CO-OPERATIVE SOCIETIES ACT, 2020.

This Act, consisting of 119 Sections divided into 12 Chapters, provides for the formation, registration and regulation of cooperative societies for the promotion of thrift, self help and mutual assistance amongst agriculturists or other persons with common economic interests, for achieving better standards of living, better business and better method of production. The Act is divided as follows: Registration (Chap. II); Rights and Liabilities of Members (Chap. III); Duties of Societies (Chap. IV); Privileges of Societies (Chap. V); Property and Funds of Societies (Chap. VI); Inspection of Affairs (Chap. VII); Liquidation and Arbitration (Chap. VIII); Distraint (Chap. IX); Offences (Chap. X); Appeals and Revisions (Chap. XI); Miscellaneous (Chap. XII).
The Provincial Government may appoint a person to be Registrar of Co-operative Societies for the Province on such terms and conditions as itmay determine and may appoint a person or persons to assist such Registrar, and may, by general or special order, confer on any such person or persons all or any of the powers of a Registrar under this Act (Section 3). According to Section 19, no rights of membership shall be excised till due payments are made. Section 20 makes special provisions for membership of resource societies. Every society which does or can derive a profit from its transactions shall maintain a reserve fund (Section 51).