Amendment status not verified — confirm the current text below against the official source.
(1) The Registrar shall audit, or cause to be audited by a person possessing prescribed qualifications and authorized by the Registrar by general or special order in writing in this behalf, the accounts of every society at least once in each year. The person so authorized shall be auditor for the purposes of this Act: 44a[Provided that the audit of the Central Co-operative Banks and the State Co-operative Bank shall be conducted only by the Chartered Accountants from the panel approved by the National Bank]. (2) The audit under the foregoing sub-section include an examination of overdue debts, if any the verification of the cash balance and securities, and a valuation of the assets and liabilities of the society. (3) The Registrar of the auditor shall, for the purpose of audit, at all times have access to all the books, accounts, documents, papers, securities, cash and other properties belonging to, or in the custody of, the society, and may summon any person in possession or responsible for Registrar’s power to seize records, etc. Auditor. [1962: Guj. X Gujarat Co-operative Societies Act, 1961 the custody of any such books, accounts, documents, papers, securities, cash or other properties, to be produce the same at any place at the head-quarters of the society or any branch thereof. (4) Every person who is, or has at any time been, an officer or employee of the society, and every member and past member of the society shall furnish such information in regard to the transactions and working of the society as the Registrar, or the auditor may require. (5) The auditor shall have the right to receive all notices, and every, communications relating to the annual general meeting of the society and to attend such meeting and to be heard threat, in respect of any part of the business with which he is concerned as auditor. (6) If it appears to the Registrar, on an application by a society or otherwise, that it is necessary or expedient to re-audit any account of the society, the Registrar may by order provide for such re-audit and the provision of this Act applicable to audit of accounts of the society shall apply to such re-audit. 44b[(6A) The Registrar shall, by an order provide for a special audit of the co- operative credit structure on the basis of the recommendation of the Reserve Bank of India or, as the case may be, the National Bank. A copy of the report of such special audit shall be submitted to the Reserve Bank of India or, as the case may be, the National Bank within the period specified by the Reserve Bank of India or, as the case may be, the National Bank, The provisions relating to audit of accounts of the society made under this section shall also apply to such special audit.] 45[(7) For auditing the accounts of a society under this section, every society shall be liable to pay to the Registrar, or, as the case may be, to the auditor, audit fee,— (i) in relation any period beginning from the date of the commencement of this Act and ending on the day immediately before the date of general or, as the case may be, special order made under clause (ii), at the existing rates ; (ii) in relation to any other period at such rates or scales as the State Government may, from time to time, by general or special order, determine. 1962: Guj. X] Gujarat Co-operative Societies Act, 1961 (8) The State Government may, if it considers it necessary to do so in public interest, exempt, by notification in Official Gazette, and for reasons to be specified therein, any society or class of societies wholly or partially form payment of audit fees. (9) The amount of audit fees payable by any society for any period, whether before or after the commencement of this Act, shall be deemed to be a sum due to the Government for the purpose of section 157. 45a[(10) The Registrar shall, in consultation with the National Bank prescribe Prudential Norms including Capital to Risk Weighted Assets Ratio for Primary Agricultural Credit Co-operative Societies. (11) The Registrar shall, by an order, provide for the periodical inspection by the officers subordinate to the Registrar or by federal society or by financing bank, for a class of society under section 87 or, section 88.] Explanation.—For the purpose of clause (i) of sub-section (7), “existing rates” means the rates of fees for auditing the accounts of societies, which were in force immediately before the commencement of this Act under the Bombay Co-operative Societies Act, 1925 as then in force and such rates shall be deemed to be the rates or scales prescribed under sub-section (7) as in force during the period offered to in the said clause (i).]