Amendment status not verified — confirm the current text below against the official source.
Audit of accounts.--The State Co-operative Bank or Central Cooperative Banks shall cause audit of its accounts by a Chartered Accountant selected from a panel approved by National Bank. 44BL. Special audit of State Co-operative Bank or Central Co-operative Bank.-(1) The Registrar shall arrange to conduct the special audit of State Cooperative Bank or Central Co-operative Banks, on the request of Reserve Bank on such specific terms of references as agreed to by the Registrar and also arrange to furnish the report to Reserve Bank within the time stipulated by the Reserve Bank of India. (2) The Registrar may also on its own motion or or? the request of the Managing Committee of State Co-operative Bank or Central Co-operative Bank arrange to conduct the special audit of suck bank. 44BM. Restriction of using word "Bank" by the Primary Agricultural Credit Society.--(1) No Primary Agricultural Credit Society will use the word "Bank", "Banker" or "Banking" or any other derivative of the word "Bank". (2) The Registrar shall deregister such Primary Agricultural Credit Society, which violates the provision of sub-section (1) of this section. 44BN. Abolition of Cadre system.-There shall not be any Cadre system in Cooperative Credit Structure with effect from such date as notified by the State Government. 44BO. Winding up of State Co-operative Bank or Central Co-operative Bank.--The Registrar shall make an order for the winding up of State Cooperative Bank or Central Co-operative Bank and appointment of a liquidator within one month If so advised by the Reserve Bank. 44BP. Implementation of regulatory prescriptions of Reserve Bank.- Notwithstanding anything contained in this Act or 'Rules made thereunder, the Registrar shall ensure the implementation of regulatory prescriptions of the Reserve Bank in case of State Co-operative Bank and Central Co- operative Banks. 44BQ. Exemption by the State Government-No society in the short term Co-operative Credit Structure shall be exempted under Section 62(2) of this Act in any manner from the application of the provisions of this chapter without prior consultation with the Reserve Bank or the National Bank." CHAPTER VII Penalties and Procedure 1["45. Offences and Penalties.--(1) It shall be an offence under this Act if- (a) a Co-operative Society or an officer or member thereof willfully makes a false return or furnishes false information, or willfully not furnishes any information required from him by a person authorised in this behalf or a Registrar under the provisions of this Act; (b) any person willfully or without any reasonable cause disobeys any summons, requisition or lawful written order issued under the provisions of this Act; (c) any employer who, without sufficient cause, fails to pay to a Co-operative Society amount deducted by him from its employee within a period of fourteen days from the date on which such deduction is made; (d) any officer or custodian who willfully fails to handover custody of books, accounts, documents, records, cash, security and other property belonging to a Co-operative Society of which he is an officer or custodian, to an authorised person; and (e) any person who indulges in the corrupt practices before, during or after the election of the Office-Bearer or member of the Board of the Co-operative Society, (2) Any offence under sub-section (1) of this Section shall be punishable with imprisonment for a period which may extend up to one year or with a fine which may amount to rupees two thousand or both: Provided that where a person is guilty of misappropriation, fraud, breach of trust, cheating or any other act involving moral turpitude, resulting in a loss to the Co-operative Society, he shall also be punishable under the relevant provisions of the Indian Penal Code, 1860."