Amendment status not verified — confirm the current text below against the official source.
Inthe PrincipalAct in Section 17 (1) shall be inserted as Sub-clause (a). namely:- \ ,. "17 (1) (a): To provide full voting membership right to all de~ositors/borrowers in Coo~eratives other L than Cooperative Banks, provide that he or she is a share holder of the Registered Cooperative Society". To be inserted in "34-A (1):- The Committee of every Section 32 (I) (a-i) society in a Cooperative Credit Structure shall have freedom to decide its financial and internal administrative matters, especially in the following areas". (i) Interest rates ondepositsand loans inconformity with RBI guidelines, (ii) Borrowings and investments, (ii) Loans policies and individuals loans decisions, (iv) Personal policy, staffing, recruitment, posting and compensation for the audit. (2) No person shall be elected, nominated or co- opted or allowed to continue as a member of the Board of Short Term Cooperative Credit Society, if he, :- (i) Is a person who represents a society other than PACSMPCS on the Board of the SCB, if such societyto whom herepresents has committed a default towards the payments to such Bank for a period exceeding 90 (Ninety) days. (ii) Is a person who committed a default towards the payments to a PACSMPCS or represents a society on the Board of the SCB, if such society to whom he represents has committed a default towards the payments suchbank for a period exceeding one year unless the default is cleared. To be inserted in