Multi-State Cooperative Societies (Amendment) Bill, 2023

Question 1

Q. What is the objective and some key provisions of the “Multi-State Cooperative Societies (MSCS) Act, 2002 ?

Answer 1

Ans : - Objective : Consolidate and amend the law relating to cooperative societies, with objects not confined to one state and serving the interests of members in more than one state.
- Key provisions :
1. Application : act applies to all cooperative societies, with objects not confined to one state.
2. Registration : All MSCS shall be registered under the Act through a Central Registrar.
3. Internal Governance : Every MSCS may make its bye-laws consistent with the provisions of this act for its internal governance.
4. Reorganisation : Central Registrar to prepare a scheme of amalgamation or reorganisation of a cooperative bank.

Question 2

Q. What was the need for the amendment bill ?

Answer 2

Ans : 1. Consistency with part IX-B .
2. Fulfilment of Cooperative Principles.
3. Need for reforms in MSCS : Easier and digital registration process, more vibrant and active membership, increased transparency through information officers, grievance redressal etc.
4. Revival of sick MSCS through a dedicated fund.

Question 3

Q. What are 6 Cooperative Principles ?

Answer 3

Ans : 1. Voluntary and Open Membership.
2. Member’s Economic Participation.
3. Education, Training and Information.
4. Democratic Member Control.
5. Concern for Community .