Amendment status not verified — confirm the current text below against the official source.
Chapter XIII-B inserted by Act No.16 of 2007. Definitions. Central Act 61 of 1981. [Act No.7 of 1964] 153 115-D. Notwithstanding anything contained in the Act, the following provisions shall apply to the Co-operative Credit Societies, namely:- (1) (a) An associate member who is an individual or a group depositor holding a minimum deposit of Rs.5,000/- (Rupees Five thousand only) in normal areas and Rs.2,500/- (Rupees Two thousand and five hundred only) in scheduled areas or a higher sum as may be prescribed, for a continuous period of minimum two years preceding the date of notification of election in a Primary Agriculture Co- operative Credit Society shall have full voting rights. (b) A group borrower, which is an associate member and availed a minimum loan of Rs. 10,000/- (Rupees Ten thousands only) or higher amount of loan as may be prescribed for at least 6 (six) months preceding the date of notification of elections in a primary agricultural Co- operative Credit Society shall have full voting rights. (c) Every group borrower or a group depositor which is an associate member as described under section 20 shall be entitled to vote through one delegate nominated by the group. (2) The Co-operative Credit Society shall have autonomy in all financial and internal administrative matters, subject to the guidelines of Reserve Bank of India/ National Bank for Agriculture and Rural Development in the following areas:- (i) Interest rates on deposits and loans, (ii) Borrowing and investments, (iii) Loan policies and individual loan decisions, Special provisions applicable to Co- operative Credit Societies. 154 [Act No.7 of 1964] (iv) Personnel policy, staffing, recruitment, posting, and compensation to staff, and (v) Internal control systems, appointment of auditors and compensation for the audit. (3) (a) The State Government‘s equity in a Co-operative Credit Society shall not exceed 25% of the paid up share capital. The State Co-operative Credit Society may reduce the State equity further at its choice. (b) There shall be only Government nominee on the managing committee of the 290Telangana State Co-operative Bank/District Co-operative Central Bank as long as the equity of Government continues and there shall be no Government nominee on the managing committee of a Primary Agricultural Co-operative Credit Society: Provided that the existing nominee(s) on the managing committee shall continue till the expiry of their current term. However, they shall not have any voting right in any election or in the motion of no confidence. (4) (I) Any co-operative society registered under the provisions of the Act and wishing to convert itself into a co-operative society under the provisions of the 291Telangana Mutually Aided Co-operative Societies Act, 1995 may do so subject to the provisions of the said Act,