The Assam Co-operative Societies (Amendment) Act, 2012
assam · 2013
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- S. 1The section establishes the Assam Co-operative Societies (Amendment) Act, 2012 as effective immediately upon enactment.
- S. 2The section amends definitions in the Assam Co-operative Societies Act, 2007, adding new terms and modifying existing ones.
- S. 3The section amends the maximum loan tenure limit for cooperative societies to one year, as specified by the Reserve Bank.
- S. 4Section 4 amends the Assam Co-operative Societies Act to extend amendment timelines and require bye-law updates within twelve months.
- S. 5The section allows the Registrar to revise co-operative society registration fees up to 50% higher based on merit.
- S. 6Section 6 amends section 23 to add a three-year term or attendance requirement for certain roles in cooperative societies.
- S. 7Adds "or any other institution under the administrative control of the Co-operation Department" to section 25 of the principal Act.
- S. 8Section amends clause (a) in section 30 to include election of delegates and representatives as a due event.
- S. 9In the principal Act, in section 31, for the word “three”, the word “five” shall be substituted
- S. 10Section 10 amends section 35 to reserve seats for Scheduled Castes, Scheduled Tribes, and women on the Board of Co-operative Societies.
- S. 11Section 11 amends the principal Act to authorize co-operative societies to establish policies and set qualifications for appointing top executives and staff.
- S. 12Amends section 39 to mandate annual general meetings for cooperative societies in Assam.
- S. 13The section amends the principal act to change the term from "three" to "five" in a specified subsection.
- S. 14The section amends the principal act to replace section 41 with new provisions on elections.
- S. 15Section 15 amends the tenure and composition of the Board of Directors in Assam Co-operative Societies, setting a five-year term and allowing co-optation of specialized members.
- S. 16Section 16 amends the Assam Co-operative Societies Act to mandate a Chief Executive appointed by the Board or State Government.
- S. 17The section mandates State Government to set auditor qualifications and requires co-operative society accounts to be audited within six months.
- S. 18In the principal Act, in section 84, in clause (f)
- S. 19The section amends the procedure for the Registrar to either order an enquiry or reject an application for an enquiry within ten days.
- S. 20In the principal Act, in section 104, in clause (b)
- S. 21Section amends penalties for corrupt practices by members during board elections in Assam Co-operative Societies.
- S. 22Amends section 125 of the principal act to introduce new provisions for cooperative societies in Assam.
- S. 24Adds new Chapter XIV with special provisions for cooperative credit societies under the Assam Co-operative Societies Act.
- S. 25Section 25 adds a principle to manage Assam Co-operative Societies professionally.
- S. 39Section mandates annual general assembly for co-operative societies and dissolution if not held within six months.
- S. 41Section 41 of the Assam Co-operative Societies (Amendment) Act, 2012 assigns election conduct and supervision to the Registrar and outlines election procedures for Co-operative Societies.
- S. 125Section 125 empowers the Registrar to investigate and replace a co-operative society's Board if it fails to fulfill its duties or acts prejudicially.
- S. 133Section 133 ensures that provisions in this chapter override any conflicting rules or orders.
- S. 134Section defines key terms for cooperative credit structures, including banks and societies, in the Assam Co-operative Societies (Amendment) Act, 2012.
- S. 135Section 135 grants voting rights to individual and group depositors and borrowers in primary agricultural credit societies after meeting specified capital and deposit requirements.
- S. 136The section grants Co-operative Credit Structure Societies autonomy over financial, administrative, and personnel matters.
- S. 137Section 137 limits the State Government's equity share subscription in Co-operative Credit societies to 25%, allows exceptions for state banks, and regulates State Government nominees on boards.
- S. 139(1) The Board of a State Co-operative Bank shall be superseded only with the prior approval of the Reserve Bank
- S. 140Section 140 mandates the Registrar to conduct elections for Co-operative Credit Structure Societies before the existing Board's term ends and within two months after supersession.
- S. 141Section 141 mandates the Registrar to register bye-laws of societies within 30 days or reject them if contrary to the Act.
- S. 142The section mandates the Registrar to set prudential norms for Primary Agricultural Credit Societies in consultation with the National Bank.
- S. 143Section 143 mandates removal of non-compliant Chief Executive Officers and Board members of State Co-operative Banks.
- S. 144Section 144 mandates the inclusion of professionals with special knowledge on the Board of a State Cooperative Bank if elected members lack requisite expertise.
- S. 145Section mandates auditing of State Co-operative Bank accounts by Chartered Accountants and special audits by Registrar as per Reserve Bank request.
- S. 146Section 146 mandates the Registrar to implement Reserve Bank's directives for State Co-operative Bank management changes and dissolution.
- S. 147Section 147 prohibits Primary Agricultural Credit Societies from using "Bank" in their names unless permitted under the Banking Regulation Act, 1949.
- S. 148Section 148 prevents the State Government from exempting Co-operative Credit Structure Societies from Chapter provisions without Reserve Bank approval.