Question

According to Section 5(1) of KCS Act, a co-operative society can be registered only with which type of liability?

• A. Unlimited liability
• B. Joint liability
• C. Several liability
• D. Limited liability

Answer 1

Answer:

D. Limited liability

Sec 5 –Registration with limited liability only

• Sec 5(1)-Co-operative society shall be registered only with limited liability

• Sec 5(2)-The word ‘limited’ or its equivalent in any Indian language shall be the last word in the name of a society registered under this Act with limited liability.

• Sec 2(g)-Limited Liability

• Sec 2(h)-Unlimited Liability