Amendment status not verified — confirm the current text below against the official source.
Amendment of Karnataka Act 11 of 1959.- In the Karnataka Co-operative Societies Act, 1959 (Karnataka Act 11 of 1959),- (1) in section 2, after clause (e), the following clause shall be inserted, namely :- ''(e-1) 'credit agency' means a credit agency as defined in the Karnataka Agricultural Credit Operations and Miscellaneous Provisions Act, 1974;''; (2) in sub-section (1) of section 18 after the words ''any individual'', the words ''or any credit agency'' shall be inserted; (3) section 59 shall be renumbered as sub-section (1) of that section and after sub- section (1) as so renumbered, the following sub-section shall be inserted, namely :- ''(2) Notwithstanding anything contained in sub-section (1), such co-operative societies or class of co-operative societies as the State Government may, by notification, specify shall have power to borrow from a credit agency subject to such conditions as may be prescribed.'' (4) after section 65, the following sections shall be inserted, namely :- ''65A. Report of audit, inspection and final report to be made available to a credit agency.- The Registrar shall draw the attention of a credit agency financing a co-operative society to the defects noted in any audit, inquiry or inspection of such co-operative society and shall also supply a copy of each of such audit or inquiry report, if demanded in writing by such credit agency. 14