Amendment status not verified — confirm the current text below against the official source.
Provident Fund.- (1) A co-operative society may establish a contributory Provident Fund for the benefit of its employees to which shall be credited all contributions made by the employees and society in accordance with the bye-laws of the society. (2) A contributory Provident Fund established by a co-operative society under sub-section (1),— (a) shall not be used in the business of the society; (b) shall not form part of the assets of the society; and (c) shall not be liable to attachment or be subject to any other process of any court or other authority. CHAPTER VIII AUDIT, INQUIRY, INSPECTION AND SURCHARGE. 1 [63 Audit.- (1) Every Cooperative society shall get its accounts audited at least once in a year before the first of September following the close of the cooperative year by an auditor or an auditing firm appointed by the general body of the cooperative society from a panel of auditors or auditing firms approved by the Director of cooperative audit; Provided that the Director of co-operative audit shall be the authority competent to prepare and maintain a list of auditors and auditing firms who satisfy the prescribed qualification and experience for undertaking the audit of accounts of co-operative societies in the state. 1[Provided further that, the National Bank shall prepare a list of auditors and auditing firms who satisfy, the prescribed qualification and experience for undertaking the audit of accounts of State Co-operative Bank and District Central Co-operative Banks.]1