Amendment status not verified — confirm the current text below against the official source.
Acts of co-operative societies not to invalidate by certain defects—No act, of a co-operative society or any committee or Board or of any officer shall be deemed to be invalid by reason only of the existence of any defect in the constitution of such society, committee or Board or in the appointment or election of an officer or on the ground that such officer was disqualified for his appointment. 1[32A. Autonomy in all financial and internal administrative matters.–– Subject to the provisions of this Act, rules or bye-laws made thereunder or any other law for the time being in force, a Co-operative Credit Structure Society shall have autonomy in all financial and internal administrative matters including the following areas :–– (a) interest rates on deposits and loans; provided that in case of the State Co-operative Bank and a Central Co-operative Bank, the interest rates shall be in conformity with the guidelines issued by the Reserve Bank ; (b) borrowing and investments ; (c) loan policies and individual loan decisions ; (d) personnel policy, staffing, recruitment, posting and compensation to staff ; (e) internal control systems, appointment of auditors and compensation for the audit].