Section 2 in The Tripura Co-operative Societies Act, 1974
2. Definitions.
- In this Act, unless the context otherwise requires-(1)"Agricultural marketing society" means a society-(a)the object of which is the marketing of agricultural produce and the supply of implements and other requisites for agricultural production, and(b)not less than eighty per centum of the members of which are agriculturists or societies formed by agriculturists;Note. - In this sub-section, "Agriculturist" means a person employed in agricultural work whether owning any land or not and includes a bargadar;(2)"auditor" includes a person appointed by the Registrar to audit the accounts of a society;(3)"bonus" means payment made in cash or kind out of the profits of a society to a member, or to a person who is not a member, on the basis of his contribution (including any contribution in the form of labour or service) to the business of the society; and in the case of a farming society, on the basis both of such contribution and also the value or income or, as the case may be, the area of the lands of the members brought together for joint cultivation, as may be decided by the society;(4)"bye-laws" means bye-laws registered under this Act and for the time being in force, and includes registered amendments of such bye-laws;(5)"Committee" means the committee of management, or other governing body, by whatever name called, to which the Management of the affairs of a society is entrusted:(6)"company" means a company as defined in the Companies Act, 1956 (1 of 1956) and includes a Banking Company and also any board, corporation or other corporate body constituted or established by any Central, State or Provincial Act for the purpose of the development of any industry;(7)"consumers society" means a society the object of which is-(a)the procurement, production or processing and distribution of goods to, or the performance of other services for, its members as also other customers, and(b)the distribution amount its members and customers, in the proportion prescribed by rule or by the bye-laws of the society, of the profits accruing from such procurement, production or processing and distribution;(8)"credit society" means a co-operative society, the primary object of which is to create funds out of which money is to be lent to its members and includes credit union;(9)"co-operative bank" means a society registered under this Act and doing the business of banking as defined in Clause (b) of sub-section (1) of Section 5 of the Banking Regulation Act, 1949 (X of 1949);(10)"co-operative land development bank" means a society which is functioning or is to function as a land development bank under Chapter XII;(11)"dividend" means the amount paid out of the profits of a society, to a member in proportion to the shares held by him;(12)"financing bank" means a co-operative bank, or a corresponding new bank constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), the objects of which include the creation of funds to be loaned to other societies;(13)"farming society" means a society in which, with the object of increasing agricultural production, employment and income and the better utilisation of resources, lands are brought together and jointly cultivated by all the members; such lands-(a)being owned by or leased to the members (or some of them), or(b)coming in possession of the society, in any other manner whatsoever;(14)"federal society" means a society-(a)not less than five members of which are themselves societies, and(b)in which the voting rights are so regulated that the members which are societies have not less than four-fifths of the total number of votes in the general meeting of such society;(15)"firm" means a firm registered under the Indian Partnership Act, 1932 (IX of 1932);(16)"general society" means a society not falling in any of the classes of societies defined by other clauses of this section;(17)"housing society" means a society the object of which is providing its members belonging to low income group with an income of not more than rupees five hundred per month with dwelling houses;(18)"industrial society" means a co-operative society, the objects of which include the manufacture of goods by or with help of its members and the provision of supplies and services to them and also to small producers and entrepreneurs, and includes a co-operative society established with the object of facilitating the operation of such a society;(19)"liquidator" means a person appointed as liquidator under this Act;(20)"local authority" includes a school board and an agricultural produce market committee constituted by or under any law for the time being in force;(21)(a)"member" means a person joining in an application for the registration of a co-operative society which is subsequently registered, or a person duly admitted to membership of a society after registration, and includes a nominal or sympathiser member;(b)"nominal member" means a person admitted to membership as such after registration in accordance with the bye- laws;(c)"sympathiser member" means a person who sympathises with the aims and objects of the society and who is admitted by the society as such member;(22)"official Gazette" means the Tripura Gazette;(23)"officer" means a person elected or appointed by a society to any office of such society according to its bye-laws; and includes a Chairman, Vice-Chairman, President, Vice-President, Managing Director, Manager, Secretary, Treasurer, member of the committee, and any other person elected or appointed under this Act, the rules or the bye-laws, to give directions in regard to the business of such society;(24)"prescribed" means prescribed by rules;(25)"processing society" means an agricultural society the object of which is the processing of goods;(26)"producers society" means a society the object of which is the production and disposal of goods or the collective disposal of the labour of the members thereof;(27)"Registrar" means a person appointed to be the Registrar of Co-operative Societies under Section 3 of this Act;(28)"resource society" means a society the object of which is the obtaining for its members the credit, goods or services required by them;(29)"rules" means the rules made under this Act;(30)"society" means a co-operative society registered, or deemed to be registered, under this Act;(31)"society with limited liability" means a society in which the liability of its members for the debts of the society, in the event of its being wound up, is limited by is bye-laws(i)to the amount, if any, unpaid on the shares respectively held by them, or(ii)to such amount as they may respectively undertake to contribute to the assets of the society;(32)"society with unlimited liability" means a society, the members of which, are in the event of its being wound up, jointly and severally liable for and in respect of its obligations and to contribute to any deficit in the assets of the society;(33)"Tribunal" means the Tripura Co-operative Tribunal constituted under this Act; and(34)"working capital" means funds at the disposal of a society inclusive of paid-up share capital, funds built out of profits, and money raised by borrowings and by others means.
