MCS ACT 1961 PDF

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Short title and extent: These rules may be called the Maharashtra Co- operative Societies Rules. (1) They extend to the whole of the State of Maharashtra. ACT, (Maharashtra Act No XXIV of ). {Received the assent of the President on the 4th day of May Assent first published in the Maharashtra. THE MAHARASHTRA CO-OPERATIVE SOCIETIES ACT, [Maharashtra Act, No. XXIV Of ]2. PREAMBLE. An Act to consolidate and amend the law.


Mcs Act 1961 Pdf

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Mah. XXIV]. Maharashtra Co-operative Societies Act, (v). 79A. Government's power to give directions in the public interest, etc. 79AA. Registrar's. some cases the Principal Act and/or Amendment Act may not be available. Principal Acts The Maharashtra Co-Operative Societies Act, Act 24 of (i) "Act" means the Maharashtra Co-operative Societies Act; (MCS Act) ;. (ii) " Bye-laws" means the . prescribed under Rule 35 of the MCS Rules

The Maharashtra Co-operative Societies Act, "the Act" allows a member to nominate a person or persons to whom his share and interest in the co-operative society will be transferred by the society in the event of the member's death.

Section 25 of the Act provides that a member would cease to be a member of a society on death. However, his holding and other interests do not lapse, but they pass on to his heirs or legal representatives and the society is bound to transfer the shares or interest to them as provided in section 30 of the Act.

Therefore, on the death of a member, the society shall transfer the share or interest of the deceased member to a person nominated in accordance with the rules.

The purpose of nomination is to make clear the person with whom the society has to deal upon the death of a member. It does not create any interest in favour of the nominee, to the exclusion of those who are in law entitled to the estate of a deceased member.

The nominee does not become the absolute owner of the property. He is only empowered to hold the property in trust for the real owners for the purpose of dealings with the society. He has no power, authority or title to alienate the property to the exclusion of the other legal heirs of the deceased member.

Rights of the nominee Upon the death of the member, the nominee will be entitled to all the rights in the member's shares to the exclusion of all other persons, provided the prescribed procedure for nomination is followed. The shares of the member are simplicitor transferred to the nominee, which transfer will effectually discharge the society against any other person making a demand.

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But such a transfer of shares cannot and does not result in vesting of the flat in such nominee. As stated above, such nominee is merely a trustee for the estate of the deceased until the estate passes by will or intestacy.

However, his holding and other interests do not lapse, but they pass on to his heirs or legal representatives and the society is bound to transfer the shares or interest to them as provided in section 30 of the Act.

Therefore, on the death of a member, the society shall transfer the share or interest of the deceased member to a person nominated in accordance with the rules. The purpose of nomination is to make clear the person with whom the society has to deal upon the death of a member.

It does not create any interest in favour of the nominee, to the exclusion of those who are in law entitled to the estate of a deceased member. The nominee does not become the absolute owner of the property.

Associate member can be part of managing panel

He is only empowered to hold the property in trust for the real owners for the purpose of dealings with the society. He has no power, authority or title to alienate the property to the exclusion of the other legal heirs of the deceased member.

Rights of the nominee Upon the death of the member, the nominee will be entitled to all the rights in the member's shares to the exclusion of all other persons, provided the prescribed procedure for nomination is followed.

The shares of the member are simplicitor transferred to the nominee, which transfer will effectually discharge the society against any other person making a demand.

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But such a transfer of shares cannot and does not result in vesting of the flat in such nominee. As stated above, such nominee is merely a trustee for the estate of the deceased until the estate passes by will or intestacy.

The society is not concerned with disputes amongst the heirs of the deceased.

Section 30 of the Maharashtra Cooperative Societies Act allows the society to transfer the shares of the member to a nominee and the transfer will be valid against any demand made by any other person upon the Society.Disposal of records of society whose registration is cancelled Chapter X - Land Development Banks Declaration of result and publication of names of the members of the committee 56A Maintenance of liquid resources and distribution of assets Click here.

Maharashtra, India — Phone: Prohibition against being interested in contracts etc 57A Motion of no-confidence against the officers of the society Procedure for nomination In order to nominate a person, member of a society has to either make and sign a document or make a statement in the book kept for that purpose by the society.

Maximum rates of travelling allowance and daily allowance and sitting fees, etc for members of Committees B.

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