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Panaji, 26th June, 2023 (Asadha 5, 1945)

SERIES I No. 12

Reg. No. RNP/GOA/32/2021-2023

RNI No. GOAENG/2002/6410

PUBLISHED BY AUTHORITY

Suggestions are welcomed on e-mail: dir–[email protected]

GOVERNMENT OF GOA

Department of Co-operation

Office of the Registrar of Co-operative Societies

––

Notification

60/169/GOI/MOC/TS-I/RCS/1199

In exercise of the powers vested in me

under sub-rule (2) of Rule 7 of the Goa Co-op.

Societies Rules, 2003, I Manuel Barreto,

Registrar of Co-operative Societies hereby

notify the byelaws appended to this

Notification as the Model Byelaws for the

co-operative societies to be registered under

section 8 of the Goa Co-operative Societies

Act, 2001 and to be classified under Rule 8 of

the aforesaid Rules as Primary Agricultural

Credit Societies (PACS). The proposed

co-operative societies intending to get

registered as PACS shall adopt these Model

Byelaws as their First Byelaws.

All the existing Primary Agricultural Credit

Societies (PACS)/Vividh Karyakari Seva

Saunstha (VKSS) shall within a period of six

months from the date of issue of this

Notification, amend their Byelaws to be in

conformity with these Model Byelaws and get

the same registered with the concerned

Registering Authority.

If any such society fails to bring its existing

Byelaws in conformity with these Model

Byelaws by carrying necessary amendments

within the aforesaid time frame, the

concerned Registering Authority shall initiate

action in terms of section 12 of the aforesaid

Act and register such amendment and issue

to the society a copy thereof certifying that

the Byelaws shall be deemed to have been

duly amended with effect from the date of

such registration and the same shall be

binding on the society and its members

subject to the appeal made to the Tribunal, if

any.

Issued under my hand and seal of this

office.

Manuel Barreto, Registrar of Co-op.

Societies.

Panaji, 26th June, 2023.

EXTRAORDINARY

No. 4

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CHAPTER-I

Identification of Co-operative Society

NAME

____________ Primary Multipurpose Co-operative

Society Ltd.,

ADDRESS

____________________________________________

(Registered and Postal

Address of the Society

____________________________________________

(Location of the Society)

____________________________________________

E-mail address

AREA OF OPERATION

The following Revenue village(s)/Panchayat(s)

will be in the area of operation of the Society;

ii)

iii)

iv)

4. Definitions.—

(1) “Act” means the State Co-operative Act i.e. the Goa Co-operative Societies Act, 2001;

(2) “Agriculture” means agriculture and allied activities;

(3) “Area of operation” means the Geographical area (Revenue village (s)/Panchayat(s))

from which the Society is authorized to draw its membership as specified in the Byelaws;

(4) “Board of Directors” means the board of Directors or the governing body of a society,

to which the direction and control of the management of the affairs of a society is entrusted

to;

(5) “Branches” means Branches of the Society;

(6) “Byelaws” means bye-laws prescribed under the Rules and registered under the Act

and include registered amendments of such bye-laws;

(7) “Chief Executive Officer” (CEO) means an individual, with whatever designation

called, who subject to the superintendence, control and direction of the board of directors,

has been entrusted with the management of the affairs of the society on full-time employed

basis;

(8) “Co-operative Tribunal” means the Co-operative Tribunal constituted under the Act;

(9) “Delegate” means a member nominated by the Society to represent its interests in

a federation or other organization;

(10) “Director” means a member of the Board of Directors duly elected or co-opted or

appointed or functional directors as provided under the Act and Rules;

(11) “Employee” means the persons appointed on paid basis by the Board of Directors

in order to run day-to-day operations of the Society;

(12) “Farmer” means a person actively engaged in the economic and/or livelihood activity

of growing crops and producing other primary agricultural commodities and shall include

poultry and livestock rearers, fishers, beekeepers, pastrolists, non-corporate planters as

well as persons engaged in various farming related occupations such as horticulture,

floriculture, sericulture, vermiculture, and agro-forestry. The term shall also include tribal

families/persons engaged in shifting cultivation and in the collection, use and sale of

timber and non-timber forest produce;

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(13) “Financing Bank” means a

cooperative bank, the objects of which

includes the creation of funds to be lent to

other co-operative societies;

(14) “Financial Year” means the period

commencing from the 1st day of April of

any year and ending with the 31st day of

March of succeeding year;

(15) “General Body” in relation to a

primary society, means all the members of

the primary society and in relation to a

federal society and apex society, means all

the member societies duly represented by

their delegates;

(16)

“Government”

means

the

Government of Goa;

(17) “Liability of a member” means, the

extent of liability of every member and is

limited to the Shares held by him towards

contribution in the capital of the Society;

(18) “Member” means an individual or

entities mentioned in the relevant

provisions of the Act and joining in the

application for the registration of a co-

operative society which is subsequently

registered, or duly admitted to membership

of a society after registration and includes

a joint member;

(19) “NABARD” means National Bank for

Agriculture and Rural Development

constituted by NABARD Act 1981;

(20) “Nominal Member” means a person

admitted to membership as such after

registration in accordance with the bye-

laws;

(21) “Office-bearer” means a President,

Vice-President,

Chairperson,

Vice-

Chairperson, Secretary, Treasurer, of a Co-

operative society and includes any other

person to be elected by the board of the

society;

(22) “Person” means any person as

mentioned under the relevant provisions

of the Act.

(23) “Chairman/Chairperson” means a

person elected in accordance with the

provisions of Act, Rules and Byelaws who

shall be responsible for the overall

development and progress of the Society

and its members, the implementation of the

policy decisions of the Committee and due

observance by the Society of the provisions

of the Act, Rules and Byelaws;

(24) “Functional Director” means a

person appointed or co-opted as Director

without voting right to the Board of

Directors of the Society by virtue of his

being an expert in the field of accounting,

finance, management, banking, Information

Technology, law, agriculture, cooperation,

cooperative management or any other

specialized field relating to the activities of

the Society, who is willing to guide and

advise in the affairs or business activities

of the Society;

(25) “RBI” means Reserve Bank of India

constituted by RBI Act 1934;

(26) “Registrar” means a person

appointed under the relevant provisions of

the Act and includes any other person on

whom all or any of the powers of the

Registrar under the Act are conferred;

(27) “Rules” means the Goa Co-operative

Societies Rules, 2003.

(28) “Seal” means the General Seal of

the Society with year of establishment;

(29) “Society” means a co-operative

society registered or deemed to be

registered under the Act;

(30) “Sub Committee” means the Sub

Committee constituted by the Board of

Directors as per Byelaws for the purpose

of special/particular assignment and for a

specific period by whatever name is called;

(31) “Vice Chairperson” means a person

elected in accordance with the provisions

of Act, Rules and Byelaws who shall act as

Chairperson in absence of the Chairperson

of the Society;

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CHAPTER-II

Objectives and Services

5. Objectives of the Society.—

The Objectives of the Society shall be:

(1)

To encourage thrift, self help & co-

-operative amongst its members.

(2)

To supply the quality of seeds to the

members of the society who are involve in

Agriculture and Horticulture activities etc.

(3)

To provide to its members timely and

adequate Short and Medium term credit for

development of backward and forward

activities related to agriculture and its

products, loan for vehicles for agricultural

purpose like tractors etc., loan for consumption

or medical purpose against collateral/

pledge financing like commodities/bonds/

/securities, et.,. while maintaining financial

norms (like credit worthiness and for

securing the given loan) in the area of

operation through share capital, deposits

and borrowings from any financial institutions

approved/supported by or State Government

and its organizations;

(4)

To provide long term loan as per the

scheme of the Financing Bank/Agriculture &

Rural Development Bank/District Central

Cooperative Bank/State Cooperative Bank/

Financing Institutions of State and Central

Government;

(5) To promote and develop backward

linkages (such as demonstration plots,

irrigation facilities, manure, fertilizers,

improved seeds/seed production, custom

hiring centre, farm machineries/implements,

insecticides, other inputs etc.); forward

linkages (such as collection, grading, cleaning,

packaging, branding and marketing, storage

[godown and cold storage], processing, value

chain [transport, logistics, refrigerated van,

etc.]), for the agriculture produce & its

products (such as field crops, fruits &

vegetables, floriculture, dairy activities,

fisheries/shrimp farming, poultry, bee-

keeping, sericulture, plantation, sheep, goat,

rabbits, piggery and any other land/sea based

agriculture related activities and their

processing), by way of technical and financial

support to its members in the area of operation

of the Society;

(6) To facilitate or make arrangements or to

collaborate

with

any

local

bodies/

Governments/Departments/Universities/

Societies/Companies for achieving its

objectives for the benefit of Society and its

members;

(7) To engage in service or business

operations (like infrastructure development,

community centre, hospital, education

institutions, procurement of food grains, Fair

Price Shop, or any Government scheme,

Dealership/agency/Distributorship or

supply of LPG/Petrol/Diesel/Green energy/

farm or house hold consumables and durables

farm machineries, training of members for skill

improvement, etc.) which may enhance the

facilities and income of Society or its members;

(8) To set up or arrange for Locker facilities

to its members;

(9) To collect socio-economic, financial and

business-related information of all members

and non-members in the area of operation

which may strengthen policy framework,

development of agriculture or related business

or developmental plan and is also beneficial

to all the stakeholders in the area of operation;

(10) To demonstrate, promote and develop

the latest technologies or extension activities

related to agriculture and its allied activities

for enhancing the income of the Society and

its members;

(11) To educate its members & their families

(particularly youth and women) and

Management and staff about Cooperative

Principles, values and actions which may

promote social harmony and economic

benefits for all the stakeholders in the area of

operation by way of organizing training,

exposure visits or capacity building

programmes;

(12)To act as an agent or Bank Mitra/

Business Correspondent/Business Facilitator

for the Financial/Banking Institutions;

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(13) To act as an agency for implementation

of social security scheme for its members and

to provide micro insurance/insurance;

(14) To focus on and encourage the inclusion

of youth and women in the cooperative based

activities in the area of operation;

(15) To provide community-based services

in the fields of education (school, college),

health

(hospital,

dispensary,

clinical

laboratory, ambulance service), tourism and

environmental and sustainable development

activities;

(16) To participate in Government Schemes

for providing services through Direct Benefit

Transfer (DBT) to beneficiaries in the area of

operation;

(17) To act as a source of information/data

centre to be used by the Government for

various purposes;

(18) To act as a Common Service Centre for

facilitating on-line/digital services in the area

of operation;

(19) To undertake marketing and similar

activities both inside and outside its area of

operation for the benefit of the members of the

Society.

(20) To own land, buildings, godowns,

processing units and other such necessary

assets;

(21) To make awareness among the farmers

about various schemes launched by

Government from time-to-time and to

encourage farmers to increase economic and

farming activities by way of Government Aid.

(22) To provide platform/facilities to the

members for export of their agriculture

produces & products.

(23) To undertake contract and community

farming;

(24) To undertake such other activities as are

conducive and incidental to the attainment of

the above objects and as approved by the

General Body for the benefit of the members

and Society.

6. Services of the Society.—

The services or business facilities in which

the Society can engage itself, keeping in view

the above objectives, are as follows:

(1) Any activity related to backward &

forward linkages of agricultural produce and

its products to support its members;

(2) Loan facilities as per agriculture

production and its processing activities,

household consumption-based requirement of

members subject to necessary regulatory

approval from the concerned authority;

(3) Any asset creation or arrangements or

setting up of subsidiaries which may be

beneficial to the Society and its members for

production, collection, processing and

marketing & export of its product;

(4) To engage in services or business

operations like supply of consumer durables,

etc;

(5) To research, promote, demonstrate

innovative technology and extension work

(including soil and agri-products testing) and

its allied activities;

(6) Awareness creation, capacity building

programmes, skill development, fairs and

exhibitions or any extension related works;

(7) Collaboration

with

Government

Departments/Universities/Startups/Industries

in public and private sector and its

associations/multilateral agencies with

necessary approval from the concerned

Government, which is beneficial to the Society

and its members;

(8) To provide services in online mode to

the extent possible. To maintain its own

website;

(9) Other business or financial support

necessary and required to fulfill the objectives.

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CHAPTER-III

Membership

Membership.—

TYPES OF MEMBERSHIP: The Society shall

have two types of membership or types of

membership as provided by the Act/Rules.

“A”-CLASS MEMBERS: ‘A’ class members

are the shareholders of the Society who can

exercise all the membership rights as provided

in the Byelaws.

“B”-CLASS MEMBERS: ‘B’ class members

are nominal members of the Society.

(1) Eligibility for ‘A’ Class Membership:

The following persons, subject to fulfillment

of the eligibility condition, shall be A-Class

Members:

a) The promoters at the time of

registration of Society;

b) An Individual who,

i) is competent to contract under the

provision of section 11 of the Indian Contract

Act, 1872 (above 18 years of age, having a

sound mind and not debarred by any Law)

and resides in the area of operation of the

society.

ii) possesses agricultural land or land for

allied agricultural activities or rearing

domestic cattle in the area of operation of

the Society;

iii) is not a member of any other PACS in

any other Panchayat/Village;

(If there is no PACS in the Panchayat/

/Village, the members can avail benefits of

the nearby PACS after approval of the

Registrar)

c) A firm, company or any other body

corporate constituted under any Law for

time being in force, society registered under

Societies Registration Act, 1860, a

cooperative society registered under the

Act, a Public Trust registered under any Law

for time being in force for registration of such

Trusts and any Self Help Group formed by

women for mutual assistance.

d) State Government or any other

Government Body;

(2)

Eligibility and Other Conditions for ‘B’-

Class Membership:

a) A person who desires to have a

business relationship with Society shall be

admitted as nominal member by payment

of admission fee of Rs.10/- which is non-

refundable and shall be credited to Reserve

Fund of the Society.

b) Self Help Groups/Joint Liability

Groups/Farmers Interest Groups, Tenant

farmers, share croppers, oral lessees or

users of land, agricultural labourers, micro

entrepreneurs, rural artisans and persons

involved in other allied activities shall be

admitted as nominal members of the Society.

c) Any organization registered under any

Act in India (or abroad) shall be admitted

as nominal member for business purpose

only.

d) Nominal Members shall have no right

to attend any meeting, or to vote in the affairs

of the Society and will not be entitled for

dividend from the Society.

e) Nominal members cannot contest in

election for the member of the Board of

Directors in the Society.

f) A Nominal member who is indebted to

the Society either in his personal capacity

or as surety or guarantor shall continue to

be such member so long as the liability to

the Society has not been fully discharged.

g) No share certificate shall be issued to

nominal members but separate Register

shall be maintained in the Society, which

shall contain his signature and full address

as proof of his membership.

(3) Ineligibility or disqualification of

Members:

A person shall not be eligible for admission

or continuing as member of the Society, and

shall cease to be member, if he:

a) has been sentenced for an offence

involving moral turpitude, such sentence

not having been reversed;

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b) has been convicted for any other

offence by a Court of Law and sentenced to

imprisonment for three months or more

unless a period of 5 years has elapsed since

his release;

c) is adjudicated as bankrupt or insolvent;

d) has been expelled by the Society or by

any other Co-operative Society within a

period of 2 years from the date of such

expulsion;

e) he has been disqualified forever in

terms provisions of the Act;

f) has defaulted in payment of any dues

including contributions, subscriptions, if

any, as decided by the Board of Directors of

the Society from time to time and has not

made the payment within 30 days after

receiving the notice of payment;

g) is of unsound mind;

h) is in the business of providing loans;

i) is a member of another cooperative

Society which is providing similar services;

j) is a defaulter of any bank/financial

institution/Society;

k) has not availed for three years in the

preceding period of five years the service of

a society to a minimum criteria as specified

in the Act, Rules and/or bye-laws of the

society;

l) possesses any other disqualification as

per the provisions of the Act/Rules.

(4) Procedure for Membership:

a) Any person who is desirous of

becoming a member of the Society and is

eligible as per the Byelaws, may obtain an

application form at a prescribed fee and may

submit the duly filled application form to the

Chief Executive Officer (CEO) of the Society.

b) KYC is mandatory for adding new

members in the Society. Registration can

also be done online.

c) The CEO shall place the application

form before the Board of Directors for final

decision who shall decide within a

maximum period of three months from the

date of receipt of application.

d) Where a person is refused admission

as a member of a society, the decision, with

the reason therefore, shall be communicated

to that person within fifteen days of the date

of the decision, or within three months from

the date of the application for admission,

whichever is earlier.

e) The CEO shall inform the applicant of

the decision of the Board of Directors within

15 days of the Board meeting and if

admitted, ask him to deposit the admission

fee and share money along with necessary

documents as specified by the Board of

Directors, like identity residence/land

holding proof, resolution of informal group/

other cooperative Society etc. on submission

of which the applicant shall be admitted as

member of the Society.

f) Appeal against denial of membership

shall be filed within two months of the date

of communication of refusal or deemed

refusal before the Registrar and the decision

of the Registrar will be final.

g) Every individual shall subscribe at least

five shares (Rs. 100/- each share) amounting

to Rs. 500/- of the Society to become an A-

Class Member. The member shall also have

to pay an admission fee of Rs. 10/- at the

time of admission, which shall be non-

refundable.

h) The admitted members should be

educated about cooperative values,

principles, their rights and philosophy and

the services/facilities and benefits available

in the Society.

(5) Shares Subscription by the Members:

a) Maximum shareholding by a member

except Government shall be limited to 1/5^th

of the total share capital of the Society.

b) Every Individual to whom shares are

allotted shall be entitled to receive share

certificate with distinct number specifying

therein number of shares allotted to him and

amount paid by him.

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c) Every share certificate shall be signed

by the Chairman and Chief Executive Officer

or any other officer authorized by the Board

of Directors of the Society.

d) The Society shall maintain a Register

of shares, in prescribed form showing

record of shares issued/transferred to its

members from time to time and amount of

share capital available of each member with

the Society.

e) The Society shall have the absolute

right to set off the linking share amount and

the dividend earned on it towards the

respective loans or any other dues

recoverable from the member. This doctrine

shall also apply to past members and the

deceased members.

f) The Society shall have the absolute right

to utilize the dividend earned for

strengthening the capital base of the Society.

g) The rate of dividend, to be declared by

the Society, shall be decided in the General

Body Meeting.

(6) Rights of Members:

1. ‘A’ Class Member: Every ‘A’ class member

shall have the following rights:

a) To attend, participate and vote in

General Body Meeting of the Society;

b) To receive a copy of the annual report

and accounts;

c) to elect Directors;

d) to contest as a Director in the Board, if

eligible, provided that he has been a

member of the Society for a minimum period

of as specified under the Act;

e) to avail all services/facilities or

infrastructural support rendered by the

Society;

f) to receive dividend as share in profit

earned by the Society on his subscribed

share capital provided that the dividend out

of Dairy and Fishery activities of the Society

shall be redistributed only to the cattle

holder and fishery holder members

respectively and all other dividend of the

Society shall be distributed to the farmer

members;

g) to take loan or avail facilities of the

Society, on such conditions as may be laid

by the Board of Directors or General Body

from time to time;

h) to inspect own accounts in the Society

free of cost and to obtain a copy of the same

by payment of a fee of Rs. 2/- per page;

i) to inspect annual reports, audited

statements of accounts, Audit report,

Inspection report and compliance report;

j) Every member shall be entitled to

inspect, free of cost, at the society’s office

during office hours, or at any time fixed for

the purpose by the society, the bye-laws, the

last three years audited annual financial

statements, audit report and audit

rectification report and those portions of the

minutes of general meetings and Board

meetings and books and records relevant

to his transactions with the society. The

society shall furnish to a member, on request

in writing and on payment of such fees as

may be specified in the bye-laws, a copy of

any of the documents mentioned in the

foregoing sub-section within one month

from the date of payment of such fees;

k) to get the copy up-to-date Byelaws of

the Society;

l) to inspect copies of any inquiry or

special audit report; and

m) to avail voting right in the Society,

subject to transacting the minimum

services as decided by the General Body of

the Society in accordance with the Act and

Rules.

2. “B” CLASS Members- Nominal Members:

Every nominal member shall have the following

rights:

a) To receive non-farm sector loan and

other non-credit facilities rendered by

Society on the terms and conditions decided

by the Society;

b) To provide facilities owned by them

which may be beneficial for Society and its

members on mutually decided terms and

conditions within or outside the area of the

operation of the Society.

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(7) Duties of Member:

a) Every applicant before being admitted to

the membership of the Society shall be bound

by the Byelaws of the Society, Acts and Rules.

b) A member who is already a member by

reason of having joined the application for

Registration is required to sign such

declaration within one month of the

Registration of the Society.

c) No member shall exercise any right of

membership until he has paid the admission

fee and the full value of shares subscribed by

him.

(8) Liability of Members:

The ‘A’ class members of the Society shall,

in the event of liquidation/dissolution, be

jointly and severally liable to contribute

towards deficit in the assets, limited to the

extent of share capital subscribed or paid by

him.

(9) Withdrawal of Membership and Share

Capital:

Membership can be withdrawn only after

adoption of resolution in a meeting of Board of

Directors. All such resolutions will be placed

before the General Body for information. If the

member has paid all the dues to the Society

and cleared liability as sureties, if any, in full,

he can withdraw his membership, provided

that a member is required to give three month

notice to the Board of Directors and give a

written request, explaining his reasons for

withdrawal.

Withdrawal/Cessation

membership does not absolve the member

from any financial or other liabilities he has as

a member.

(10) Expulsion of Member:

A society may, by resolution passed by a

majority of not less than three-fourths of the

members entitled to vote who are present at a

general meeting held for the purpose, expel a

member for acts which are detrimental to the

interest or proper working of the society:

Provided that, no such resolution shall be

valid, unless the member concerned is given

an opportunity of representing his case to the

general body. If the member is aggrieved by

the decision of the society expelling him from

its membership, he may appeal to the Registrar

within two months of the date of the

communication of such decision if:-

a) He has acted against the interest of the

Society; or

b) His continuance as a member is

detrimental or prejudicial to the functioning

of the Society;

No members of the society who has been

expelled from the society shall be eligible for

the re-admission as a member of that society,

for a period of one year from the date of such

expulsion.

Appeal against the expulsion can be filed

as per the provisions of the Act/Rules.

(11) Nomination by Member:

A member may nominate a person as

nominee, in whose favour the Society shall

dispose of the share or interest of such member

in the event of his death. In case no nominee

is designated, nominee will be as per extant

succession law.

CHAPTER -IV

Capital and Funds

8. Funds and Resources:—

The Society shall ordinarily obtain funds

from the following sources:

Admission/Entrance fee

Share Capital

Borrowings

Deposits

Reserve and Surplus

Grants and subsidies

Donations

Income from business activities

(i) Admission/Entrance Fee.—

The Society shall collect admission/

entrance fee of Rs. 10/- from both ‘A’ class and

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‘B’ class members. The admission fee is non-

refundable.

(ii) Share Capital.—

a) The authorized share capital of the

Society shall be Rs.___________ consisting

of _________ shares of Rs.______ each.

b) Each share shall be valued at Rs.100.

The total value of shares shall be paid in

lump sum on its allotment to the members.

c) The dividend on share capital held by

the members shall be distributed to them

as decided in the General Body subject to

maximum ceiling prescribed in the Act.

d) A member may withdraw his share

capital only on withdrawal of membership

from the Society. In the event of his death,

the share capital amount shall be given to

his nominee after settling dues to the Society,

if any, provided that where the nominee

applies for membership, and upon his/her

admission, such amount shall be transferred

to the share capital account of the nominee

in accordance with procedure laid down by

the Board of Directors in this regard.

e) The maximum dividend payable on

shares in any year shall not exceed the limit

as specified in the Act.

(iii) Borrowings and Maximun Borrowing

Power of Society.—

The Society should borrow funds from Apex

Cooperative Bank and other banks and also

from its members by way of Deposits. The

maximum outstanding borrowings and

deposits shall not at any time exceed 10 times

of the sum of paid up share capital, reserve

fund, building fund and accumulated profit

less accumulated loss, if any, of the society or

such a limit as may be prescribed in the Act:

Provided that, with prior written approval

of the Registrar, the society may enhance the

limit of borrowings upto twenty-five times of

it’s paid-up share capital, reserve fund,

building fund and accumulated profit less

accumulated loss, if any or such a limit as may

be prescribed in the Act.

(iv) Deposits.—

The Society shall accept deposit from its

members only and interest rate of deposits

shall not be more than 2% over the

corresponding deposit interest rate of Apex

Bank. The Society shall formulate separate

Deposit Rules and schemes with approval of

the Board of Directors.

(v) Loans and Advances.—

The applications for loans shall be placed

before the Board of Directors for sanction. The

Society shall frame separate loan policy/rules

for different types of loans, rate of interest to

be charged, requisite security/collateral and

other terms and conditions which shall be

approved by the Board of Directors. Any

rejection of loan would be communicated to

individual member within a period 60 days

from date of such rejection. All matters of

rejection shall also be placed before the

General Body for information.

(vi) Reserve and Surplus.—

The Society shall appropriate its net surplus

in accordance with the provisions of the Act.

However, the Society can utilize upto 25% of

its reserves and surplus in the business with

the approval of the General Body and prior

permission of the Registrar.

(vii) Grants and Subsidies.—

The Society can receive grants and subsidies

from Government and other agencies.

(viii) Donation.—

The Society can receive donation from its

members/Government and other agency for

specific purposes.

CHAPTER V

Management of Society

9. General Body.—

(1) Subject to provisions of the Act & Rules,

the final authority in the Society shall vest in

the General Body. The General Body of the

Society shall consist of the following:

a) All ‘A’ class members/shareholders of

the Society;

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b) Nominees of State Government;

(2) Without prejudice to the other provisions

of the Byelaws, the General Body shall have

the following powers and duties:-

a) Election and removal of the Director/s

and/or Board of Directors in accordance

with the procedures laid down in the Act,

Rules and Byelaws and guidelines/

directions issued by Registrar from time to

time;

b) Consideration of the annual report of

the Society, prepared and presented by the

Board;

c) Consideration of statutory audit report

and compliance thereof and audited

statement of accounts;

d) Approval of Annual budget;

e) Appointment of statutory auditor as per

the provisions of the Act.

f) Consideration of report of Inspection

and Enquiry, made in accordance with

provisions of Act, Rules and Byelaws, if any;

g) Consideration of matter relating to

loans and advances given to the Directors

and their relatives and action to be taken

for recovery thereof incase of default;

h) Appropriation of net surplus;

i) Creation of specific reserve and other

funds and reviewing the actual deployment

of other funds;

j) Amendment of Byelaws, if any;

k) Expulsion of member, if any;

l) Approval of long-term perspective plan

and annual operational plan;

m) Transaction of any other business with

the permission of the Chairman/Chairperson

of the General Body Meeting.

(3) The General Body shall meet from time

to time for transaction of business and such

meetings shall be called the General Body

Meetings and shall be of three kinds.

a) Annual General Body Meeting

The Annual General Body meeting shall

be held within 6 months of closure of the

financial year.

b) Special General Body Meeting

A Special General Body meeting may be

called at any time in accordance with the

provisions of the Act and Rules.

(4) The General Body Meeting may be called

by the Board or by Chief Executive Officer of

the Society under the directions of the Board.

(5) At least 14 clear days’ notice in case of

Annual General Body Meeting and 7 clear

days’ notice in case of Special General Body

Meeting shall be given to all members

specifying the date, place, time and agenda of

General Body Meeting. The notice of a General

Body Meeting may be given in one or more of

the following modes:

a) Affixing a copy of the notice at the

Society’s office or at some conspicuous place

in the area of operation of the Society;

b) Circulation of the notice book and getting

signatures of members on it;

c) Post;

d) Publishing in any local/daily news paper

having vide circulation and advertisements

through such other electronic means having

wide popularity in public.

(6) The quorum for the General Body

Meeting shall be one-fourth of the total

number of the members or 50 members,

whichever is less, or as provided under the

Act & Rules.

the

General

body

(other

than

requisitioned) cannot be held for want of

quorum, it shall be adjourned to a later time

on the same day as many have been specified

in the notice calling the meeting or to a

subsequent date not earlier than seven days

but not later than 30 days and at such

adjourned meeting the business on the agenda

of the original meeting shall be transacted

whether there is quorum or not.

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(7) If the meeting has been called on the

requisition of the members and the quorum is

not complete, the meeting shall be adjourned

and no further General Body Meeting shall be

convened on the strength of that requisition.

(8) The Chairman/Chairperson or in his

absence the Vice Chairman / Vice Chairperson

shall preside over meetings of the General

Body. When both of them are absent, the

members present shall elect a President for the

meeting.

(9) Every member of the General Body shall

have one vote. Voting by proxies shall not be

allowed at the General Body. All questions

shall be decided by the majority of votes of the

members present and voting. When the votes

are equal, the Chairman of the General Body

shall have additional casting vote.

(10) All business discussed or decided at a

General Body Meeting shall be recorded in the

minute book and shall be signed by the

President of the meeting and CEO/Secretary

of the Society.

Board of Director.—

(1) There shall be a Board of Directors of the

Society to manage its affairs and it shall be

constituted by election from amongst members

of the Society or as laid down in the Co-

operative Act and Rules of the State. There

shall be minimum 5/7/9/11/13/15/17/19/21

members in the Board of Directors (strike out

whichever is not applicable).

(2) No person shall be eligible for election

as a member of the Board of Directors of the

Society if he:

(a) Is below 21 years of age; or

(b) Does not fulfill the eligibility criteria

prescribed under the Act.

(d) Is convicted of any offence involving

dishonesty or moral turpitude; or

(e) Has applied for insolvency or is

declared insolvent; or

(f) Is of unsound mind; or

(g) Is in default of the payment of any dues

to any Society; or

(h) Holds an office of profit under the

Society; or

(i) Is in arrears of shares; or

(j) Is indebted to Society beyond his

maximum credit limit; or

(k) Has not been a voting member of the

Society for atleast three years immediately

preceding the date of election; or

(l) Has at anytime lost the right to vote as

a member or to continue as member as

specified in the Byelaws; or

(m)

Has

incurred

any

other

disqualification for being or continuing as a

Director as specified in the Act, Rules and

Byelaws.

(3) Reservation shall be provided for 2

women and 1 Scheduled Castes or Scheduled

Tribes member in the Board as provided under

the Act.

(4) The term of office of the Board of Directors

and its office bearers shall be 5 years from the

date of election.

(5) The Board shall take necessary steps as

per the provisions of the Act and Rules to

conduct election before expiry of the 5 year

term.

(6) At least seven clear days’ notice is

required for convening the Board of Directors

meetings.

(7) The Society shall conduct elections to the

Board of Directors in accordance with the

provisions of the Act and Rules.

(8) The Board shall meet atleast once in

three months for monitoring the transaction

of business of the Society.

(9) A Board meeting shall also be convened

on the requisition of a majority of Board

members within 7 days of the receipt of such

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a requisition. The requisition shall be

addressed to the Chief Executive Officer/

Secretary and shall state the need for the

meeting and the proposed agenda.

(10) The Board of Directors may decide to

induct/co-opt maximum upto 2 Functional

Directors having experience and expertise in

the field of Agriculture and allied activities,

Food Technology, Banking, Co-operation,

Management, Legal, Information Technology,

etc. in the Board for proper guidance and

advice. The Functional Directors shall be

members of the Board and such members shall

be excluded for the purpose of counting the

total number of Directors specified in the Act.

The Functional Directors shall have no voting

right.

(11) In addition to disqualification as per the

provisions of the Acts and Rules, a member of

the Board shall be disqualified or cease to hold

office if he;

a) ceases to be a share-holder of the

Society; or

b) has applied for insolvency or is

declared insolvent; or

c) is convicted of any offence for

dishonesty or moral turpitude; or

d) holds any office or place of profit under

the Society or receives any honorarium; or

e) resigns and his resignation is accepted

by the Board; or

f) absents himself from three consecutive

meetings of the Board of Directors without

permission of the Board; or

g) defaults in the payment of any dues to

any Society; or

h) becomes a paid employee of the

Society or Financing Bank or Government

or any local body; or

i) fails to pay any arrear of shares; or

j) incurs debt from the Society in excess

or beyond his maximum credit limit; or

k) is presently engaged directly or

indirectly in any private business, trade or

profession of any description which is similar

to the business carried on by the Society; or

l) has been penalized for offences under

the Act & Rules; or

m) has lost the right to vote as member

under the Act/Rules/Byelaws; or

n) has at any time been expelled from

Society or any other Society within two

years.

(12) A Director of the Board shall also cease

to hold office or become ineligible to contest

for election or co-option as a Director of the

Board if, on an enquiry and Certification by

the Registrar as per the Act, he is found:-

a) guilty of misuse of his position or

property of the Society for his personal gain

or guilty for misappropriation and/or

mismanagement of the society’s funds;

b) responsible for making any appointment

to any post in the Society in contravention

of the relevant service Rules and

regulations;

c) responsible for willfully or knowingly

sanctioning benami/bogus loans.

(13) The office bearers i.e. Chairman/

/Chairperson/Vice Chairman/Vice Chairperson/

/Secretary/Treasurer, as the case may be, shall

be elected as per the provisions of the Act and

Rules.

(14) The quorum of the Board meeting shall

be maintained by attendance of minimum 51%

of total number of members of the Board.

Chairman/Chairperson or the Vice Chairman

/Vice Chairperson or in his absence a member

elected by those present in meeting shall

preside over the Board Meeting. Unless

otherwise provided by these Byelaws, all

matters shall be decided by a simple majority

of votes in the Board meeting. Each member

shall have one vote. In case of equality of votes,

the Chairman/Chairperson shall have

additional casting vote.

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(15) The Board shall exercise all the powers

and discharge all the duties of the Society

subject to superintendence and control of

General Body, except those specifically

reserved for General Body subject to any

regulations or restrictions duly laid down by

the Society in General Body Meeting or in the

Byelaws. In particular, the Board of Directors

shall have the following powers and duties:

i) to act, in all their transactions as per

the relevant provisions under the Act/Rules/

/Byelaws;

ii) to maintain true and accurate accounts

in respect of all money received and

expenditure made and all stock bought and

sold by the Society;

iii) to prepare a true account of the assets

and liabilities of the Society;

iv) to prepare an annual report on

working of the Society, an annual statement

of accounts including Balance Sheet, profit

and loss account and trading account for

submission to the Annual General Body

Meeting;

v) to prepare statement of accounts

required for Audit and to place those along

with relevant vouchers and other related

papers before the Auditor;

vi) to examine the accounts, sanction

contingent expenditure and ensure

maintenance of the prescribed registers;

vii) to consider the Inspection Report of

the Registrar and the Financing Bank and

take necessary action and ensure

submission of compliance report to the

relevant Authority;

viii) to admit new members and allot

shares;

ix) to give directions to the Chief

Executive Officer/Secretary to convene

General Body Meetings in accordance with

the Byelaws;

x) to fix the maximum borrowing power

of Society in consistence with these

Byelaws/Rules/Act;

xi) to fix the maximum credit limit for each

member provided that such limit shall not

be more than that laid down by the

Registrar from time to time;

xii) to contract loans subject to any

restriction imposed by the General Body;

xiii) to sanction and advance loans to

members according to terms and conditions

as laid down by the General Body from time

to time and to arrange and ensure timely

recovery of loans and interest from the

members;

xiv) to accept deposits on such terms and

conditions as laid down by the General Body

from time to time and to arrange for the

repayments thereof;

xv) to decide the terms of the purchase

and sale of agricultural implements, seeds,

manure, household requirements and other

requirements connected with agricultural

production and to arrange the sale,

marketing and storage of agricultural

produce of its members;

xvi) to monitor that loans are applied for

the purpose for which they are sanctioned;

xvii) to assist in the inspections of the

Books and Accounts and audit by any

person authorized to do so;

xviii) to create and appoint, from time to

time, different categories of employees to

assist the Society in performance of its duties

and discharge of its functions. The

qualification and condition of service of

Officers and other employees shall be

decided as per Human Resources Policy or

Service Rules of the Society as approved by

the Board of Directors;

xix) to engage skilled manpower/

/consultants on hire basis;

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xx) to frame subsidiary rules for the

conduct of the business of the Society

consistent with the Byelaws like Loan

Policy, Deposit Policy, Staff Service Rules,

etc.;

xxi) to take disciplinary action against

employees in accordance with the Service

Rules framed and approved by the Registrar

from time to time. An employee aggrieved

by such action shall have the right to appeal

within 20 days of the communication of such

order to the Appropriate Authority;

xxii) to ask the employees to furnish

securities as may be prescribed from time

to time by the Registrar and also to arrange

verification and safe custody of the security

deeds;

xxiii) to authorize any member, or officer

or employee of the Society or any other

person specially authorized, to institute,

conduct, defend, compromise, refer to

arbitration or abandon legal proceeding by

or against the Society or Board or officer or

employees concerning the affairs of the

Society;

xxiv) to acquire on behalf of the Society,

shares in other Co-operative societies;

xxv) to arrange for the safe custody of

books and record, cash, equipment, goods

and stocks of the Society and to fix specific

responsibilities of the employees in this

behalf;

xxvi) to decide the terms on which farm

machinery, etc. maintained for common use

is to be provided to the members for custom

hiring services;

xxvii) to accept the resignation of the

Board members and incase of acceptance

to arrange to fill the resultant vacancy

through co-option or election for the

remaining period of its term in accordance

with the procedure laid down in the Act,

Rules and Byelaws;

xxviii) to invest the surplus funds of the

Society in accordance with the Act and

Rules framed there under;

xxix) to purchase, sell, hire or otherwise

acquire or dispose of property on behalf of

the Society;

xxx) To nominate delegates to represent

the

Society

other

forums

and

organizations;

xxxi) to carry on the business of the

Society as decided and entrusted by the

General Body of Society.

(16) The Board of Directors may constitute

sub-committees such as Village Committee,

Finance and Audit Committee, Recruitment/

Selection/Appointment Committee, Youth/

Women Committee, Business/Trade Promotion

and Entrepreneurship/Industrialization

Committee, Sustainable/Community Development

Committee, etc., as per the business activities

and requirement of the Society and also

determine their powers and functions. The fee

and allowances to be paid to the members of

the committee shall be such as may be

determined by the Board. All the decisions/

resolutions taken in the sub-committee are

suggestive/recommendatory in nature and

will only be acted upon after approval in the

Board of Directors Meeting.

(17) In the conduct of the affairs of the

Society, the Board of Directors shall exercise

prudence and due diligence and shall be

responsible for any loss sustained through acts

contrary to the Act/Rules/Byelaws and the

stated objectives of the Society.

(18) All business discussed or decided at a

meeting of the Board of Directors shall be

recorded in a minute book which shall be

signed by the Chairman of the meeting,

members of the Board present and the CEO

within the time frame given in the Act/Rules/

Byelaws.

(19) The services of the Board shall be

honorary or gratuitous. The Directors shall be

paid such sitting fee, DA or T.A., as may be

decided upon by the Board and approved in

the General Body of the Society.

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10. Chairman/Chairperson

and

his

powers.—

(1) The Chairman/Chairperson shall be

elected from amongst the elected/appointed

members of Board of Directors in terms of Act

and Rules.

(2)

He/she shall exercise general control

and supervision over the administration,

business, and functions of the Society on behalf

of the Board.

(3) He/she shall exercise the powers

delegated to him/her by the Board and may,

subject to approval of the Board or in an

emergency, delegate any of his powers and

duties to the Vice Chairman/Chairperson or in

his absence, to any Director for specified

period and may withdraw any powers so

delegated.

(4) He/she shall have power to call for any

record of the Society or any report from CEO

to satisfy himself that the affairs of the Society

are being managed in accordance with the

provisions of the Act and Rules.

(5) He/she shall not act in contravention of

any order given or decision taken by the Board

in its meeting.

(6) He/she shall preside over the meetings

of the General Body and the Board of Directors.

The Chairman/Chairperson shall exercise his

casting vote only when there is an equality of

votes.

11. Chief Executive Officer/Secretary-Duties

and Responsibility.—

(1) The Chief Executive Officer, by whatever

name may be called, shall be appointed by the

Board of Directors to look after day-to-day

affairs and administration of the Society as per

the Act/Rules/Byelaws. He should possess the

necessary educational qualification, experience

and training as decided in the Staff Service

Rules of Society by the Board of Director.

(2) The Chief Executive Officer shall

discharge

the

following

duties

and

responsibilities:

a) To convene, as per direction of the

Board, General Body and Board of Directors

meeting in time;

b) To remain present in all meetings of

Board and General Body and produce all

relevant papers, document required at such

meetings and sign along with the President,

the minutes of such meetings;

c) To record the proceedings in the

minute book and make all entries transacted

in the meetings;

d) To make payment and receive all

money on behalf of the Society and issue

receipt as per the direction of the Board;

e) To maintain and keep all books of

accounts and registers in accordance with

rules;

f) To operate Bank Account subject to

such conditions as the Board may direct;

g) To prepare statement of demand,

collection balance regarding loans and

advances;

h) To prepare receipts, vouchers etc. for

the financial transactions of the Society;

i) To correspond on behalf of the Society

and supply necessary information to

members;

j) To maintain control over the

subordinate staff of the Society;

k) To sign cheques and documents

alongwith President in accordance with

provisions of the Byelaws;

l) To spend money for the Society in

accordance with the sanction limit provided

by the Board;

m) To act as per the directions of the

Board;

n) To ensure that the cash balance in the

Head Office and Branches are kept in the

safe with double lock system;

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o) To keep records of movable goods for

trading, implements, and products under his

custody or other Officer’s custody as

nominated by the Board of Directors;

p) To enter into any agreement for the

Society with the permission of the Board;

q) To execute equitable mortgage/

/English mortgage with the loanees and

release it after closing the loans;

r) To perform/execute any job or

assignment as per the direction of the Board

as may be specified in the bye-laws or the

Service Rules, as the case may be;

s) To run day-to-day operation.

CHAPTER-VI

Internal Control

12. Maintenance of Books and Accounts and

Registers.—

(1) The following registers and books shall

be maintained by the Society:

A) Books related to financial statements

a) Cash book

b) Bank book

c) Day book

d) General ledger

e) Subsidiary ledger

f) Share capital ledger

g) Deposit ledger – Saving Bank,

Fixed Deposits, Recurring Deposits,

Reinvestment Deposits, Pigmy Deposit

h) Borrowing ledger–Short Term,

Medium Term

i) Member loan ledger–Short Term,

Medium Term (Agriculture and Non-

-farm)

j) Sundry creditor ledger

k) Furniture, fixture and office

equipment register

l) Land and building register

m) Depreciation chart register

n) Stock register

o) Purchase register

p) Sales register

q) Safe deposit locker operation

r) Gold loan ledger

s) Sundry Debtors ledger

t) Suspense asset ledger

u) Suspense liability ledger

v) Dividend register

w) Individual Deposit Ledger

x) Individual Loan Ledger

y) Individual Creditors Ledger

z) Individual Debtors Ledger

B) Books not related to Financial

Statement

a) Copy of the Society Byelaws

b) Act and Rules of the State with up-

to-date amendments incorporated

c) Copies of other laws and regulations

of the business undertaken by Society

d) Membership register in form

prescribed under the Act/Rules

e) Uptodate register and list of all

members with voting right for the

current year prepared within 30 days of

closure of financial year

f) Register showing memberwise

patronage of various services provided

by the Society

g) Minute books (AGM/SGM/Board

meetings)

h) Account opened and closed register

i) Due debt register for maturity of term

deposits

j) Monthly interest payment register

k) Insurance policy and renewal

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l) Gold stock register

m) Register for acknowledgement of

debt

n) Balancing register

o) Inoperative deposit account register

p) Borrowing due date register

q) Investment and maturity register

r) Pledged stock register

s) Suits filed register

t) Bank register

u) Overdue/NPA register

v) Copies of the audit report, inquiry

report or inspection report and

compliance thereon

w) Members Land record register

x) Staff attendance register

y) Staff service rules

(2) The books, records and registers of the

Society shall be kept in the custody of the

Chief Executive Officer/Secretary or such

other Officer as the Board may authorize in

the absence of CEO.

(3) In the absence of CEO, the Board shall

specify the officer of the Society who shall:

a) Maintain books of accounts;

b) Keep custody of cash and stores;

c) Keep other books and registers; and

d) Prepare returns and financial

statement;

Provided that a person assigned with

keeping of accounts shall not be incharge

of cash.

(4) The books and accounts and other

records shall be open for perusal by any

members of Board of Directors during

business hours of Society.

(5) Copies of the Act & Rules of the State,

the Byelaws, minute book pertaining to

general body meeting, report and compliance

thereon of Audit, Inquiry or Inspection, voter

list shall be made available to any member

during business hours at a fee to be decided

by the Board of Directors in terms of the

relevant provisions of the Act.

(6) The Society shall maintain such

accounts and other matters related to

accounts in such form and manner as may

be directed by the authority competent to do

so under the Cooperative Societies Act/Rules.

(7) The Society shall prepare and submit

such returns and statements as are

mandatory as per the Act and as the

concerned Authority may require from time

to time.

(8) The Society shall use the Common

Accounting System as is being implemented

through computerization of PACS project,

13. Audit of the Society.—

(1) The Books of accounts and records of

the Society shall be audited in terms of

relevant provisions of the Act and by the

Auditor appointed for the purpose by the

General Body of Society from panel of

Auditors constituted by the Registrar.

(2) During every Annual General Body

Meeting, the society shall appoint the

statutory auditor to cause the audit of the

succeeding year.

(3) The Society shall prepare the statement

of account required for audit and place the

same before the Auditor or Audit firm as the

case may be, after signing the Balance sheet

and Profit & Loss Account by President and

the Chief Executive Officer of the Society

within 45 days of the close of each year in

order to facilitate complete audit. The Auditor

shall complete the audit within 6 months of

close of financial year and audit report shall

be submitted to the Registrar so as to enable

the General Body of the society to approve

the same or otherwise as per the statutory

mandate.

(4) The Board of Directors or Registrar may

appoint a Special Auditor/Internal Auditor

based on the turnover or volume of business

of the Society. The Internal Auditor may be

from amongst staff or may be outsourced for

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regular internal control and monitoring of

funds and accounts management of the

Society.

(5) The Society shall pay such audit fee as

may be assessed from time to time by the

Authority competent to do so.

CHAPTER-VII

Change of Structure of Society

14. Change of Liability, Transfer of Assets

and Liabilities, Division, Amalgamation.—

(1) The Society may, by a resolution in

its General Body,

a) decide to amend its Byelaws to

change the form or the extent of its

liability;

b) decide to transfer its assets and

liabilities, in whole or in part, to any

other co-operative Society which agrees

to such transfer by a resolution of its

General Body;

c) divide itself into two or more co-

operative societies;

d) merge itself with other similar co-

-operative Society.

(2) Any two or more Societies may, by a

resolution of their respective general bodies,

decide to amalgamate themselves and form

a new Society.

(3) Every resolution of the Society except

for expulsion of a member from the Society

shall be passed at its General Body Meeting

by 2/3rdof members present and voting and

such resolution shall contain all particulars

of the liability, transfer, division, and

amalgamation as the case may be.

(4) The Society shall give notice in writing

together with a copy of the resolution to all

its members and federations to which it is

affiliated, and creditors who may give their

consent. Notwithstanding any byelaw or

contract to the contrary, any member,

federation, or creditor not consenting to the

resolution shall, during a period of one month

from the date of service of the notice have

the option of withdrawing their shares,

deposits, loans or services, as the case may

be.

(5) Any member, federation, or creditor who

or which does not exercise within the

specified period the right under the Act shall

be deemed to have consented to the

resolution.

(6) A resolution passed by the Society shall

not take effect until,

a) (i) The members, federations, and

creditors have consented or are deemed

to have consented to the resolution under

the Act and Rules, or

(ii) All claims of the members,

federations, and creditors who have

exercised the option referred to under the

Act or Rules within the period specified

therein have been met in full or otherwise

satisfied; and

b) (i) In the case of change of liability,

amendment of the Byelaws of the Society

concerned is registered or is deemed to

have been registered; or

(ii) In the case of division or

amalgamation, certificate of registration of

the Society or Societies is issued by the

Registrar of Co-operative Societies.

(7) When a resolution passed by the Society

takes effect, the resolution shall be a sufficient

conveyance to vest the assets and liabilities

in the transferee.

(8) The registration of the Society shall

stand cancelled and the Society shall be

deemed to have been dissolved and shall

cease to exist:

a) When the whole of the assets and

liabilities of such Society are transferred to

another Society; or

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b) When such Society divides itself into

two or more Societies.

(9) Where two or more Societies are

amalgamated to form a new Society, the

registration of the Societies so amalgamated

shall stand cancelled and they shall be

deemed to have been dissolved and shall

cease to exist.

15. Promotion of Subsidiary Organisation.—

(1) The Society may, by a resolution passed

at General Body Meeting by a majority of

members present and voting, promote

subsidiary organizations such as FPO (Farmer

Producer Organization) with 100% funding

from Society for the furtherance of its stated

objectives, and such organizations may be

registered under any law for the time being

in force, as approved by the General Body.

(2) The Society, may invest, by way of 100%

subscription in the aggregate paid-up share

capital and reserves in the subsidiary

organisation.

(3) Any subsidiary organization created

shall exist for only as long as the General

Body of the Society deems its existence

necessary.

(4) The subsidiary organization can be

dissolved or liquidated in following manners:

a. After approval of 2/3rdmembers

voting in its favour with at least 50%

members present in the General Body, or

b. Direction of Registrar for winding up

of the subsidiary organization in the

interest of the members or public at large.

(5) The annual reports and accounts of any

such subsidiary organization shall be placed

every year before the General Body Meeting

of the Society.

(6) The Society shall maintain a register

containing particulars of all the investments,

showing the names of the societies/

/companies in which shares have been

acquired, number and value of shares; the

date of acquisition; and the manner and price

at which any of the shares have been

subsequently disposed of.

(7) The register referred to in sub-section

(6) shall be kept at the registered office of the

Society and the same shall be open to

inspection by any Member who may take

extracts there from.

CHAPTER-VIII

Dispute of Society

16. Dispute Settlement Procedure.— Any

dispute touching the constitution, business

and management of the Society arising

between the members, past members and

deceased members of the Society or other

persons shall be settled in accordance with

the relevant provisions of the Act, and the

Rules framed there under and shall be

disposed of in the manner prescribed under

such Act and the Rules.

CHAPTER-IX

Liquidation of Society

17. Liquidation.—

(1) The Society may be dissolved or

liquidated in accordance with the provisions

of the Act.

(2) In the event of dissolution of the Society,

any funds remaining after fulfillment of all

external liabilities shall be distributed in such

proportion as provided in the Act and Rules.

(3) Any remaining reserves or surplus

amount that cannot be thus shared with

members for whatsoever reason shall be

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transferred to such fund as may be as

prescribed under the Act and Rules.

CHAPTER-X

Miscellaneous

18. Miscellaneous.—

(1) If the Society is indebted to a

Co-operative Central Financing institution, it

shall be competent for representative of the

latter to inspect the books and the record of

the Society and the Board of the Society shall

arrange the production of the books and

record before such representatives.

(2) Should any doubt arise with regards to

the interpretation of any of the Byelaws, the

matter shall be referred to the Registrar

whose decision shall be final in accordance

with the Act and Rules.

(3) Incase of any conflict or inconsistency

between the Act & Rules and Byelaws of this

Society, the provisions of the Act & Rules shall

have overriding effect.

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