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of <h1>2023 Amendment to Multi-State Co-operative Societies Act: Changes to Section 86, Membership Rules, and Winding-Up Process.</h1> The Multi-State Co-operative Societies (Amendment) Act, 2023 modifies section 86 of the principal Act. It includes inserting references to section 108 and revising membership requirements, allowing six months to restore member numbers if they fall below the required threshold. It introduces a clause allowing the Central Registrar to act if registration was obtained through misrepresentation or fraud. The amendment also aligns the winding-up process of multi-State co-operative banks with the Banking Regulation Act, 1949, and requires a 'no objection' from institutional lenders before winding up, defining such lenders to include various financial entities.
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