The Nagaland Co-operative societies (3rd Amendment) Act,2011
nagaland · 2011
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 2Section 2 mandates that applications for amending bye-laws of short term cooperative credit societies must be processed within 30 days.
- S. 3Section 14-A allows short-term cooperative credit societies to affiliate or disaffiliate with federal societies, subject to member approval.
- S. 4Inthe PrincipalAct in Section 17 (1) shall be inserted as Sub-clause (a)
- S. 7Section 7 amends the Nagaland Co-operative societies Act to allow RCS to supersede PACS/MPCS boards under specific conditions and consult RBI for SCB supersession.
- S. 8In the principal Act, after Section39,the following Section 39 as section shall be inserted, namely:- Section "39
- S. 9Section 9 allows Nagaland cooperative societies to obtain loans from banks and refinancing agencies, and sets equity and government representation rules for State Cooperative Banks.
- S. 11The section allows Short Term Cooperative Credit Structure Societies to invest or deposit funds in banks regulated by the Reserve Bank of India, not just in affiliated federal societies.
- S. 12In the principal Act, after Section 52, the following to be inserted, namely:- "52-A
- S. 13Section 13 adds a new subsection to the Nagaland Co-operative societies Act, requiring short-term credit societies to pay dividends per RCS-NABARD guidelines.
- S. 14Section mandates Registrar to conduct audits and special audits of SCBs, as requested by RBI, with involvement of Chartered Accountants and NABARD.
- S. 2011(in) It shall extend to the whole State of Nagaland