Discuss the cooperatives laws and bye-laws prevailing in India

Cooperative Law includes all legal rules that shape a cooperative enterprise and regulate its operations, such as law on cooperatives, international law, national constitutions, administrative Acts, court decisions and jurisprudence, cooperative bylaws and statutes or any other source of law that regulates or impacts the structure of cooperatives or their operations. Laws on labour, competition, taxation, banking, procurement and land laws, (international) accounting/prudential standards and  bookkeeping rules and, audit and bankruptcy can also impact cooperatives.

The Cooperative Credit Societies Act 1904 was the first cooperative legislation passed during British regime. It was passed on 25th March 1904. Prior to this period, the cooperatives were governed by the Companies Act in force in India. 

The objectives of the Law were:

1) to provide for the constitution and control of cooperative credit societies with a view to encourage thrift, self-help and cooperation among agriculturists, artisans

.and persons of limited means, and

2) to provide for the constitution and control of cooperative credit societies for the said purpose

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