What are the provisions of 1904 Act?
What are the provisions of 1904 Act?
The 1904 Act provided for constitution of societies, eligibility for membership, registration, liabilities on members, disposal of profits, shares and interests of members, privileges of societies, claims against members, audit, inspection and enquiry, dissolution, exemption from taxation and rule making power.
Which is the model of 1904 Act?
The Indian Co-operative Credit Societies Act of 1904 was based on European ideas and experiences in the second half of the 19th century, the principles set by Friedrich Wilhelm Raiffeisen for agricultural co-operatives and by the Rochdale Pioneers (influenced by the ideas of Robert Owen) for consumer co-operatives.
What year was the Cooperative credit society Act 1904?
25th March 1904
The first Cooperative Law of India The Cooperative Credit Societies Act, 1904 was passed on 25th March 1904. Agricultural Credit Cooperative Society, of Kanaginahal village of Gadag District in Karnataka was the first cooperative Society formed under First Cooperative law of India.
What is co-operative Societies Act 1912?
By. Sep 5, 2020. To facilitate formation of Co-operative Societies for the provisions of thrift and self-help among agriculturists, artisans and persons of limited means, etc. Co-operative Societies Act, 1912.
What is Cooperative Society Act in India?
[1st March, 1912.] An Act to amend the Law relating to Co-operative Societies. WHEREAS it is expedient further to facilitate the formation of Co-operative Societies for the. promotion of thrift and self-help among agriculturists, artisans and persons of limited means, and for.
Who is the founder of cooperative society in India?
Sir Frederic Nicholson
By 1904, cooperative agricultural credit societies and cooperative banks were to be established in many districts on the lines which existed in Germany and Italy. Sir Frederic Nicholson was hailed as the pioneer of the cooperative movement in India, he noted.
Who founded cooperative society?
Robert Owen (1771–1858) is considered as the father of the cooperative movement. A Welshman who made his fortune in the cotton trade, Owen believed in putting his workers in a good environment with access to education for themselves and their children.
Who is the founder of cooperative society?
What are the defects of 1904 Act?
The defects of the 1904 Act were remedied when the Cooperative Societies Act, 1912 was enacted. Salient Features: Any society, credit or otherwise, could be registered which had as its objective, the promotion of the economic interest of its members. A federal society like the Central Bank or union could be registered.
What are the rights of co-operative society?
In a co-operative society with unlimited liability, a member, who withdraws or is otherwise removed or expelled from the society, shall be entitled to repayment without interest of any money paid by him or his predecessor-in-interest towards the purchase of shares after such period as may be laid down the bye-laws.
When does the Act of 1904 apply to a cooperative society?
(i) The Act of 1904, applies to societies for the purpose of co-operative credit only and not to co-operative societies of other kinds, such as those established for production or distribution.
What is the history of cooperative societies in the UK?
Hence, British government came forward and passed three acts- the Deccan Agriculture Relief Act (1879), the Land Improvement Loan Act (1883) and the Agriculturists Loan Act (1884). But Cooperative move came with structure and shape when British enactment of the Cooperative Credit Societies Act, 1904.
What is multi-state co-operative Societies Act?
In 1984, Parliament of India enacted the Multi-State Cooperative Societies Act to remove the plethora of different laws governing the same types of societies. 3.
How did the cooperative movement start in India?
The Cooperative Movement in India started with Cooperative Credit Societies Act 10 of 1904. The agricultural cooperative credit societies were registered under this Act. As this Act did not provide organization of non-credit cooperative societies such as marketing and consumer societies, it was replaced with Cooperative Societies Act of 1912.
