- This Act may be cited as the Co-operative Societies Act.
- In this Act-
‘Bonus” means a share of the profits of a registered society divided among its members in proportion to the volume of business done with the society by them from which the profits of the society were derived;
“Committee” means the governing body of a registered society to whom the management of its affairs is entrusted;
“Dividend” means a share of the profits of a registered society divided among its members in proportion to the share capital held by them;
“Member” includes a person or registered society joining in the application for the registration of a society and a person or registered society admitted to membership in accordance with the rules;
“Officer” includes the chairman, secretary, treasurer, member of committee, or other person empowered under the regulations or rules to give directions in regard to the business of a registered society;
“Registered society” means a co-operative society registered under this Act;
“Registrar” means the Registrar of Co-operative Societies appointed under section 3 and includes any person when exercising such powers of the Registrar as may have been conferred upon him under that section;
“Regulations” means regulations made under this Act; “rules” means the registered rules made by a society under this Act.