Amendment status not verified — confirm the current text below against the official source.
Amendment ofsection 14.—Afier sub-section (2) of section 14 ot‘the Principal Act. the 11?)11(>\V1115~£ new Sub—section (3) shall be inseited, namety,- ' “(3) ' Nothing in this section 311311 appIy to a Short Term Co—operative Credit Structure Soc iety (1. Amendment efsection 18,— After sub-section (5) ofsection 18 01‘ the Prineipat Act, the tbhowmg _ new sub-section ((3) shah be inserted, namely,- “(6) Nothing in this section shall app1y to a Short Term Co-operative Credit Structure Society.‘ '7 Insertion of new sections 21A, 21B, 21C and 2113. 7 After section 21 ofthe Principzn Act. the fohowing new sections 21A, 21B, 21C and 21D sha11 be inserted, n.an'ie1y,— “31A. (?;Tondition 01‘ registration— No Primary Agricultural Co—operative Credit Society or its tedemtion or its association, except those which are permitted to act as a Bankunder the Banking Regulation Act, 1949 (1 O of 1949) shall be registered wi th the words “Bank"; “Banker”, “Banking” or any other derivative of the word "Bank” in its registered name or shah use the same as a part of its name: ‘ ' Provided that where any Primaly Agricultural Co-operative Credit Society or its federation 01‘ association: except those which are pemlitted to act as a Bank under the Banking Regulation Act. 1949 (10 0f 1.949),}1215 been registered or using the same as a part ofits name before the commencement of the Manipur CO—Operative Societies (Fourth Amendment)Act, 2011) with the. word “Bank” or any of its derivatives in its registered name, it 3112111, within three months from the date ofsuch commencement, change its name so as to remove the word "Bank” or its derivative, ifany. from its name: I Provided further that where any such society fails to. comply with the above provisions within the period specified therein, the Registrar shall de— register such society forthwith. 21 B. Autonomy in 2111 financ1a1 and internal administrative matters.— Notwithstanding anything centnined in, this Act, a Short Tenn Co—operative Credit Structure Society shall have autonomy in 21,11 111131101211 and interna1 administrative matters including the fol1owing areas:— 111 Interest rates on deposits and loans: Provided that in the case of the State Co—operative Bank the interest rates shall be in. conformity with the guidehhes issued by the Reserve Bank; ( ii) bonowing and investments: (111') loan policies and decisions on individual loan; (1V) personnei policies, staffing, recruitment, posting and compensation to staff; and (v) intemzfl control systems, appointment of auditors from the panel of auditors or chartered accountants approved by the Registrar and.1evy of fees for the audit.