Chhattisgarh Co-operative Societies (Amendment) Act, 2015 (Chhattisgarh Act No. 8 of 2015)

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408 (4) ~ ' ~ 30ll'T'ct 2015 ~ 2975/""it. 107 /21-'3l/r;mc:._/"fJ.-rf./lS.-l!Wfifi~if) ~ 348ifi~ (3) ifi~~trfcl'lWT<fil ~J.H-i@i:fi ~~ 30-03-201S'i:fil~~~ifimftrcnR~~~f<f;m~t. 3ffi@~ if>~ if> ;rm~ om~ l~!illj~I<, ~"fflcffi.~~- CHHATTISGARH ACT (No. 8of2015) CHHATTISGARH CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 2015 An Act further to amend the Chhattisgarh Co-operative Societies Act, I 960 (No. 17 of1961). Be it enacted by the Chhattisgarh Legislature in the Sixty-sixth Year of the Republic oflndia, as follows:- Short title, extent 1. (I) Th is Act may be called the Chhattistgarh Co-operative Societies and commencement. (Amendment)Act, 2015. (2) It extends to the whole State of Chhattisgarh. (3) It shall come into force from the date of its publication in the Official Gazette. Amendment of 2. For clause (t-i) of Section 2 of the Chhattisgarh Co-operative Societies Act, 1960 Section 2. (No. 17 of 1961) , (hereinafter referred to as the Principal Act), the following sh all be substituted, namely :- "(t-i) "Officer" means any Official or a person elected or appointed by a society according to its bye-laws to any office of such society and includes a Chairman, Vice-Chairman, President, Vice-President, Managing Director, Manager, Secretary, Treasurer, Member of Board and any other person elected or appointed under this Act, the rules or the bye-laws to give directions in regard to the businees of such society;" Insertion of new 3. After Section 9 of the Principal Act, the following shall be added, namely:- Section 9-A. "9-A. Saving of existing Co-operative Societies - (I) Notwithstanding anything contained in this Act, the Co-operative Society registered under Chhattisgarh Sawayatta Sahakarita Adhiniyam, 1999 (repealed Act), shall be deemed to have registered under the corresponding provisions of this Act and bye-laws framed thereof, so far as the same are not inconsistent with the express provisions of this Act, shall continue to be in force unti l altered or rescinded. (2) Every Co-operative society registered under this Act shall, within a period of six months from the date of coming into force of this Act, delete or amend such bye-laws, as are inconsistent with the provisions of this amending Act and make such further bye-laws as may be necessary, having regard to the provisions of this and previous amending Act.

408 (5) 4. After Section 49-E of the Principal Act, the following shall be added, namely:- Insertion of new Section 49-F. "49-F. Removal of member of Board of Society by General Body in certain circumstances- Notwithstand ing anything contained in this Act or rules made thereunder, any member of the [Board] of the Society who has acted adversely to the interest of the Society may on the basis of a report of the Registrar or otherwise be removed by a resolution of the General Body passed at its meeting by a majority of not less than two-third of the members present and voting, in such a manner as may be prescribed, by the Registrar in th is regard : Provided that, the person concerned shall not be removed unless he/she has been given a reasonable opportunity of making representation in the matter: Provided further that, such resolution shall not lie within a period of one year from the date on which he/she has taken charge of his respective office or such resolution is rejected or accepted by the General Body, as the case may be. 5. (1) For sub-section (I) of Section 53 of the Principal Act, the following shall Amendment of be substituted, namely :- Section 53. "(I) Ifin the opinion of the Registrar, the Board of D irectors of any Society- (a) is in persistent defa ult; or (b) is negligent in the performance of the duties imposed on him/her by or under thi s Act or bye-laws of the Society or by any lawful order passed by the Registrar or is unwilling to perform such duties; or (c) commits acts which are prejudicial to the interest of the Society or its members; or (d) violates the provisions of this Act or rules made thereunder or bye-laws of the Society; The Regi strar may, by order in writing, remove the Board of Directors and appoint an administrator to manage the affairs of the society for a specified period, which shall not exceed six months and in case of a Co-operative Bank one year: Provided that, the Board of Directors of any such Co-operative Society shall not be superseded or kept under suspension, where there is no Government shareholding or loan or financial assistance or any guarantee by the Government : Provided further that, in case of a Co-operative Bank, the order of supersession shall not be passed w ithout previous consultation with the Reserve Bank :

408 ( 6) Provided also that, if no communication containing the views of the Reserve Bank, on action proposed is received within thirty days of the receipt by that Bank of the request soliciting consultation, it shall be presumed that the Reserve Bank agrees with the proposed action and the Registrar sha ll be free to pass such order as may be deemed tit." (2) Sub-section (11) and (14) of Section 53 of the Principal Act shall be omitted. Insertion of new 6. After Chapter V-A of the Principal Act, the following shall be inserted, name ly:- Chapter. "CHAPTER V-B Insured Co-operative Bank 57-C: Insured Co-operative Bank:- (]) Notwithstanding anything contained in this Act or Rules framed thereunder or bye-laws of any registered Co-operative Bank or orders issued thereunder, the provision of this chapter shall have overriding effect. (2) In this chapter, unless the context otherwise requires, an insured Co-operative Bank means a society wh ich is an insured bank under the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (No. 4 7 of 1961 ). (3) Notwithstanding anything contained in this Act, in case of any Insured Co-operative Bank, - (i) An order for winding up, or an order sanctioning a scheme of compromise or arrangement or of amalgamation or re-construction of the bank, may be made by the Registrar of Co-operative societies or any other Competent Authority, on ly with the previous sanction in writing of the Reserve Bank; (ii) An order for winding up of the bank shall be made by the Registrar of Co-operative Societies or any other Competent Authority, if so required by the Reserve Bank in the circumstances referred to in Section 13D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (No. 47 of 1961 ). (iii) lfso required by the Reserve Bank in public interest or for preventing the affairs of the bank being conducted in a manner detrimental to the interests of the depositors or for securing the proper management of the bank, an order shall be made by Registrar of Co-operative Societies or any other Competent Authority for the supersession of the Committee of Management or other managing body (by whatever name called) of the bank and the appointment of an administrator therefor for such period or periods not exceeding five years in the aggregate, as may from time to time, be specified by the Reserve Bank; (iv) An order for winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or re-construction or an order for the supersession of the committee of management or other managing body (by whatever name called) of the bank of the appointment of an administrator therefor made with the previous sanction in writing or on the requisition of the Reserve Bank shall not be liable to be called in question in any manner; and (v) The liquidator or the insured bank or the transferee bank, as the case may be, shall be under an obligation to repay the Deposit Insurance and Credit Guarantee Corporation in the circumstances, to the extent and in the manner referred to in Section 2 1 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (No. 47 ofl96 1)."

408 (7) 7. In Section 58 of the Principal Act, - Amendment of Section 58. (Q After proviso to sub-section (3), the following proviso shall be inserted, namely:- "Provided further that, all types of primary Co-operative Society shall have an option to get its accounts audited by Chartered Accountants or the Registrar or by any other person authorized by the Registrar in this behalf." (ii) In sub-section (4), for the words "Auditor or group of Auditors" and "prescribed by the registrar", the words "Auditor or Auditing firms" and "prescribed by the State Government" shall be substituted, respectively. (iii) After proviso to sub-section (4), the following proviso shall be inserted, namely:- " Provided further that, in case of liquidated society, the liquidator may appoint auditor or auditing firm to get its accounts audited from amongst a panel approved by the Registrar." 8. In sub-section (I) of Section 59 of the Principal Act, for the words "The Registrar may Amendment of Sect ion 59. on the application of', the words "The Registrar may on his own motion or on the application of' shall be substituted.