Amendment status not verified — confirm the current text below against the official source.
Existing sub-section (4) omitted. Sub-sections (4) to (10) inserted by G.O.Ms.No.53, Agriculture and Cooperation (Coop-II) Department, dated 20.05.2016. [Act No.7 of 1964] 95 (or) (ii) A Chartered Accountant firm or an individual having as valid certificate of practice issued by the ICAI and having their Registered office in the State of Telangana and having reasonable fluency in local regional language. (iii) Any other qualification/requisition as may be prescribed from time to time. (5) The Registrar shall empanel the Departmental Auditors / Qualified Auditor and Auditing Firms fulfilling the above provisions of this section, every year, while framing necessary guidelines: Provided that in case of the eligible co-operative banks covered under Chapter XIII-A of this Act, the RBI/NABARD shall empanel the Auditors/Auditing firms, while framing necessary guidelines: Provided further that in case of the APCOB/DCCBs covered under Chapter XIII-B of this Act, the NABARD shall empanel the Auditors/Auditing firms, while framing necessary guidelines. (6) It shall be the responsibility of the General body to choose and appoint the Auditor/Auditing firm every financial year to conduct the audit of its accounts. The General body is vested with the power to choose and appoint the Auditor or the Auditing firms approved and empanelled by the Registrar/NABARD/RBI for the purpose: Provided that the General body shall appoint the Auditor or the Auditing firm for auditing the accounts of the Co- operative society for the financial year within six months of its commencement of the financial year for which the accounts are related to: 96 [Act No.7 of 1964] Provided further that the power to appoint the auditor in respect of societies receiving state aid under Section 43 of this Act shall vest with the Chief Auditor. (7) Every Coop. Society shall furnish the financial statements along with necessary enclosures and relevant records and books of accounts to the Auditor or Auditing firm appointed under this Act within one month of the close of financial year, the audit of which is entrusted to the Auditor or Auditing firm. (8) The Chief Auditor shall issue or cause to be issued an Audit Certificate in case of Cooperative Societies for which Departmental Auditor was appointed by the General Body and conducted the audit of the society. The Chartered Accountant Auditor or Auditing Firm shall issue the Audit Certificate for the Cooperative Societies wherever they are appointed as Auditors under this Act by the General Body and conducted the audit of the society: Provided further that, the Audit Certificate issued in case of Audit by the Departmental Auditor or Audit by others, the Audit Certificate shall be in the format as prescribed by the Chief Auditor from time to time: Provided further that in case of any discrepancies or deviations noticed in the Audit procedures or Audit certificate issued by the Chartered Accountant/firm the Government may on the recommendation of the Registrar, order for a test Audit of the society to be conducted by the Chief Auditor and take necessary action against the Chartered Accountant/firm and the Chief Executive of the Society (Primary/Apex) as the case may be. [Act No.7 of 1964] 97 (9) The audited financial statements along with Audit Certificate of an Apex Coop. Society registered under this Act shall be laid before the State Legislature. (10) Failure of the Committee to comply with the above provisions of this section amounts to negligence in the performance of duties of the Managing Committee of the Society as provided under section 34 (1) of this Act.] 207[51. The Registrar, may of his own motion and shall, on the application of a society to which the society concerned is affiliated, or of not less than one-third of the members of the committee, or of not less than one-fifth of the total number of members of the society, hold an inquiry or direct some person authorised by him by an order in this behalf to hold an inquiry into the constitution, working and financial condition of a society. Such inquiry shall be completed within a period of four months and the report of inquiry along with the findings of the Registrar thereon shall be communicated to the managing committee of the society. It shall be the responsibility of the managing committee to place the inquiry report before the General Body or Special General Body convened for the purpose for its information, within a period of one month from the communication of the inquiry report by the Registrar. The Registrar shall be the competent to initiate action under the provisions of this Act, if the committee fails to take action as aforesaid: Provided that notwithstanding anything contained in this Act and the Rules made thereunder, the byelaws of a society and the action of the society in placing the inquiry report along with the findings of the Registrar, the Registrar shall not be precluded from taking follow up action as may be required on the basis of inquiry report: