Amendment status not verified — confirm the current text below against the official source.
(1) By-laws to be made on such specific matter which the Act has provided for and under the provision of this Act on such other matters and such by-laws shall not be valid unless they have been registered under the Act. (2) Subject to provision of this Act, the function of every co-operative society shall be regulated by its bye-laws. (3) The by-laws of the Co-operative society may provide for the following matters as may be decided by the general body: (a) Identification of the Co-operative— (i) the name, address and registration number of the co-operative; (ii), the custody and use of the common seal; (iii) the area of membership. (b) Objective and services— (i) the objective of the Co-operative explicitly stated as a common central need of the members which the co-operative aims at fulfilling; (ii) the co-operative principles stated in this Act, according to which the co-operative shall conduct its affairs; PART III] THE KOLKATA GAZEITE, EXTRAORDINARY, MAY 25, 2010 21 The West Bengal Co-operative Societies Act, 2006. (Chapter IL—Registration.—Section 20.) (iii) key service and support services to be provided to its members to fulfill the common central need stated in the objective; (iv) the conditions under which the services may be provided to non- members. (c) Capital and funds— (i) the nature and amount of share capital if any of the co-operative and the manner in which the capital may be raised; (ii) the maximum capital to which a single member can subscribe; (iii) the nature and extent of the viability of the member for the debts contracted by the co-operative; (iv) the sources and type and extent of funds to be raised by the co- operative; (v) the purposes for which the funds to be utilized; (vi) fixation of maximum rate of dividend; (vii) the extent and conditions under which deposits, loans, debentures, and other fund may be mobilized; (viii) conditions and purposes for which state aid and aid from financial institutions may be sought for and obtained; (ix) the constitution of various funds, reserves and their purposes; (x) the manner of disposal of surplus and bad debt; (xi) mode of investment; (xii) custody of funds. (d) Membership:— (i) eligibility to obtain membership and the terms of admission of members; (ii) conditions for continuing membership; (iii) procedure for obtaining membership; (iv) procedure for withdrawal and transfer of membership; (v) procedure for termination of membership; (vi) circumstances under which membership ceases; (vii) procedure for cessation of membership; (viii) eligibility of a nominal member and the terms on which a co- operative may deal with a nominal member; (ix) nomination by member. (e) Members' right and obligation— (i) the rights and liabilities of the members; (ii) fixation of minimum performance expected annually of each member vis-a-vis use of services, financial commitment, participatiorf in meeting and adherence to by-laws, in order to be eligible to exercise the rights of membership including the right to vote; (iii) the consequences of performing below the minimum level fixed; (iv) the consequence of default in payment of any due by a member. 22 THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 25, 2010 [PART III The West Bengal Co-operative Societies Act, 2006. (Chapter 11.—Registration.--Section 20.) (f) General body— (i) the role of the general body and subjects which shall be dealt with by the general body; (ii) the manner of convening the annual general meeting, half yearly general meetings, and special general meetings, the mode of communication of the intimation of these meetings and quorum required and, holding general meeting with delegates or representatives; (iii) the procedures and powers of the general meeting; (iv) the frequency of the general meeting; ( v) the mode of summoning and conducting meetings and the right of voting; (vi) the procedure for conducting election in case the co-operatives fail to do so; (vii) the minutes of proceeding of general meetings; (viii) the size, composition and constitution of the board of directors; (ix) eligibility of becoming a director; (x) eligibility for retaining directorship; (xi) the terms of office of the directors, cbairman and other office bearers; (xii) the procedure for removal of director and filling up of vacancies; (xiii) the manner of convening board meetings and quorum thereof; (xiv) the frequency of board meetings; (xv) functions, power, responsibilities and duties of the board; (xvi) functions, power, responsibilities and duties of the Chairman, vice chairman, treasurer and secretary (when the secretary is not a chief executive) and the chief executive by whatever designation he may be called and directors. Chief executive and staff— (i) the person qualified to be appointed as chief executive by whatever designation he may be called and other officers and staff and their emolument; (ii) the manner of appointment and removal of chief executive, other officers and staff; (iii) the functions, power, responsibilities and duties of the chief executive, other officers and staff; (iv) penalties for acting against the interest of the co-operatives and its members and non fulfillment of duties by members, directors, chief executive, other officer and staff; (v) the authorization of an officer or officers to sign documents, institute and defend suit and other legal proceedings on behalf of the co-operative; (vi) procedure for drawing up disciplinary proceedings against the chief executive, other offficers and staff. (h) Finances— (i) the manner of appointment of internal auditors and their functions and duties; (ii) the debt equity ratio that the co-operative wishes to maintain and the maximum external debt that a co-operative wishes to permit itself at any point of time; (g) PART III] THE KOLKATA GAZETTE, EXTRAORDINARY, MAY 25, 2010 23 The West Bengal Co-operative Societies Act, 2006. (Chapter III.—Change of liabilities, transfer of assets and division and amalgamation of Co-operative societies.—Section 21.) (iii) procedure for transfer of shares or interest thereon by a member; (iv) procedure for redemption of shares held by the State Government; (v) procedure for transfer or payment of interest on death of member; (vi) the manner of disposal of funds if under liquidation; (vii) guidelines for granting loans, determination of normal and maximum credit of members and maximum loan admissible to a member in case of a co-operative; (viii) purpose for which loans may be granted; (ix) extension of period of repayment and renewal of loans; (x) the terms on which a co-operative may associate with other co- operative; (xi) the rights, if any, which the co-operative may confer on any co-operative, and federal co-operative of which it is a member and circumstances under which such rights may be exercised; (xii) the procedure for appointing and changing representative to other co-operative and federal co-operative; (xiii) mode of keeping the accounts of the co-operative. (i) Other matters— (i) the terms on which a co-operative may deal with organizations other than co-operative; (ii) restriction, if any, on services of co-operative societies; (iii) settlement of disputes; (iv) supply of copies of by-laws and of the annual balance sheet and annual profit and loss accounts to members; (v) formation of self-help group of people in the area and conduct of education and training programmes. Transfer of assets and liabilities and division and amalgamation of Co-operative societies. CHAPTER III Change of liabilities, transfer of assets and division and amalgamation of Co-operative societies.