India, March 10 -- The Government of India has issued a release:
Cooperative Societies registered under the provisions of the Multi-State Cooperative Societies (MSCS) Act, 2002 function as autonomous cooperative organisations and are accountable to their members. MSCSs function as per the provisions of Multi-State Cooperative Societies Act, 2002 and rules framed there under read with approved bye-laws of the Society which includes the role and powers of the member, Board, General Body of the Society and Central Registrar of Cooperative Societies (CRCS). As per the provisions of Section 49 of the MSCS Act, 2002, the business matters such as to admit members, to accept the deposits and refund to depositors etc., fall under the powers and fun...