Amendment status not verified — confirm the current text below against the official source.
(1) The State Government may, for the Whole or any part of the State and for any society or class of Soeieties, make rules for the conduct and regulation of the business of such society or class of soeie- ties and for carrying out the purposes of this Act. ‘2) In particular, and without prejudice to the generality" of the foregoing power, such rules may— (i) subject to the provisions of section 3, prescribe the designa- tion of officers who shall exercise powers vested in the Registrar ; 69 Indemnity for acts done in good faith. Bftr of juris- diction of Courts= Notice necessary in suits. Rules. (ii) prescribe the forms to be used and the conditions to be complied with in the making of applications for the regis- / tration of a society under section 8 and the procedure in ( the matter of such application ; (iii) prescribe the matters in respect of Which a society may make, or the Registrar may direct a society to make, bye-laws and the procedure to be followed in making, altering and abrogating bye-Iaws and the conditions to be satisfied prior to such making, alteration or abrogation ; (iv) prescribe the procedure to be followed and conditions to be observed for change of name or liability, amalgamation, transfer, division, conversion, or reconstruction of society ; (v) prescribe the form of and procedure for an application under section 19 and the procedure for reconstruction of a society under that section ; (vi) prescribe the conditions to be complied with by a person applying for admission or admitted as a member and provide for the election and admission of members and the payment to be made and the interests to be acquired before the exercise of the right of the membership ; (vii) prescribe in the case of a federal society, or class of federal societies, the proportion of individual members or society members in such society or class of societies and the propor- tion of individual members to society members in the board of such society or class of Such societies ; (viii) subject to the provision of section 28, prescribe the maxi- mum number of shares or portion of the capital of a society which. may be held by a member ; (ix) prescribe the procedure for the admission of joint members, members of a joint Hindu undivided family, and minors and persons of unsound mind inheriting the share or interest of deceased members and provide for their rights and liabilities ; (2:) provide for the Withdrawal, removal or expulsion of members, and for the payments to them and for the liabilities of past members and the estate of deceased members ; (xi) prescribe the conditions and procedures for the transfer of share or interest ; (xii) provide for the nomination of a person to Whom the share or the interest of a deceased member may be paid or transferred ; (xiii) provide for ascertaining the value of a share or interest of a past member or deceased member ; (xiv) prescribe the payments to be made and the conditions to be complied With by members applying for loans. the period for which loans may be made, and the amount which may be lent to an individual member ; (XV) provide for the procedure for registering the address'of a society and the change of its address. (xvi) prOvide for the formation and maintenance of a register of members, and where the liability of members is limited by shares, of a register of shares and a. list of members ; (xvii) provide for securing that the share capital of any society shall be available in such a. Way as may be necessary to secure that the share shall not appreciate in value and that necessary capital shall be available for the society as requirec’; (xviii) provide for the procedure to be adopted by a society with limited liability in order to reduce its share capital ; ' (xix) prescribe the period for and terms upon Which Government aid may be given to societies and terms under which the State Government may subscribe to the share capital of and guarantee the payment of the principal of and interest on debentures issued by societies ; (xx) regulate the manner in which funds may be raised by a society or class of societies by means of shares or debenture or otherwise and the quantum offunds so raised ; (xxi) prescribe the limits for loans to be granted bya. society or class of societies against different class of securities or without security and the procedure for granting loans ; . (xxii) prescribe the manner of recalling a. loan ; (xxiii) prescribe the limits for granting credit by a. non-credit society or a. class of non~credit Societies ; (xxiv) prescribe the pfohibitions and restrictions subject to Which societies may trade or transact business with persons Who are not members ; (xxv) preacribe the conditions on which any charge in favour of a society shall be satisfied and the extent to Which and the order in Which the property to the charge shall be used in its satisfaction ; A (xxvi) provide for giving reasonable notice of the charge under section 48 ; (xxvii) prescribe the procadure by Which a sociegy shall calculate and write off bad debts ; (xxviii) prescribe the sums Which, in addition to those referred to in section 65(1), shall be deducted from profits before arriving at the profits for the purpose of section 65(2) ; ‘ (xxix) provide for the formation and maintenance of reserve fund, and the objects to which such fund may be applied and for the investment and used of any fund including reserve fund under the control of a society ; 71, 72 (xxx) prescribe the procedure and conditions under which profits may be distributed ; (xxxi) prescribe the rate at Which a. society shall contribute to: wards the educational fund of the State Federal Society under section (38 ; ' (xxxii) define the co-operative purpose for Which a. society shall, under section 69‘, utilise its fund ; (xxxiii) prescribe the mode of investment of funds of a society under section. 70 end the proportion of inVestmtnt in any ecurity or class of securities ; (xxxiv) provide for the payment of cotribution to any provident fund Which may be established by a, society for 1the benefit of officers and servants employed by it and for the adminis. tration of such provident fund ; (xxxv) prescribe the procedure and conditions for the exercise by a federal society of the powers conferred by this Act ; (xxxvi) provide for general meetings of the members, for the pro- cedure at such meetings and the powers to be exercised by such meetings ; (\xxxvii) prescribe the conditions in which a. membrr of a. society may be disqualified from voting ; (xxxvi‘ii) provide for the appointment, suspension and removal of the Board membere and other officers and for the appointment of administrator under section 78 and prescribe procedure of the meeting of the Board end for the powars to be exercised and the duties to be performed by the Board, administrator and other officers ; (xxxix) prescribe qualifications for members of the Board and employees of a. society or class of societies (duties to be performed by, and several and joint lialibilities therefor, of, such members) and the conditions of service subject to Which persons may be employed by societies ; (xl) prescribe the returns to be submitted by a society to the Registrar and provide for the persons by whom and the form in Which such returns shall be submitted ; (xli) provide for the persons by Whom and the form in Which copies of documedts and entries in books of societies may be certified and the charges to be levied for the supply of , copies thereof ; (xlii) provide for the procedure to be adopted by the Registrar in .. the cases Where the taking of possession of books, documents, securities, cash and other properties of a society or of a. society the afiairl of which have been ordered to be wound up, by the Registrar or by a. person entitled to the same is resisted er obstructed; (xliii) (311v): iphl'psclfibe the. account books to be kept by e soeiety or (xlv) » (3114): — (xlvii) ' (elviii) (xlix) (.1) (ti) (Iii) provide for the procedure to be adopted for taking possession of books, documents, securities, cash and other properties of a. society by a, person acting under secttons 81, 83 end 84 in cases where misappropriation of funds, breach of trust or fraud has been committed or where it is suspected or apprehended that the books, documents, securities, cash and other properties are 11];er to be tampered With or destroyed or rempved, class of Societies ; prescribe the procedure for conducting an audit, the matters on Which the auditor shell submit a. report, the form in whichthe statement of accounts shall be prepared for his audit, the limits within which the auditor may examine the monetary transactions of a. society, the form of audit memefendumfland report and the chargee, if any, to be paid by a. society for audit ; prescribe theprocedure for appointment of auditors under section 81 ; prescribe the form for the rectification of defects discovered in the course of audit, inspection or inquiry ; prescribe the procedure and principles for the conduct of inquiry fender section§3 and inspection under section 84 ; prescribe the procedure for apportioning the cost of4 inquiry and in_epection and for, assessing damages against. delinquent premgtere fujnderh section. 88 end for recovery of cost and damage! prescribe the manner in which appointment shall be, made end control exercised by and the number of persons com- prising, and functions to be performed by, the authority constituted under section 90, the manner of election and nomination of such persons, the fees to be paid to such authority and the manner of such payment and the procedure for and the method of calculating any cost, charges or expen- ses required to be levied under this Act or the rules ; provide for appointment of the Registrar’s nominee or board of nomineeS, procedure to be followed in proceedings before the Registrar or his nominee or board of nominees and for fixing and levying the expenses for determing the dispute for enforcing the decisions or awards in such proceedings ; prescribe the form in which a. dispute: shall be referred to the Registrar ; (mi) provide for the issue and service of processes and for pro- viding of service thereof; 73 '74 (3‘7) (1V) (lvi) (lvii) (Iviii) (Iix) (1X) hm) (lxii) (lxiii) (lxiv) (1“) (vai) (lxvii) provide for the investigation of claims and objection that may be preferred against any attachment effected (under section 95) ; (é prescribe the procedure for and the method of recovery of any sums due under this Act or the rules ; prescribe the procedure to be followed for the custody of property attached under section 9:) ; prescribe the procedure to be followed in the execution of awards ; prescribe the manner in which any property shall be deli- VPI‘ed to, and the term and conditions subject to which such property shall be held by, a society under section 100 ; prescribe the procedure for attachment and sale of the pro- perty for the realisation of any security given by a person in the Course of eXecution proceedings ; prescribe the procedure and conditions for the exercise of the powers conferred under section 105 and the procedure to be followed by a Liquidator and provide for the disposal of surplus assets ; prescribe the matter in which an appeal shall lie from the order of a. Liquidator appointed under section 103 ; prescribe the procedure and conditions for the issue, redemp. tion re-issue. transfer, replacement or conversion of deben. tures issued by a. society to which chapter X1 is applicable ; prescribe the maximum amount of principal, the rate of interest and other conditions for the guarantee of debentures issaed by a society to which Chapter X1 is applicable ; prescribe the qualifications and methods of appointment of an officer to efi'eet sale under Section 233 and the powers and functions which such an officer may exercise ; prescribe for the appointment of a. receiver of the produce and income of the mortgaged property for sale under section