National Co-operative Development Corporation Act,1962
Act No : 26
Section :
Establishment of the National Co-operative Development Corporation.
3. Establishment of the National Co-operative Development Corporation. (1) The Central Government shall, by notification in the Official Gazette, establish with effect from such date 3* as may be specified in the notification, a Corporation by the name of the National Co-operative Development Corporation which shall be a body corporate having perpetual succession and a common seal with power to acquire, hold and dispose of property and to contract, and may, in the said name, sue and be sued. (2) The head-office of the Corporation shall be in New Delhi. 4*[(3) The Corporation shall carry on its functions through the General Council and the Board. --------------------------------------------------------------------- 1 Ins. by Act 3 of 1974, s. 3 (w.e.f. 1-4-1974). 2 Ins. by Act 32 of 1973, s. 3. 3 14th March, 1963, vide Notification No. G.S.R. 457, dated 14-3- 1963, see Gazette of India, Extraordinary, Pt. II, Sec. 3(i), p. 149. 4 Subs. by Act 3 of 1974, s. 4, for the former sub-sections (3), (4) and (5) (w.e.f. 7-4-1975). 80 (4) The General Council shall consist of the following members, namely:-- (i) a President and a Vice-President, both to be nominated by the Central Government; (ii) eight members, ex officio, to be nominated by the Central Government from such of its Ministries dealing with economic matters as it may think fit; (iii) Deputy Governor of the Reserve Bank in charge of rural credit, ex officio; (iv) Managing Director of the State Bank, ex officio; (v) Managing Director of the Food Corporation of India, constituted under the Food Corporations Act, 1964, (37 of 1964) ex officio; (vi) Managing Director of the Central Warehousing Corporation, constituted under the Warehousing Corporations Act, 1962 (59 of 1962), ex officio; (vii) Chairman of the Industrial Finance Corporation of India, constituted under the Industrial Finance Corporation Act, 1948 (15 of 1948), ex officio; (viii) a member representing banks, to be nominated by the Central Government; (ix) Chairman of the National Co-operative Union of India, ex officio; (x) Chairman of the National Agricultural Co-operative Marketing Federation, ex officio; (xi) Chairman of the National Federation of Co-operative Sugar Factories, ex officio; (xii) Chairman of the All India Federation of Co-operative Spinning Mills, ex officio; (xiii) Chairman of the All India State Co-operative Banks' Federation, ex officio; (xiv) eleven members, other than those nominated under clause (xv), representing the States and the Union territories, to be nominated by the Central Government, provided that not more than one person shall be so nominated from each State or Union territory; (xv) eleven members to be nominated by the Central Government from among the Chairmen of the State level co-operative federations from the States and Union territories, provided that not more than one person shall be so nominated from each State or Union territory; 81 (xvi) four members representing persons having special knowledge of, or practical experience in, agricultural co-operative development, to be nominated by the Central Government; (xvii) three members representing national level organisations engaged or interested in the promotion and development of co-operative programmes, to be nominated by the Central Government; (xviii) the managing director. (5) The powers and functions of the Corporation shall be exercised or discharged, as the case may be, by the General Council, and references elsewhere in this Act to the Corporation shall, unless the context otherwise requires, be construed as references to the General Council. (6) Notwithstanding the expiry of the prescribed term of his office, every member of the General Council shall continue to hold office as such, until his successor in such office has assumed charge of such office. (7) Members of the General Council, other than the managing director, shall be entitled to receive such sitting fees as may be specified by regulations made by the Corporation under this Act, for attending any meeting of the General Council, Board or any committee of the Corporation: Provided that no official member shall be entitled to receive any sitting fee.]
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