Section 3. Definitions

3. The proposed law will extend to the whole of India including Jammu and Kashmir. The present Multi-Unit Co-operative Societies Act, 1942 does not extend to Jammu and Kashmir, 3. Definitions.— In this Act, unless the context otherwise requires, — (a) "area of operation" means the area from which the persons are admitted as members; 2[(aa) "Authority" means the Co-operative Election Authority established under sub-section (1) of section 45;] (b) "board" means the board of directors or the governing body of a multi-State co-operative society, by whatever name called, to which the direction and control of the management of the affairs of the society is entrusted; (c) "bye-laws" means the bye-laws for the time being in force which have been duly registered or deemed to have been registered under this Act and includes amendments thereto which have been duly registered or deemed to have been registered under this Act; (d) "Central Registrar" means the Central Registrar of Co-operative Societies appointed[3] [as per clause (f) of article 243ZH of the Constitution read with sub-section (1) of section 4] and includes any officer empowered to exercise the powers of the Central Registrar under sub-section (2) of that section; 3. Sub-clause (iii) omitted by s. 7 ibid. (w.e.f. 3-8-2023). in the manner referred to in section 21 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961. 3. Member's Economic Participation.— Members contribute equitably and control the capital of their Co-operative democratically. At least a part of the surplus arising out of the economic results would be the common property of the co-operatives. The remaining surplus could be utilised benefiting the members in proportion to their share in the Co-operative.