Amendment status not verified — confirm the current text below against the official source.
(1) Audit of the State Co-operative Bank shall be conducted by Chartered Accountants from the panel approved by the National Bank. (2) The Registrar shall cause a special audit of State Co-operative Bank on the recommendation of the Reserve Bank and shall submit a copy of the report of such special audit to the Reserve Bank and National Bank within the period specified by the Reserve Bank. 147.(1)The Registrar on receipt of an application for approval and registration of amendments in Bye-laws of a society in a Co-operative Credit structure made as per the provisions of the Act, shall dispose of such applications within thirty days of its receipt. (2) The Registrar shall ensure that a. Regulatory prescriptions or directives for the State Co-operative Bank by the Reserve Bank are complied with; b. The elections of the office bearers of the Committee of a Society in the Co- operative credit Structure are completed before the expiry of its term. c. The Committee of a society in a Co-operative Credit Structure is not placed under supersession for a period exceeding six months and the election are completed well before expiry of the period of supersession. d. Supervisory prescriptions and guidelines for Large Sized Multipurpose Co- operative Societies issued by the National Bank are complied with. e. Guidelines for payment of dividend to members by Large Sized Multipurpose Cooperative Societies are issued, subject to criteria specified by the National Bank. (3) A Person who does not fulfil the eligibility criteria for the post of Chief Executive Officer or a member in the Committee of the State Cooperative Bank as stipulated by the Reserve Bank shall be treated as ineligible for such post and if such person is holding the post, he shall be removed by the Registrar on receipt of advice to this effect from the Reserve Bank or the National Bank. (4) No Large Sized Multipurpose Co-operative Societies shall use the word "Bank", "Banking", "Banker" or any other derivative of the word "Bank" in its name and the society using such name shall be de-registered by the Registrar. (5) The State Co-operative Bank shall be liable to be wound up in public interest at the advice of the Reserve Bank and the Registrar shall take action in this behalf including appointment of a liquidator within 30 days of receipt of advice from the Reserve Bank. (6) Prescribe prudential norms including capital to risk weighted asset ratio for all the Large Sized Multipurpose Co-operative Societies in consultation with National Bank.