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REGISTERED No. D. 221

The Gazette of India

EXTRAORDINARY

PART II—Section 1

PUBLISHED BY AUTHORITY

No. 30] NEW DELHI, MONDAY, SEPTEMBER 27, I965/ASVINA 5, 1887

Separate paging is given to this Part in order that it may be filed as a separate compilation.

(Legislative Department) (Legislative Department) New Delhi, the 27th September, 1965/Asvina 5, 1887 (Saka) The following Acts of Parliament received the assent of the Presi- dent on the 25th September. 1965, and are hereby published for general information; —

THE EMPLOYEES' PROVIDENT FUNDS

(AMENDMENT) ACT, 1965

NO. 22 OF I965

[25th September, 1965] An Act further to amend the Employees' Provident Funds Act, 1952

BE it enacted by Parliament in the Sixteenth Year of the Republic of India as follows: —

1. (2) This Act may be called the Employees' Provident Funds (Amendment) Act, 1965.

(2) It shall be deemed to have come into force on the 24th day

Short title and commence- ment.

of November, 1964.

19 of 1052.

Amend- ment of

section.

2. In section 2 of the Employees' Provident Funds Act, 1952, in sub-clause (i) of clause (a), after the words "a controlled industry,", me words "or in relation to an establishment having departments or branches in more than one State," shall be inserted.

(447)

524 G of I Ex.—1.

THE BANKING LAWS (APPLICATION TO

CO-OPERATIVE SOCIETIES) ACT, 1965

NO. 23 OF 1965

[25th September, 1965]

An Act further to amend the Reserve Bank of India Act, 1934 and the Banking Companies Actj 1949 for the purpose of regulating the banking business of certain co-operative societies and for matters connected therewith.

Bi it enacted by Parliament in the Sixteenth Year of the Republic of India aa follows: —

CHAPTER I

1. (1) This Act may be called the Banking Laws (Application to Co-operative Societies) Act, 1965.

Short titlo and com- mence- ment.

(2) It shall come into force on such date as the Central Govarn- ment may, by notification in the Official Gazette, appoint, and diffe- rent dates may be appointed for different provisions of this Act.

CHAPTER II

AMENDMENT OP THE RESERVE BANK OF INDIA ACT, 1934

2. In section 2 of the Reserve Bank of India Act, 1934 (hereinafter

l*t 1M4.

in this Chapter referred to as the principal Act),—

Amend- ment of Motion 2,

(i) clauses (a) and (aa) shall be re-lettered as clauses (ai) and (aii) respectively, and before clause (al) as so re-lettered, the following clause shall be inserted, namely: —

'(a) "agricultural operations" includes animal husban- dry and allied activities jointly undertaken with agricultural operations;'

(ii) for clause (bb), the following clauses shall be substi- tuted, namely:—

l(bi) "central co-operative bank" means the principal co-operative society in a district in " State, th" primary oT>-

ject of which Is the financing of other co-operative societies In that district:

Provided that in addition to such principal society in a district or where there is no such principal society in a district, the State Government may declare any one or more co-operative societies carrying on the business of financing other co-operative societies in that district to be a central co-operative bank or banks within the meaning of this defini- tion;

(bii) "co-operative bank" means a State co-operativ" bank, a central co-operative bank and a primary co-opera- tive bank;

(biii) "co-operative credit society" means a co-opera- tive society, the primary object of which Is to provide finan- cial accommodation to its members and includes a co-opera- tive land mortgage bank;

2 W lilt.

(biv) "co-operative society" means a society registered, or deemed to be registered, under the Co-operative Societies Act, 1912 or any other law relating to co-operative societies for the time being In force In any State;

(bo) "crops" includes products of agricultural opera- tions;';

(Hi) clauses (bbb) and (bbbb) shall be re-lettered as clausei (bvi) and (bvli) respectively, and after clause (bvii) as so re- lettered, the following clause shall be Inserted, namely: —

'(bviii) "director", In relation to a co-operative society, includes a member of any committee or body for the time being vested with the management of the affairs of that Rodety;';

(iv) after clause (c), the following clauses shall be inserted, namely:—

'(c{) "marketing of crops" includes the processing of crops prior to marketing by agricultural producers or any organization of such producers;

(cii) "primary agricultural credit society" means a co- operative society,—

(1) the primary object or principal business of which is to provide financial accommodation to its members for agricultural purposes or for purposes connected with agricultural activities (including the marketing of crops); and

(2) the bye-laws of which do not permit admission of any other co-operative society as a member;

(cm) "primary co-operative bank" means a co-operative society, other than a primary agricultural credit society,—

(1) the primary object or principal business of which is the transaction of banking business;

(2) the paid-up share capital and reserves of which are not less than one lakh of rupees; and

(3) the bye-laws of which do not permit admission of any other co-operative society as a member;

(div) "primary credit society" means a ico-operativ" society, other than a primary agricultural credit society,—

(1) the primary object or principal business of which la the transaction of banking business;

(2) the paid-up share capital and reserves of whirh •re leas than one lakh of rupees; and

(3) the bye-laws of which do not permit admission of any other co-operative society as n member.

Explanation.—If any dispute arises as to the primary object or principal busine^ of any co-operative society refer- red to in this clause or clause (oil) or clause (cm), a deter- mination thereof by the Bank shall be final.¹;

(v) clause (ee) shall be re-lettered as clause (ei);

(vi) In clause (f), for the words b?g^nin? with "the prin- cipal society" and ending with "are deemed to be so registered", the words "the principal co-orwalive society in a State, the pri- mary object of which is the financing of other co-operative so- cieties in the State" shall be substituted.

3. In section 10 of the principal Act, for clause (t) of sub-action (1), the following clause shall hs substituted, namely: —

Amend- ment •< Mrttaill

4. In section 17 of iho principal Act, in clause (2), Explanation to

sub-clause (b) shall ba omitted.

AJIlttud- ment of •ectton 17.

5. In section 18 of t.hf principal Act, in clause (3) of sub-section Amend- ment of section 18.

(/), after tho words and figures "the Banking Companies Act, 1949", the words "or to n Si ale co-operative bank or, on the recommenda- tion of the Siata co-operative bank, to any other co-operative bank" shall be inserted.

6. In section 42 of the principal Act,—

Amend- ment of •ection 48.

(i) in sub-section (1), for elaus* (c) of th" .Explanation,

the following clause shall he substituted, namely: —

'(c) "liabilities" shall not include—

(i) the paid-up capital or the reserves or any credit

balance in the profit and loss account of the bank,

(ii) the amount of any loan taken from the Bank or from the Development Bank or from the Agricultural Refinance Corporation or from the State Bank or from any other bank notified by the Central Government in this behalf, and |

(m) in the case of a State co-operative bank, "lso any loan taken by such bank from a State Government and any deposit of money with such bank representing the reserve fund or any part thereof required to be maintained with it by any co-operative society within its ares of operation;';

(ii) in sub-section (8), in sub-clause (in) of clause (a), for the words "is a company", the words "is a State co-operativtt bank or a company" shall be substituted.

7. Section 44 of the principal Act shall be omitted. Ommioii "f section 44.

Amend- ment of section 48H.

8. In section 45H of the principal Act, after the words and figures "section 51 of that Act", the words "or a co-operative bank or a pri- mary agricultural credit society or a- primary credit society" shall be inserted.

9. In section 451 of the principal Act, in clauie (e), after the word

"corporation,", the words "co-operative society" shall be inserted.

Am"nd- m"nt of section 451.

CHAPTER III

AMENDMENT OF THE BANKING COMPANIES ACT. 1949

ll"ll!4f.

10. In the Banking Companies Act, 1949 (hereinafter in thi# Chapter referred to as the principal Act), in the long title and In the preamble, the word "companies" shall be omitted.

Amend- ment of long title and pre- amble.

11. (1) In section 1 of the principal Act, in lub-section (I), for the word "Companies", the word "Regulation" shall be substituted.

Amend- ment of section 1,

10 of 1U9.

(2) Any reference to the Banking Companies Act, 1949 in any law for the time being in force, or in any instrument or other docu- ment, shall be construed as a reference to the Banking Regulation Act, 1949.

12. For section 3 of the principal Act, the following section shall

be substituted, namely: —

Substitu- tion of new sec- tion for section 3.

"3. Nothing in this Act shall apply to—

(a) a primary agricultural credit society; (b) a co-operative land mortgage bank; and (c) any other co-operative society, except in th"

manner and to the extent specified in Part V.".

Act to apply to co-opera- tive •societies In certain cases.

13. In section 18 of the principal Act, in clause (b) of th" Amend- ment of section 18.

Explanation, for the words "the Refinance Corporation for Industry Limited,", the words "the Industrial Development Bank of India or from the Agricultural Refinance Corporation" shall be substituted

14. In the principal Act, after Part IV, the following Part shall

be inserted, namelv:— '

Insertion of new Fart V.

'PART V

APPLICATION OF THE ACT TO CO-OPEHATTVI! BANKS

56. The provisions of this Act, as in force for the time being, shall apply to, or in relation to, co-operative societies as thfty apply to, or in relation to, banking companies subject to th" following modifications, namely: —

(a) Throughout this Act, unless the context otherwisa

requires,—

Act to apply to co-opera- tive societies subject to modifica- tions.

(i) references to a "banking company" or "th"

company or such company snail oe consiruea as references to a co-operative bank,

(ii) references to "commencement of this Act" shall be construed as references to commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965; (b) in section 2, the words and figures "the Companies Act, 1956, and" shall be omitted;

(c) in section 5,—

(i) after clause (cc), the following clause shall be Inserted, namely:—

IrflMt

<(ccc) "central cooperative bank", "co-opera- tive bank", "co-operative society", "director", "primary agricultural credit society", "primary co-operative bank", "primary credit society" and "State co-operative bank" shall have the meanings respectively assigned to them in the Reserve Bank of India Act, 1934.'; |

(ii) jdauses (if) and (h) shall be omitted;

(d) for section 5A, the following section shall be substi- tuted, namely: —

Act to override bye-laws. etc. "5A. (2) The provisions of this Part shall have effect, notwithstanding anything to the contrary con- tained in the bye-laws of a co-operative society, or in any agreement executed by it, or in any resolution passed by it in general meeting, or by its Board of directors or other body entrusted with the management of its affairs, whether the same be registered, executed or pas3ed, as the case may be, before or after the com- mencement of the Banking Laws (Application to Co- operative Societies) Act, 1965.

(2) Any provision contained in the bye-laws, agreement or resolution aforesaid shall, to the extent to which it is repugnant to the provisions of this Part, become or be void, as the case may be,"; (e) in section 6, in sub-section (1),—

(i) in clause (b), the words ", but excluding the business of a managing agent or secretary and treasurer of a company" shall be omitted;

(ii) in clause (d), after the word "company,", the words "co-operative society," shall be inserted;

(iii) in clause (m), after the word "company", the words "or co-operative society" shall be inserted;

(f) for section 7, the following section shall be substi- tuted, namely: —

U""of •word "bank", "banker" or "bank- ing".

'7. (1) No co-operative society other than a co- operative bank shall use as part of its name any of the words "bank", "banker" or "banking" and no co-opera- tive society shall carry on the business of banking in India unless it uses as part of its name at least one of iuch words.

(2) Nothing in this section shall apply to—

(o) a primary credit society, or

(b) a co-operative society formed for the pro- tection oi the mutual interests of co-operative banks or co-operative land mortgage banks.';

(g) section 10 shall bo omitted;

(h) .for section 11, the following section shall be substi- tuted, namely: —

Require- ment as to minimum paid-up capital and reserves.

'11. (/) Notwithstanding any law relating to co- operative societies for the time being in force, no co- operative bank shall commence or carry on the business of banking in India unless the aggregate value of its paid-up capital and reserves is not less than one lakh of rupees:

Provided that nothing in this sub-section shall apply to— ;

(a) any such bank which is carrying on such business at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965, for a period of three years from such commence- ment; or

(i>) to a primary credit society which becomes a primary co-operative bank after such commence- ment, for a period of two years from the date it so becomes a primary co-operative bank or for su?h further period not exceeding one yesr as the Re- serve Bank, having regard to the interests \>f the depositors of the primary co-operative bink, rmy think fit in any particular case to allow.

(2) For the purposes of this section, "value" means the real or exchangeable value and not the nominal value which may be shown in the books of the co-ope- rative bank concerned.

(3) If any dispute arises in computing the aggre- gate value of the paid-up capital and reserves of any such co-operative bank, a determination thereof by the Reserve Bank shall be final for the purposes of this section.';

(i) sections 12, 12A, 13 and 15 to 17 shall be omitted;

(j) for section 18, the following section shall be substi- tuted, namely: —

Cash reaerv*

2 of 1934.

W of 1881.

'18. Every co-operative bank, not being a State co- operative bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934, shall maintain in India, by way of cash reserve with itself or in current account opened with the Re- serve Bank or the State Bank of India or the State co- operative bank of the State concerned or with any other bank notified by the Central Government in this behalf or, in the case of a primary co-operative bank, with the central co-operative bank of the district concerned or partly in cash with itself and partly in such account or accounts, a sum equivalent to at least three per cent, of the total of its time and demand, liabilities in India, and shall submit to the Reserve Bank before the 15th day of every month a return showing the amount so held on Friday of each week of the preceding month with particulars of its time and demand liabilities In India on each such Friday, or, if any such Friday is a public holiday under the Negotiable Instruments Act, 1881, at the close of business on the preceding working day.

Explanation.—In this section and section 24, "liabi- lities in India" shall not include,—

(a) the paid-up capital or the reserves or any credit balance in the profit and loss account of the co-operative bank;

(b) any advance taken from a State Govern- ment, the Reserve Bank, the State Bank oi India, the Industrial Development Bank at

m a oi 1 BK.-2.

3 ct 1914

India, the Agricultural Refinance Corporation or any bank notified by the Central Government under clause (c) of the Explanation to sub-section (1) of section 42 of the Reserve Bank of India Act, 1934;

(c) in the case of a central co-operative bank, also any advance taken by It from the Statt co- operative bank of the State concerned and any deposit of money with it representing the reserve fund or any part thereof required to be maintained with It by any other co-operative society within the area of its operation;

(d) in the case of a primary co-operative bank, also any advance taken by it from the State co- operative bank of the State concerned or the cen- tral co-operative bank of the district concerned.';

(k) for section 19, the following section shall be substi- tuted, namely:—

"19. No co-operative bank shall hold shares In any other co-operative society except to such extent and subject to such conditions as the Reserve Bank may specify in that behalf:

RMtrlc-

tlonon

holding

ibarea in

other co-

operative

societies.

Provided that nothing contained in this section

shall apply to—

(i) shares acquired through funds provided by the State Government for that purpose;

(ii) in the case of a central co-operative bank, the holding of shares in the State co-operative bank to which it Is affiliated;

(Hi) in the case of a primary co-operative bank, the holding of shares in the central co-operative bank to which it is affiliated or in the State co-opera- tive bank of the State In which it is registered:

Provided further that where any shares ara held by a co-operative bank in contravention of this section at the commencement of the Banking Laws (Applica- tion to Co-operative Societies) Act, 1965, the co-opera- tive bank shall without delay report the matter to the Reserve Bank and shall, notwithstanding anything con- tained In this section, be entitled to hold the share* for

such period and on such conditions as the Reserve Bank may specify.";

(I) in section 20, in sub-section (1),—

1 of 1196.

(i) the words and figures "Notwithstanding any- thing to the contrary contained in section 77 of tht Companies Act, 1956," shall be omitted;

(if) for the proviso, the following proviso shall b* substituted, namely: —

"Provided that nothing in clause (b) shall apply to the grant of unsecured loans or ad- vances—

(a) made by a co-operative bank—

(i) against bills for supplies or services made or rendered to Government or bills of exchange arising out of bona fide com- mercial or trade transactions, or

(ii) In respect whereof trust-receipts

are furnished to the co-operative bank;

(b) made by a primary co-operative bank to any of its directors within such limits and on such terms and conditions as may be approv- ed by the Reserve Bank In this behalf.";

loflDM,

(m) In-section 20A, in sub-section (1), the words and figures "Notwithstanding anything to the contrary contained In section 293 of the Companies Act, 1956," shall be omitted;

(n) In section 21, in sub-section (2), in clauses (c) and (d), for the words "any one company, firm, asso- ciation of persons or individual", the words "any one party" shall be substituted;

(0) in section 22,—

({) for sub-sections (1) and (2), the following sub- sections shall be substituted, namely; —

"(1) Save as hereinafter provided, no co-opera- tive society shall carry on banking busines* In India unless— '

(0) ⁴t la a primary credit society, or

(b) it is a co-operative bank and holds a licence issued in that behalf by the Reserve Bank, subject to such conditions, if any, as the Reserve Bank may deem fit to impose:

Provided that nothing in this sub-section shall apply to a co-operative society, not being a primary credit society or a co-operative bank carrying on banking business at the commencement of the Banking Laws (Application to Co-operative Socie- ties) Act, 1965, for a period of one year from such commencement.

(2) Every co-operative society carrying on business as a co-operative bank at the commence- ment of the Banking Laws (Application to Co- operative Societies) Act, 1965, shall before the expiry of three months from such commencement, every primary credit society which becomes a pri- mary co-operative bank after such commencement shell before the expiry of three months from the date on which it so becomes a primary co-operative bank and every co-operative society other than a primary credit society shall before commencing banking business in India, apply in writing to the Reserve Bank for a licence under this section:

Provided that nothing in clause (b) of sub- section (I) shell be deemed to prohibit a co-opera- tive society carrying on business as a co-operative bank at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965, and a primary credit society which becomes a primary co-operative bank after such commence- ment, from carrying on banking business until It is granted a licence in pursuance of this section or is by notice in writing informed by the Reserve Bank that a licence cannot be granted to it.";

(li) in sub-section (3), clause (c) shall be omittod;

(p) In section 23, for sub-section (1)t the following sub-section shall be substituted, namely: —

"(1) Without obtaining the prior permission of the Hwerve Bank, no co-operative bank shell open a new

place of business or change otherwise than within the same city, town or village, the location of an existing place of business:

Provide^ that nothing In this sub-section shall apply to—

(a) the opening for a period not exceeding one month of a temporary place of business within a city, town or village or the environs thereof within which the co-operative bank already has a place of business, for the purpose of affording banking facilities to the public on the occasion of an exhibi- tion, a conference or a mela or any other like occasion;

(b) the opening of branches by a central co- operative bank within the area of it" operation.";

(q) in section 24,—

(i) in sub-section (1), the words "After the expiry of two years from the commencement of this Act," shall be omitted;

(") for sub-sections (2) and (2A), the following sub-sections shall be substituted, namely: —

" (2) In computing the amount for the purposes of sub-section (1),—

2 of 1184

(a) any balances maintained in India by a co-operative bank in current account with the Reserve Bank or the State Bank of India or with any other bank which may be notified in this behalf by the Central Government, includ- ing in the case of a State co-operative bank, the balance required under section 42 of the Reserve Bank of India Act, 1934, to be so maintained,

(b) any balances maintained by a central co-operative bank with the State co-operative bank of the State concerned, and

(r) any balances maintained by a primary co-operative bank with the central co-operative bank of the district concerned or with the State co-operative bank of the State concerned, shall b - deemed to be cash maintained in India.

(2A) (a) Notwithstanding anything contained i* mib-s"ction (1) or in sub-section (2), after the

expiry of two years irom the commencement ai the Banking Laws (Application to Co-operatlvo Societies) Act, 1965, or of such further period not exceeding one year as the Reserve Bank, having regard to the interests of the co-operative bank concerned, may think fit in any particular case to allow.—

(i) a State co-operative bank, in addition to the average daily balance which it Is, or may be, required to maintain under section 42 of the Reserve Bank of India Act, 1934, and ² of ¹⁹³⁴.

(li) every other co-operative bank, in addition to the cash reserve which it is required to maintain under section 18,

shall maintain In India in cash, gold or unencum- bered approved securities, valued at a price not exceeding the current market price, an amount which shall not at the close of business on any day be less than twenty-five per cent, of the total of its demand and time liabilities in India;

(b) in computing the amount for the purposes

of clause (a),—

(i) any cash or balances maintained In India by a co-operative bank, other than a State co-operative bank, with Itself or in current account with the Reserve Bank or the State Bank of India or the State co-operative bank of the State concerned or with any other bank which may be notified in this behalf by the Central Government and, in the case of a primary co-operative bank, also any balances maintained with the central co-operative bank of the district concerned, in excess of the aggre- gate of the cash or balance or both required to be maintained under section 18, and

2 of 1934

(if) any balance maintained by a State co- operative bank with the Reserve Bank in excess of the balance required to be maintained by it under section 42 of the Reserve Bank of India Act, 1934, and any balances maintained by a State co-operative bank with the State Bank of India or with any other bank which may

be notified in this behalf by the Central Govern- ment,

shall be deemed to be cash maintained in India.";

(r) section 25 shall be omitted; (s) for sections 29 and 30, the following section shall be substituted, namely: —

Accounts and balance. •hart.

"29. (7) At the expiration of each year ending with the 30th day of June, every co-operative bank, in respect of all business transacted by it, shall prepare with reference to that year a balance-sheet and profit and loss account as on the last working day of the year In the Forms set out in the Third Schedule or as near thereto as circumstances admit.

(2) The balance-sheet and profit and loss account shall be signed by the manager or the principal officer of the bank and where there are more than three direc- tors of the bank, by at least three of those directors, or where there are not more than three directors, by all the directors.

(3) The Central Government, after giving not less than three months' notice of its intention so to do by a notification in the Official Gazette, may from time to time by a like notification amend the Forms set out In the Third Schedule.";

(t) in section 31, for the words "within three months" and "of three months", the words "within six months" and "of six months" shall respectively be substituted; (u) sections 32 to 34 shall be omitted; (u) in section 34A, sub-section (3) shall be omitted; (w) in section 35,—

(i) in sub-section (1),—

1 of 1958.

(a) for the words and figures "section 235 of the Companies Act, 1956", the words "any law relat- ing to co-operative societies for the time being in force" shall be substituted;

(b) the following proviso shall be Inserted at the end, namely: —

"Provided that the Reserve Bank may, if it considers necessary or expedient so to do, cause an inspection to be made of a primary co- operative bank under this sub-section by ona or

more officers of a State co-operative bank in the State in which such primary co- operative bank carries on business.";

(it) in sub-section (4), clause (b) shall be omitted;

(Hi) the Explanation shall be omitted;

(x) in section 35A, in sub-section (1), in clause (c), for the words "any banking company", the words "the bank- ing business of any co-operative bank" shall be substituted;

(y) section 35B shall be omitted; (z) in section 36, in sub-section (I), clausas (b) and

(d) shall be omitted;

(za) in section 36A,—

(i) for subjection (1), the following sub-section shall be substituted, namely:—

"(1) The provisions of section 11, section 18 and section 24 shall not apply to a co-operative bank which has been refused a licence under sec- tion 22 or whose licence has been cancelled under that section or which is or has been prohibit- ed or precluded from accepting deposits by virtue of any order made under this Act or of any alteration made in its bye-laws."; (U) after sulb-section (2), the following sub-section shall be inserted, namely: —

"(3) Subject to the provisions of sub-sectioni (/) and (2), a co-operative society carrying on busi- ness as a primary co-operative bank at the com- mencement of the Banking Laws (Application to Co-operative Societies) Act, 1965, or a co-operative society which becomes a primary co-operative bank after such commencement shall, notwithstanding that it does not at any time thereafter satisfy th" requirements of the definition of primary co-opera- tive bank in clause (ccc) of section 5, continue to be a primary co-operative bank within the meaning of this Act, and may, with the approval of the Reserve Bank and subject to such terms and conditions as the Reserve Bank may specify in that behalf, conti- nue to carry on the business of banking.";

(zb) Part IIA, Part III, except sub-sections (1), (2) and (3) of section 45, and Part IIIA except section 45W shall bo omittad;

(zc) in section 46, in clause (a) of the Explanation, alter the words "includes a", the words "co-operative society," shall be inserted;

(zd) in section 47, the words, brackets, figures and letters "sub-section (5) of section 36AA or" shall be omitted;

(ze) section 49 shall be omitted; (zf) in section 49A, for the proviso, the following pro- viso shall be substituted, namely: —

"Provided that nothing contained in this section shall apply to—

(a) a primary credit society, (b) any other co-operative society accepting such deposits at the commencement of the Banking Laws (Application to Co-operative Societies) Act. 1965, for a period of one year from the date of such commencement; and

(c) any savings bank scheme run by the Gov- ernment.";

(zg) sections 49B and 49C shall be omitted;

(zh) in section 50, the figure's and letters "10, 12A, 16,",

"35B," and ",43A" shall be omitted;

(zi) section 51 shall be omitted;

(zj) in section 52,—

(i) in sub-section (2), the words, figures and letter "and the form in which the official liquidator may file lists of debtors to the Court having jurisdiction under Part III or Part IIIA and the particulars which such lists may contain" shall be omitted;

(ii) sub-section (4) shall be omitted;

(zk) for section 55 and the First Schedule, the following section shall be substituted, namely: —

"55. (1) The Bankers' Books Evidence Act, 1891 shall apply in relation to a co-operative bank as it applies in relation to a bank as denned in section 2 of that Act.

Act 18 of 1891 and Act 46 of 1949 to apply in relation to co- operative banks.

(2) The Banking Companies (Legal Practitioners' Clients' Accounts) Act, 1949 shall apply in relation to a co-operative bank as it applies in relation to a banking company as defined in section 2 of that Act.";

524 G of I Ex.—3.

{si) for the Third Schedule and the. Fourth Schedule the following Schedule shall be substituted, namely;-

4 6 4

•THE THIRD SCHEDULE

(See section 29)

FORM A

FORM OF BALANCE-SHEET

CAPITAL AND LIABILITIES

Rs. P. Rs. P.

1. CAPITAL :

™

E

P R O P E R TY A ND A S S E TS

Rs. P. Rs. P.

j. C A S H:

(1) Authorised Capital

Shares of Rs each SharesofRs each

(it) Subscribed Capital

G A Z E T T E

O F

I In h a nd a nd w i th R e s e r ve B a n k; S t a te B a rk of I n d i a, S t a te c o - o p e r a t i ve b a nk and c e n t r al co-operative b a n k.

N D

I

A

2. B A L A N C ES W I TH O T H ER BANKS :

Shares of Rs each . .Shares of Rs each

(Ht) Amount called up

(i) C u r r e nt d e p o s i ts . . . .. (if) S a v i n gs b a nk deposits . . .. (in) F i x ed d e p c s i ts

3- M O N EY AT C A LL A ND S H O RT N O T I CE

E X T R A O R D

I

i- I N V E S T M E N TS :

O n .. . .Shares at Rs each less calls unpaid . . . . .. On Shares at R=L each iess calls

u n p a id • . . ..

Of (iii) a b o v e, held by

(a) I n d i v i d u a ls (b) C o - o p e r a t i ve institutions . (c) S t a te G o v e r n m e nt

N A R Y (t) In C e n t r al a nd S t a te G o v e r n m e nt securities

(at book value)

[ .

F a ce v a h ie R s. . . .. M a r k et v a l ue R s. . ..

P A R T

I I fn) O t h er T r u s t ee securities . . .. (iii) S h a r es in c o - o p e r a t r re institutions o t h er t h an in i t em ( 5) b e l ow . . . ..

RE3WVB rOND AND OTHIB RESHRVES :

[iv) Other investments (to be specified) I

2-

S E C

.

(1) S t a t u t o ry R e w r re . . ..

1

]

INVESTMENTS OUT OF THE P£INCJPAL/SUBSIMABY

5.

( ") A g r i c u l t i i r al ( C r e d it S t a b i l i z a t i on F u n d) . (tii) B u i l d i ng F u nd . . . .. ( i s) D i v i d e nd E q u a l i z a t i on F u nd .

STATE PAETNETSHTP FUND :

(v) S p e c i al B ad D e b ts R e s e r ve

In shares of :

(vf) B ad a nd D o u b t f ul D e b ts R e s e r ve (oii; I n v e s t m e nt D e p r e c i a t i on R e s c r re \viit) O t h er F u n ds a nd R e s e r v es ( to be specified) (

()"j Central co-operative banks (i'i) Primary agricultural credit societies {til) Other societies . . . ..

6,

. P R I N C I P A L / S U B S I D I A RY S T A TE P A R T N E R S H IP

. ADvANCESt :

3

F U ND A C C O U NT :

T H E G A Z E T T E

(Pi Short-term I."\rnSj cash Credits, overdrafts aad

F or s h a re capital o f:

bills discounted

O F

Of which secured against:

I (0 C e n t r a; c o o p e r a t i ve b a n ks . . . Hi) P r i m a ry a g r i c u l t u r al c r e d it societies

( J) Government and other appro-

(lit) O t h er societies . . ..

ved securities

N D

(f>) Other tangible securities @

I

A , D E P O S I TS A ND O T H EH A C C O U N TS :

Of the advances, amount due from in-

dividuals

(1) F i s ed d e p o s i t s* . . ..

(a) I n d i v i d u a l s ** • . ..

(i>) C e n t r a) c o - o p e r a t i ve b a n k s. .

Of the adrartceSj amount overdue

(e)3 O t h er societies

E X T R A O R D (.11) S a v i n gs BanK D e p o s i ts , .

I

(a) I n d r v i d u a l s ** . . ..

(b) C e n t r al c o - o p e r a t i fs t ^ n ks

Considered bad and doubtful of recov- i ery . . . ..

N A R Y (c) O t h er societies " a

(ii) Medtum-tetm loans

Of which secured against:

(0) Government and other approved securities

(Hi) C u r r e nt d e p o s i ts . . .. ( oi I a d i v i d u a i s ** . . .. (&1 C e n t r al c o - o p e r a t i ve b a n ks (c) O t h er s o c i e t i e s . . ..

(b) Other tangible securities®

( t c) M o n ey at call a nd s h o rt n o t i ce ,

4 6 S

4 6 6

CAPITAL AND LIABILITIES

PROPERTY AND ASSETS

R s. P. Rs. P.

Rs. P, Rs. P.

5. BoKBOWTNGit

Of t he advances, amount d ue from individuals . . ..

T H E

(0 From the Reserve Bank of India/State/

Central co-operative bank :

Of the advances, amount overdue :

Considered bad and doubtful of

(a) Short-term loans, cash credits and overdrafts . . ..

recovery . . ..

G A Z E T T E

Of which secured against :

(tii) Long-term loans

O F

Of which secured against:

I (A) Government and other

(j) Government and other a p-

approved securities

N D

I

proved securities

(B) Other tangible securi-

A

ties®

(6) Othertangiblesecurities@ .

Of the advances, amount due from

i (6) Medium-Term loans of which securei

individuals . . ..

against :

(A) Government and other

Of the advances, amount overdue

approved securities .

E X T R A O R D

I (B) Other tangible securi-

Considered bad and doubtful of

ties@

recovery

N A R Y (c"¹ Long-term loans

Of which secured against:

[ (A) Government and other

7- INTEREST HECEEVABLE

approved securities

P A R T

Of which overdue

(B) Other tangible securi- t i e s . 'g . ..

I I

Ct'O From the State Bank of India

Coniidsiid bad and d o u b ts of recovery . . .

S E C

.

1 1 (d) Short-term Joans, cash credits and overdrafts . . ..

8. BILLS EBCEIVABLE BEING BILLS FOB COLLBC-

Of which secured against :

TION AS per contra •

T H E (\) Government and other approved securities

9- BRANCH ADJUSTMENTS . . . ..

(B) Other tangible securi-

ties©

10. PREMISES LESS DEPRECIATION

(b) Medium-term loans

G A Z E T T E

11. FURNITURE AND FIXTOTES LESS DEFKECIATION .

Of which secured against :

O F

I

12. OTHER ASSETS (to be specified)

(A) Government and other approved securities

N D

I CB) Other taagible securi- ties® . ..

A

(e) Long-term loans Of which secured against :

13- NON-BANKING ASSETS ACQUIRED IN SATISFACTION OF CLAIMS (stating mode of valuation) .

(A) Government and other

approved securities .

E X T R A O R D (B) Other tangible securi-

14- PROFIT AND Less

I

ties®

(in) Prom the State Government

N A R Y

(a) Short-term loans Of virhich secured against

(A) Government and other

approved securities . (B) Other tangible secu-

rities® .

4 6 7

4 6 S CAPITAL AND LIABILITIES

f ROPERTY AND ASSETS

Rs. P. Rs. P.

Rs. . P. P. • •

(t) Medhim-term loans

T H E Of which iecured against:

(A) Goremment and other approved securities .

(B) Other tangible secu-

rities® .

G A Z E T T E

(c)j Long-term loans

O F

Of which secured against:

I

(A) Government and other

N D approved securities ,

I

A

(B) Other tangible secu-

ritiesg .

(ID) Loans from other sources (source and

security to be specified)

E X T R A O R D

I BILLS FOR COLLECTION BBING BILLS mcrrv- ABLI AS pcrcontra - . . ..

BRANCH ADJUSTMENTS

7-

N A R Y 8. O V K B D Ul D J T 1 R B ST E I S 1 K VE

I N T H I ST F A T A B L1

. . ..

9-

[

10. O T HH LIAIILJTTIS

P A R T (0 Bills payable

I I (it) UndaL-ned dividends

S E C

.

(in) Suspense (re) Sundries

1

] 11. PROJTT AND LOSS

Profit as per last balance-sheet Less appropriations

4dd profit for the year brought JYom

T H E

the Profit and Loss Account

TOTAL

T O T AL

CONTINGENT LIABILITIES

G A Z E T T E

(0 O u t s t a n d i ng liabilities for

O F guarantees i&sued ,

(ii) O t h e rs . . ..

I T O T AL .

N D

I

A

E X T R A O R D

I

NOTES

N A R Y •: Fixed deposits" will include reserre fund deposits of societies, employ*** proyidont fmnd deposits, stiff security depositi, recmrring deposits

cash certificates, e tc

•*Undertheitem!'indiTiduaU'Meposilsfronain3Htutioiisotherthtaco-op"ratiTe bank* andlodetiesm"y be included.

f"3DrroTriads" aai :'A.iTiacs".—Short-term, loins will b: for periods up to i^imontkSj^edhini-term^Tcuns from [5'"oitki to 5 years sad

oag-teim losas orer 5 yews.

©"Other tangible security" will include borrowings igiinst gold aad gold ernmeati, repltdfeof goods, mortgige ofgland, etc General Instructiiu. The corresponding fiffures (to the nearest rupee, if so daeired) for the yetrunmediatelypreceding theyetrto which the ^ 6 9 bale ace-sheet relates should be shown in separate columns.

FORM B

4 7 0

FORM OF PROFIT AND LOSS ACCOUNT

Pro/it ani loss account for the ytar ended

EXPENDITURE

INCOME

T H E

Rs. P. Rs. P.

Rs. P. Rs. P.

i. I n t e r e st a nd d i s c o u nt . . ..

Interest on deposits, borrowings, etc .

1

G A Z E T T E

2. C o m m i s s i o n, e x c h a n ge a nd b r o k e r a ge

Salaries and allowances and provident fund.

2

O F

I

S u b s i d i es a nd d o n a t i o ns . . ..

3.

3-

Directors' and local committee members' fees and allowances

N D

I

A

Rent, taxes, insurance, lighting, etc .

4-

4-

I n c o me f r om n o n - b a n k i ng a s s e ts a nd p r o f it f r om s a le of or d e a l i ng w i th s u ch a s s e ts

O t h er r e c e i p ts . . . ..

Law charges . . . . ..

5-

6. I o ss ( if a n y) . . . ..

6. Postage, telegrams and telephone charges .

E X T R A O R D

I

Auditor's fees

7-

N A R Y

8. Depreciation on nnfl repairs to property

Stationery, printing and advertisement, etc. .

[ 9-

P A R T IO. Loss from sale of or dealing with non-banking assets

I I

11.Other expenditure

S E C

.

12- Balance of profit

I ]

TOTAL

TOTAL

Gwal ^ ^ . - T b e c o r r e s p o n d i ng ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ 'S a M^¹^ ^ ^ ^ " ^ ^^ profit and loss account relates should be shown in separate corumm. .

T H E

G A Z E T T E

U. C. S. SARKAR,

Secy, to the Govt, of India.

O F

I

N D

I

A

E X T R A O R D

I

N A R Y

PKLNTKl) IS INDIA BY THE CXHSAL MANAGES, GOVEBHMENT OF INDIA FBESS,

M3MTO HOAD, NEW DELSE AND FDBIJSHH) BY THE MANAGER OF PUBLICATIONS,

DELHI. 1965.

4 7

I