Amendment status not verified — confirm the current text below against the official source.
Savings. * * * * STATEMENT OF OBJECTS AND REASONS I Act 17 of 2000.- The Karnataka Souhardha Sahakari Bill, 1997 among other things provide for;- (1) the recognition, encouragement and voluntary formation of co-operatives based on self help, mutual aid, wholly owned, managed and controlled by members as accountable, competitive, self-reliant and economic enterprises guided by co-operative principles specified therein; (2) removing all kind of restrictions that have come to clog the free functioning of the co-operatives and the controls and interference by the Government except registration and cancellation; (3) promotion of subsidiary organisation, partnership between co-operatives and also collaboration between co-operatives and other institutions. (4) registration of co-operatives, union co-operatives and Federal Co-operative in furtherance of the objectives specified above. (5) conversion of co-operative societies registered under the Karnataka Co-operative Societies Act, 1959 as a co-operative under the proposed legislation. Hence the Bill. (Obtained from L.A. Bill No. 25 of 1997) II Amending Act 21 of 2004:- The Karnataka Souharda Sahakari Bill, 1997 received the assent of the President of India on 28-03-2000 with certain observations to modify and include specific suggestions of Reserve Bank of India with regard to Banking Business. Therefore in pursuance of the observations of Government of India, and suggestions of the Reserve Bank of India, it is proposed to amend the Karnataka Souharda Sahakari Act, 1997 namely:- (1) to incorporate the definition of the terms "Co-operative Bank", "Deposit Insurance Corporation", "National Bank" and "Reserve Bank" as suggested by Government of India. (2) to exclude the Housing Co-operative Societies from the purview of the Act to avoid misappropriation, misutilisation and mismanagement in Housing Co-operative Societies. (3) to require the Co-operative Societies carrying on banking business to obtain prior approval licence from Reserve Bank of India. (4) to provide that a Co-operative Bank has to carry on its business in conformity with the banking and credit policy laid down by the Reserve Bank of India and National Bank. (5) to safeguard such interests of depositors as are not detrimental to the public interest or contrary to banking policy. (6) to make liable a past member, for his commissions and omissions as such member, if he ceases to be a member of such Co-operative. (7) to fix the time to conduct elections to the first board of the Co-operative after registration by amending section 26. (8) To provide a copy of enquiry report or information required by Reserve Bank to Reserve Bank of India relating to Co-operative Bank to enable the Reserve Bank to supervise the functioning of such Co-operative Bank. (9) To protect the interest of non-member depositor before winding up a Co-operative Bank. (10) To vest the power of supersession and liquidation of Co-operatives and of ordering inquiry into the affairs of any co-operative with the Registrar. (11) To enable the Registrar or an officer appointed by him to function ex-officio director on the board of the Federal Co-operative by amending section 54. Opportunity is also taken to make certain consequential amendments. Hence the Bill. (Obtained from LC Bill No. 1 of 2004) III Amending Act 16 of 2005:- The Karnataka Souharda Sahakari Act, 1997 (Karnataka Act 17 of 2000) received the assent of the President of India on 28.03.2000 with certain observations to modify and include specific suggestions of Reserve Bank of India with regard to Banking Business. The Karnataka Souharda Sahakari Act, 1997 was amended as per Karnataka Act No.21of 2004 covering the specific suggestion of the Reserve Bank of India. Now, the Reserve Bank of India has given some more suggestions to amend the Act. Therefore, it is proposed to amend the Karnataka Souharda Sahakari Act, 1997 (Karnataka Act 17 of 2000), namely:-