Amendment status not verified — confirm the current text below against the official source.
(1) (a) It shall be an offence if a committee fails to comply with the provisions of any of the clauses (a) to (g) of section 115F. (b) It shall be an offence if a committee fails to ensure that a report under clause (a) of section 115F is true. (c) It shall be an offence if a committee fails to ensure that report under clause (g) of section 115F is true. (2) Where an offence under this section has been committed by a committee of a bank, every person who, at the time the offence was committed, was a member of such committee, shall be deemed to guilty of the offence and shall be liable to be proceeded against and punished accordingly : Provided that nothing contained in this sub-section shall render any such person liable to any punishment as provided in this section if he proves that the offence was committed without his knowledge of that he exercised all due diligence to prevent the commission of such offence. (3) Every committee member who is deemed to be guilty of an offence under sub-section (1), read with sub-section (2) shall, on conviction, be punished,— (a) If it is an offence under clause (a) of sub-section (1) for failure to comply with the provisions of— Offences and their punishment and cognizance. [1962: Guj. X Gujarat Co-operative Societies Act, 1961 (i) clause (s) of section 115F with fine which may extend to twenty thousand rupees; (ii) clause (b) of section 115F with imprisonment for a term which may extend to six months or with fine which may extend to one lakh rupees or with both; (iii) clause (c) of section 115F with imprisonment for a term which may extend to one year or with fine which may extend to one lakh rupees or with both; (iv) clause (d) of section 115F with imprisonment for a term which may extend to one year or with fine which may extend to one lakh rupees or with both; (v) clause (e) of section 115F with imprisonment for a term which may extend to one year or with fine which may extend to one lakh rupees or with both; (vi) clause (f) of section 115F with imprisonment for a term which may extend to two year or with fine which may extend to one two rupees or with both; (vii) clause (g) of section 115F with imprisonment for a term which may extend to one year or with fine which may extend to one lakh rupees or with both; (b) If it is an offence under clause (b) of sub-section (1), with imprisonment for a term which may extend to two years or with fine which may extend to two lakh rupees or with both. (c) If it is an offence under clause (c) of sub-section (1), with imprisonment for a term which may extend to two years or with fine which may extend to two lakh rupees or with both. (4) Whoever after having been convicted of an offence under clause (a) of sub-section (1) for failure to comply with the provisions of clause (a) of section 115F is again convicted there under shall, on every such conviction, be punished with fine which may extend to fifty thousand rupees. (5) Whoever after having been convicted of an offence under clause (a) of sub-section (1) for failure to comply with the provisions of clause (a) of section 115F is continues to commit such offence shall be punished for each day after the fist, during which he continues so to offend, with fine which may extend to one thousand rupees. 1962: Guj. X] Gujarat Co-operative Societies Act, 1961 (6) No court inferior to that of the Metropolitan Magistrate or the Magistrate of the First Class shall try any offence under this section. (7) Notwithstanding anything contained in the Code of Criminal Procedure, 1973, it shall be lawful for the Metropolitan Magistrate or the Magistrate of the First Class to pass a sentence of imprisonment or a fine on any person in excess of his powers under section 29 of that Code, (8) No prosecution under this section shall be lodged except with the previous sanction of the Registrar. 115 I. The provisions of section 84 shall apply to a specified bank as if in sub-section (1) of that section, for the words “at least once in each year”, the words “at least once in each quarter of a year” had been substituted. Explanation.–for the purpose of this section, the expression, “specified bank” means,– (i) a bank having deposits of not less than fifty crores rupees; (iii) a bank which is Scheduled Bank within the meaning of clause (e) of section 2 of the Reserve Bank of India Act, 1934.