Section 43 in Mizoram Cooperative Societies Act, 2006
43. Rights of Co-operative.
- The co-operative registered under this Act shall, inter-alia, have possess and enjoy the following rights, i.e. the right:(a)to choose the type or kind of business or service or activity to be undertaken;(b)to determine the form, structure and extent and economies of scale of business and services of the co-operative;(c)to hire employees only in case members of co-operative are unable to satisfy or meet the requirements of business or service or activities of the co-operative;(d)to decide on admission of new members, prescription of qualification disqualification, basis or grounds for withdrawal, expulsion and termination of membership and procedure therefore in accordance with the provisions of this Act; .(e)to decide or determine the manner and method of distribution of surplus or losses incurred by co-operative;(f)to decide on grant of appreciation and reward for individuals who made substantial contribution and achievement in building, promoting and developing the co-operative;(g)to take appropriate action against members who violate provisions of this Act, rules and bye-laws;(h)to direct erring members, officers and employees for compensate for damages they mayor might have caused to the co-operative;(i)to borrow money from banks, raise funds from other sources and lend money to members of co-operative in accordance with the provisions of this Act, rules and bye-laws;(j)to legally refuse or deny demands of individuals, institutions and organisations which are contrary to the provisions of this Act and rules.
