Multistate Credit Cooperative Society Act 2002

Multistate Credit Cooperative Society Act 2002

Multistate credit cooperative society act 2002 is an update to the MSCS 1984 which was enforced in 2002 to regulate and consolidate the laws and rules that form foundation of incorporation, functioning and organization of credit cooperative society which are under jurisdiction and regulations of more than one state. This act allows these multistate credit societies to develop ways for their economic advancements and operational autonomy. It is an act just like Company Act, 2013 for company registration in India.

To achieve the goal of empowering credit societies achieve their functional autonomy and financial development; the parliament introduced the multi state cooperative societies bill which received approval of the Honourable President of India on 3rd July 2002  after being passed by both the Houses of Parliament and it came to be known as the Multi State Cooperative Societies Act 2002.

It is mandatory for all multi state cooperative societies to follow the rules and regulations laid down in multi state credit cooperative society act 2002. If they don’t follow the rules and regulations, the certification of the MSCS can be cancelled or the organization can be penalized.

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