Section 144-4A of MCS ACT 1960 : Forms of business in which non- agricultural co-operative credit societies may engage.

144-4A : Forms of business in which non- agricultural co-operative credit societies may engage.

(1)From the date of commencement of the Maharashtra Co-operative Societies (Second Amendment) Act, 2017 (hereinafter in this Chapter referred to as “the said Amendment Act, 2017”), a non-agricultural co-operative credit society may engage in any one or more of the following forms of business, namely :—

    (a)borrowing, raising or accepting deposits from members, lending or advancing of money either upon or without security, negotiating loans and advances, providing safe deposit vaults by itself to members ;

    (b)managing, selling and realizing any property which may come in possession of such non-agricultural co-operative credit society in satisfaction or part satisfaction of any of its claims ;

    (c)acquiring, holding and generally dealing with any property or any right, title or interest in any such property which may form the security or part of security for any loans or advances or which may be connected with any such security ;

    (d)acquisition, construction, maintenance and alteration of any building or works necessary or convenient for the purpose of the non-agricultural co-operative credit society ;

    (e)selling, improving, managing, developing, exchanging, leasing, mortgaging, disposing of or turning into account or otherwise dealing with all or any part of the property and rights of the non-agricultural co-operative credit society ;

    (f)acquiring and undertaking the whole or any part of the business of any member of the non-agricultural co-operative credit society for the purpose of recovery of loan advanced to such member, when such business is of a nature specified in this section ;

    (g)doing all such other things as are incidental or conducive to the promotion or advancement of the business of the non-agricultural co­operative credit society ;

    (h)undertaking functions itself or seek assistance for asset reconstruction with previous sanction of the Registrar in accordance with law for the time being in force ;

    (i)any other form of business which the State Government may, by notification in the Official Gazette, specify as a form of business in which it is lawful for a non-agricultural co-operative credit society to engage.

(2)In case any form of business other than the business referred under sub-section (1) is already undertaken by any non-agricultural co-operative credit society before the date of commencement of the said Amendment Act, 2017, such society shall conclude such business within eighteen months from the date of commencement of the said Amendment Act, 2017 :

Provided that, in special cases, if the Registrar is satisfied that any extension to a non-agricultural co-operative credit society is in its interest, he may extend this period for a period not exceeding twelve months so that the total period does not exceed thirty months in the aggregate and subject to such terms and conditions, as he may deem fit.