TREASURY BUILDING CO OP SOCIETY Vs. SUKUMAR GANGULY

JUDGEMENT

(1.) This Rule is directed against an order made in Appeal Case No. 10/Cal. Of 1972-73 by the learned Assistant Registrar, Co-operative Societies, Calcutta whereby he has dismissed the appeal and has affirmed an order made on 24th August, 1972 in Dispute Case No. 510/Cal. Of 1971-72 under Section 86 of the Bengal Co-operative Societies Act, 1940.

(2.) The petitioner, Treasury Buildings Co-operative Society Limited was established in 1920 and the same is registered under the Bengal Co-operative Societies Act, 1940. From the Bye laws of the petitioner Society, it appears that the same has been established with the object of (a) primarily to create funds to be lent out or invested for its members; (b) to provide facilities for the exercise of thrift and savings; (c) generally to encourage self-help and mutual aid amongst members; (d) to render such relief to distressed members or to the destitute families of deceased members as may be possible out of funds earmarked for the purpose in accordance with the Bye-laws.

(3.) In furtherance of the above objective, it has been provided further in the Bye-laws that the Petitioner Society shall be at liberty (a) to receive money by way of loans, deposits or otherwise from members, non-members or any other source and to secure the repayment thereof either by mortgaging, assigning or pledging the properties of the Society or otherwise; (b) to establish "Provident Fund" for the members and to make suitable contributions to such fund out of the profits; (c) to purchase, take on lease or exchange or otherwise acquire lands; buildings, or any movable or immovable property necessary for the business of the society; and (d) generally to do all such other things as are incidental or conducive to the attainment of its objects.