Section 17(4) in Jammu and Kashmir Co-Operative Societies Act, 1989
(4)The Central and Apex Societies having individual as members on the date of commencement of this Act, shall retire the shares of such individuals within a period of three years of such commencement in the prescribed form.Explanation. - For the purpose of this section -(a)"Primary Society" means a Co-operative Society whose membership consists exclusively of individuals;(b)"Central Society" means a Co-operative Society whose membership includes primary societies;(c)"Apex Society" means a Co-operative Society whose membership includes Central Societies. Notwithstanding anything contained herein, the Jammu and Kashmir State Co-operative Rural Development Bank shall be construed as Apex Society for the purpose of this Act:Provided that in case of districts where Central level Societies do not exist and Apex level Societies have been undertaking the functions of Central level Societies and have enrolled primary societies as members, these primary Societies will continue to remain as the members of the Apex level Societies till the time Central level Societies come up or are registered in these districts. After the Central level Societies are registered in these districts, primary Societies, shall cease to exist as members of Apex level societies.
