (k) ‘Nominal member’ means a person admitted to membership as such after registration in accordance with the bye – laws.
  (l) ‘National Co-operative Development Corporation’ means the National
 26 of 1962 Co-operative Development Corporation constituted under the Co-operative Development Corporation Act, 1962.
  (m) ‘ Officer’ means the president, vice-president, chairman, vice Chairman, managing director, secretary, manager, member of -committee, treasurer, liquid-ator, administrator and includes any other person empowered under the rules or the bye-laws to give directons in regard to the business of society.
  (n) ‘Prescribed’ means prescribed in the rules.
  (o) ‘Primary agricultural credit society’ shall have the meaning assigned
2 of 1934 to it in clause (cii) of section 2 of the Reserve Bank of India Act. 1934 and includes a Farmers Service Society or Large-sized Multipurpose Society
  (p) ‘Registrar of Co-operative Societies under this Act and includes any person appointed to assist the Register in exercise of all or any of his powers under this Act.
2 of 1934 (q) ‘Reserve Bank’ means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934.
  (r) ‘Rules’ mean the rules made under this Act.
  (s) ‘Society’ means a co-operative society registered or deemed to be registered under this Act.
   (t) ‘Society with limited’ 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
  (u) ‘Society with unlimited liability’ means society the joint or several liability of whose members to meet any deficiency in the assets of the society in the event of its being wound up is unlimited.
  (v) ‘State Co-operative Bank’ means the ‘Sikkim State Co-operative Bank Ltd’ registered as a society under this Act.
 
   

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