Amendment status not verified — confirm the current text below against the official source.
(1) Any two or more societies may by resolution passed by three-fourths majority of the members present and voting at a general meeting of each such society, enter into a partnership for carrying out any specific business or businesses provided that each member has had clear ten days written notice of the resolution and the date of the meeting. (2) Nothing in the Indian Partnership Act, 1932 shall apply to such partnership. 20A “ Notwithstanding anything contained in this Act, rules or bye-laws made there-under or any other law for the time being in force, a cooperative credit structure society shall have autonomy in all financial and internal administrative matters including the following areas :- (a) Interest rate on deposit and loans, Provided that in case of the State Cooperative Bank, the interest rates shall be in conformity with the guidelines issued by the Reserve Bank; (b) Borrowing and investments; (c) Loan policies and individual loan decisions; (d) Personnel policy, staffing, recruitment, posting and compensation to staff; (e) Internal control systems, appointment of auditors and compensation for the audit”1* 1* Section 20A inserted by TCS (Second Amendment) Act 2009.