Amendment status not verified — confirm the current text below against the official source.
Amendment of section 78A.- Insection 78A ofthe Principal Act,- (i‘) for the proviso, the following provisos shall be substituted, namely,-_ ‘ “Provided that'when the Board is suspended or dissolved, or Where term of such a Board becomes expired, the State Government may appoint a Board of Administrators, who need not be member of the Society.but who should have background knowledge and expertise related to the Society and having such qualifications as are not debarred from becoming a member of the Board or any Committee under the provisions of the Act v and ~ the Rules. In case of State ' Co-operative. Bank or Urban Co-operative Banks there shall be at 1east2 (two) professionals in the Board or Committee. The composition of the Board shall not be less than three but not more than five to exercise and perform the powers and function of the Board subject to the control of the State Government as may be _ required in the interest of the Society during the period of suspension. or till a new 1 Board is constituted, as the case may be, but the total period of suspension or dissolution should not exceed three years: ProVided further that suspension or dissolution of the Committee of the'State Co~operativeBank or a Central Co-operative Bank or the State Land Development Co—operative Bank or the Urban Co—operative Banks under this section shall be done in consultation with the National Bank or the Reserve Bank of India, as the case may be: ‘ ' I ' i I ' ProVided also that at anytime the Registrar may in consultation with the State Government shall constitute a regular Board before the expiry ofthe term , ' ofthe Board ofAdministrator under this section and thereby, the State Government shall terminate the term ofthe Board to enable the Societyto cam its functions as enjoined by law.”;>' ' 1 ' ' ' ' ., 21.. -11- (ii) the existing section 78A shall be renumbered as “78A(1)” and thereafter a new sub—section (2) shall be inserted, namely,— “(2) Nothing in sub-section (1) shall apply‘to a Short Term Co—operativee Credit Structure Society.” . Insertion ofnew section 80A— After section80 ofthe Principal Act, a new section 80A shall be inserted. namely.- “80A. Registrar to aet within Specified period in matters of Winding up etc. (l) The Registrar shall ensure that the Reserve Bank’s regulatory prescriptions in case of the State Apex Co—eoperative Bank including recommendation for- supersession of the Bead and winding up ofthe State Co--operative Bank are implemented Within one month ofbeing so advised by the Reserve Bank or the State wGovernment (2) The Registrar shall ensure that the Liquidator or the Board ofAdmmistrators, asthe case may be, is appointed within one month ofbeing advisedby the Reserve Bank or the State Government for winding up or supersession. (3) If, in the opinion ofthe Reserve Bank or the National Bank, the ChiefExecutix/e Officer of the State Co-operative Bank does not fulfill eligibility criteria specified by the Reserve Bank, the Registrar shall ensure removal of the ChiefExecutive Officer within two _ months ofbeing so‘advised by the Reserve Bank or the National Bank or the State Government. . (4) If, in the opinion of the Reserve Bank 01' the National Bank, aperson has been co-opted as a member ofthe Board of the State Co—operative Bank without having requisite special knowledgeor experience in such fields as may be stipulated by the Reserve Bank, the Registrar shall, on being advised by the Reserve Bank or the National Bank or the State Government, ensure removal ofthat co-opted person(s) within two months ofbeing so advised ‘by the Reserve Bank or the National Bank or the State Government.” Amendment of seetion 81, - In section 81 of the Principal Act,- (i) afier sub-section (1), the following new sub—sections (1A) (1B) and (IC) shall be inserted namely,- . “( 1A) A Primary Agricultural Co-operative Credit Society shall get its accounts audited at least once ineach year by an auditor or a Chartered Accountant appointed by its ’ Committee from the panel approved by theRegistrar (1B) Notwithstanding anything contained in sub-sect1on (1), the accounts ofthe State ' , Co--operative Bank shall be audited and certified by the Chartered Accountant appointed byits Committee from the panel approvedby the National Bank or the State Govemment -121. i; I (1 C) The Registiar 11111111 get conducted a special audit of the State Co-operative Bank on the request of the Reserve Bank or the State Government in the manner and form stipulated by the Reserve Bank or the State Government and shall endorse a copy of the report of such special audit to the Reserve Bank and the State Government within the, time stipulated by the Reserve Bank or the State Government”; ‘ (ii) in sub-section (2), in between the words “The audit” and “antler the forgoing” the words “or special audit” shall be inserted; (iii) in sub—section (3),in between the words “or the person” and ‘fauthorized shall”, the - words “or the Chartered Accountant” shall be inserted; - ‘ (iv) in sub—section (4) in between the words “or the person” and authon'ze byhim”, the words‘‘or the Chartered Accountant” shall be insetted; (v) in subsection (5), in between the words “The auditor appointed und sub—section(1)” and “shall have the right”, the figures and words “or sub—sections (1A), (1B) and (IC)” shall be inserted 24 Amendment of section 157.- For the existing section 157 of the Principal Act shall be renumbered as “157(1)” and thereafier a new sub-section (2) shall be inserted, namely- ' V (2) No Short Tenn (30--operativeCredit Structure Society or LongTenn Co-operative Credit Structure Society 01 Urban Co——operative Banks shall be exempted by the Government from the application ofthe provisions ofthis Act, without the prior approval ofthe Reserve Bank ’ or the Nati01121] Bank, as the case may be.” . TH. KAMINI KUMAR SINGH, Deputy Secretary (Law), Government of Manipux. Printed at the Directorate of Printing & Stationery, Government of Manipur/305-C/28-loe2010,