Amendment status not verified — confirm the current text below against the official source.
(1) The Committee of every society in a Co-operative Credit Structure shall have freedom and power to decide its financial and internal administrative matters including : (i) interest rate on deposits and loans subject to the directives issued by the Reserve Bank. (ii) Borrowing, investment, loaning, policies (including individual loans) and other business policies. (iii) Personal policies including issues relating to recruitment promotion, staffing, training, posting and compensation to staff as per business requirement of the society ; (iv) Internal check and control systems, appointment of auditors, their compensation and other internal administrative issues ; (v) Affiliation or disaffiliation in a federal structure as per the choice of the society including entry and exit there from ; (vi) Area of operation as per business requirements of the societies without any geographical restrictions ; (vii) Dividend payable to members of the society subject to guidelines issued by the Registrar as per the criteria specified by the National Bank.