Section 2 in Sikkim Co-Operative Societies Act, 1978
2. Definitions.
(a)Agricultural Refinance and Development Corporation Means the Agricultural Refinance and Development Corporation Constituted under the Agricultural Refinance and Development Corporation Act, 1963 (10 of 1963).(b)'Bank' includes.(i)A banking company as defined in section 5 'of the Banking Regulation Act, 1949 (10 of 1949).(ii)State Bank 'of India constituted under the State Bank 'of India Act, 1955 (23 of 1955).(iii)A corresponding new bank constituted under section 3of the Banking Companies Acquisition and Transfer of Undertakings Act 1970 (5 of 1970).(iv)Any other banking institution notified by the Central Government under section 51 of the Banking Regulation Act 1949 (10 of 1949).(c)'Bye-laws' means the Registered bye-laws for the time registered being in force, and includes amendments of such Bye-laws.(d)'Committee' means the governing body of a society, by whatever name called, to which the management of the affairs of the society is entrusted.(e)[ "Co-operative year" means the period beginning from the 1st day of April, or the date of commencement of business, or the date of registration of the society and ending on the 31st day of March every year for the purpose of drawing balance sheets of registered societies.] [Substituted by Act No. 7 of 1992, dated 28.9.1992](f)'Deposit Insurance Corporation' means the Deposit Insurance Corporation established under section 3 of the Deposit Insurance Corporation Act, 1961 (47 of 1961).(g)'Federal society' means a society other than state cooperative bank, (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 three fourths of the total number of votes in the general meeting of such society.(h)'Government' means the State Government of Sikkim.(i)'Industrial Development Bank' means the Industrial Development Bank of India constituted under the Industrial Development Bank of India Act 1964 (18 of 1964).(j)'Member' means a person joining in the application for registration of a society and a person admitted to membership after such registration in accordance with this Act, the rules and the bye-laws, and shall include a nominal member and the Government when it subscribes to the share capital of a society.(k)'Nominal member' means a person admitted to membership as such after registration in accordance with the bye-laws.(l)'National Co-operative Development Corporation' means the National Co-operative Development Corporation constituted under the National Co-operative Development Corporation Act 1962 (16 of 1962).(m)'officer' means the president, vice-president, chairman, vice-chairman, managing director, secretary, manager, and member of committee, treasurer, liquidator, administrator and includes any other person empowered under the rules or the bye-laws, to give directions in regard to the business of society.(n)'prescribed' means prescribed in the rules.(o)'primary agricultural credit society' shall have the meaning assigned to it in clause c(ii) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934) and includes a Farmers Service Society or Large-sized Multipurpose Society.(p)'Registrar' means a person appointed to perform the functions of the Registrar of Co-operative Societies under this Act and includes any person appointed to assist the Registrar in exercise of all or any of his powers under this Act.(q)'Reserve Bank' means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934).(r)'Rules' means the rules made under this Act.(s)'Society' means a co-operative society registered or deemed to be registered under this Act.(t)'Society with limited liability' means a society the liability of whose members is limited by its bye-laws to the amount, if any, unpaid on the shares individually held by them or to such amount as they may individually undertake to contribute to the assets of the society, in the event of its being wound up.(u)'Society with unlimited liability' means society the joint or several liability of whose members to meet any deficiency in the assets of the society in the event of its being wound up is unlimited.(v)State Co-operative Bank' means the 'Sikkim State Co-operative Bank Ltd.' registered as a society under this Act.
