Cooperative Societies Amendment Act, 2020
Cooperative Societies Amendment Act, 2020
The Cooperative Societies Amendment Act, 2020 is an Act enacted on 23rd September, for the purpose to further amend the Cooperative Societies Act, 1925. The Cooperative Societies Amendment Act expedites the formation, registration, and regulation of cooperative societies for the promotion of thrift, self-help and mutual assistance amongst agriculturist and other persons with common economic and social interests and for achieving better standards of living and for matters incidental hereto. Under this Act the word beneficial owner, means a natural person who ultimately owns or controls a society, whether directly or indirectly or have ownership thereof by exercising effective control in that society through other means as may be prescribed.
