The Gujarat Cooperative Societies (Amendment) Bill, 2024, unanimously approved by the state Assembly, seeks to modify specific clauses of the 1961 Gujarat Cooperative Societies Act.
Minister of State for Co-operation Jagdish Vishwakarma introduced the Bill, which includes reducing the minimum required members for registering a cooperative housing society from 10 to eight.
It also proposes appointing an authority designated by the state government to manage the Bad Debt Fund and modifying provisions regarding creditor payment priority in liquidated cooperative societies, shifting authority to the state government.
Additionally, the Bill suggests extending the winding-up period beyond 10 years and granting the state government power to set transfer fees for unit sales in cooperative housing societies, preventing arbitrary fixing by society officials.