Amendment status not verified — confirm the current text below against the official source.
Power of Board to make regnlatt0t1S -Notwithstanding anything contamed m the Kecala Co-operat1ve Societle.-> Act, 1969 (21 of 1969), or the rules made thereunder, the Board shall have ~' general power of supervision over the pnmary banks and may, with the approval of the Trustee, make regulatiOns flct 1r.consiste1Ji. w1lh this Act or the rules made thereunder- . . (a)· for the mspection of the account books and proceedings of pnmary banks; (b) for the subm1ss1on of returns and reports ''Y primary banks in resp~ct of their transactions, l (c) for the penod1Cal settlement of accounts between pr1mary ~ banks and the Agricultural Development Rank for the payment of the amounts recovered by primary banks on Gehan cr mortgage or hypothecatiOn transferred, or deemed under the pi·ovisions of section 13 to have been transferred to the Ag1 icultural D~velopment Bank; (d) prescribing the form in which appiicat1on to primary banks for loans should be made and for the valuatiOn· ot the pro- perties offered as security for such loans, (e) for the investment of moneys realised from Gehan or ~ mortgage or hypothecation; and • 1 • (f) generally for the purpose of safeguarding the interest of the parties concerned and for carrying qut the purposes of this Act. 49., Cognisance of offences.-(1) No Court shall take cogni- sa.nce of any offence under this Act except with the previous sanction in writmg of the Registrar, and no Court mferwr to that of a Magistrate of the First Class shall try any offence pumshable under this Act. __..(2) No sanctiOn shall be given under sub·sect10n (1) without givmg the party concerned an opportumty of being heard. ,