Jammu and Kashmir Cooperative Societies (Amendment) Act, 2010. (Act No. X of 2010).

This Act may be called the Jammu and Kashmir Co-operative Societies (Amendment) Act, 2010. It amends several sections of the principal Act, 1989 concerning administrative and legal proceedings of banking and financial sector. Amended section 2 establishes new definitions and clauses renumbering, namely: "(a) Apex Co-operative Bank means a Co-operative Federation at State level engaged in business of banking; ii) "(bb) Central Co-operative Bank means a central society engaged in business of banking; (bba) 'Chartered Accountant' means a member of the Institute of Chartered Accountants of India within the meaning of Chartered Accountants Act, 1949 (38 of 1949)", the clause shall be inserted, namely: "(ee) 'Co-operative Credit Structure Society' includes the Apex Co-operative Bank, a Central Co-operative Bank and a Primary Agricultural Credit Society"; Amended section 6 are: (i) in sub-section (I), "the Registrar shall, within one month from the date of receipt of application, register the society provisionally"; and (ii) in sub-section (2) for the words "he shall communicate" the words "he shall within one month from the date of receipt of application, communicate".
Amended section 8A on Conversion states: (I) A Co-operative Credit Structure Society registered under this Act shall be eligible to become a member of a Central Level Co-operative registered under the provisions of the principal Act. A Co-operative registered under the principal Act may become the member of the Co-operative Federation registered under this Act. Amended section 11 states: no Primary Agricultural Co-operative Credit Society or its Federation or Association (except those which are permitted to act as a bank under Banking Regulation Act, 1949 (Central Act No. 10 of 1949) shall be registered with the words 'bank' or any other derivative of the word 'bank' in its registered name or shall use the same as a part of its name. Amended section 15 states: a co-operative Credit Structure Society shall have the freedom of entry and exit at any tier without mandatory restrictions of geographical boundaries for its operation.