Section 4(1) in The Orissa Self-Help Co-operatives Act, 2001
(1)Notwithstanding anything contained in the Co-operative Societies Act, from the date of commencement of this Act, any Co-operative Society registered and functioning under the Co-operative Societies Act, which is not in receipt of any share capital, guarantee, loan from the Government, at the time of seeking registration under this Act, may submit memorandum of association for registration under this Act ;Provided that where the Government does have share capital, guarantee, loan or any other dues in a Co-operative Society desiring to convert itself into a Co-operative under this Act, the Co-operative society shall, before opting for registration under this Act, return the same to the Government, and the Government shall accept it :Provided further that the Co-operative society in receipt of share capital from other sources, may return such share capital, loan, guarantee etc. or shall furnish "no objection certificate" from such agency/authority:Provided further that the Co-operative Banks as defined in Sub-Clause (cci) of Clause (c) of Section 56 of the Banking Regulation Act, 1949 and registered under the Co-operative Societies Act, which intends to convert to a Co-operative under this Act, shall obtain previous sanction of Reserve Bank of India in conformity with Section 2(gg) of the Deposit Insurance and Credit Guarantee Corporation Act, 1961.
