The Manipur Co-Operative Societies (Fourth Amendment) Act, 2010

“GAZETTE
 
 
EXTRAORDINARY
PUBLISHED BY AUTHORITY . A
No.345h1) '1nnpha1frhursday,()ctober 28, 2010 (1(a1uka 6, 1932)
 
GOVERNMENT OF MANIPUR‘
SECRETARIAT: LAW & LEGISLATIVE AFFAIRS DEPARTMENT
NOTIFICATION
11111111211, the 28111 October, 2010
No, 12/32/2010—Leg/‘L.«~- The following Act of the Legislatgre, Manipur which recieved assent of
111C Governor of M2111111111 011 19-10—2010 is hereby published in the Manipur Gazette.
THE MANIPUR CO—OPERATIVE SOCIETIES (FOURTH AMENDMENT) ACT, 2010
(ManipurAct No. 10 of 2010)
An
Act V
17111111131 to amend the Manipur Co-operative Societies Act, 1976 (Manipur Act N0. 14 of 1976).
Be it enacted by the Legislature of Manipur 1n the Sixty-first Year of the Republic. of India as
10 News: I
V 1 . Short title and C0111111ence111ent.—(1)This Act may he called the Manipur CO-operative Societies
(Fourth A1nendment) Act, 2010. '
(Z) 11 shall come into force 011 such date as the State Govemment may, by notification in the
Official Gazette, 21131301111.
21 A111e11d111e1'11 01 section 2. — 111 sect10112 of the Manipur Co——operati\e Societies Act, 1976
(hereinaftm 1ete11ed to as the P1111e1pa1Act),-
(1) after clause (1), the following new clause (1a) shall be inserted, 11a111ely,—
(121) Apex Society” means a coope1a’11ve society whosearea of operation extends to
the whole of the State of Manipm and which has as its principal object the
11101110t1011 0f the principal objects of, and the provision of fa0111t1es for the operation
ofothe1co—operative societies affiliated to 11. and Classified as an apex society
by the Rev1st1211
(i1) after clause (5), the following hew clause (5a) sha11 be jnsefled, name1y,~
‘(SaVCapitzfl to Risk Weighted Assets Ratio" means the eapita1 adequacy norms
stipulated by the National Bank from time to timef;
(iii) after clause (6), the fo110wing new C1ause (6a) sha11 be inserted, name1y; 1‘
‘( 6a) “Chartered Accountant” means a member 0fthe Institute ofChanered Accountants
oflhdia within the meaning ofthe Chartered Accountants Act, 1949 (38 0f19491;’;
(iv) in c1ause (11), for the words “30th day deune”, the words "31st day ofMarch” she” be
substihxted;
(v) after c1ause (19)., the 1b11owing new clause (19a) shah be inserted. namely,-
‘( 193,) “Long Term Co—opel'atwe Credit Structure Society" means the Co-operative
Credit Institutions (Land Deve10pmem Banks) advancing loans other than
short tenn loans comprising of State Co—operative Land Development Bank
and Primary Co—opemtive Land Development Banks, State Co—operative
Bank and any other Cooperative Bank permitted by the Registrar 10 function
as a Land Development Bank under section 142;’;
(vi) after c1ause (20), 111:: f011owing new c1auses ( 20a) and (20b) shall be inserted, namely;
‘(3()a) “Muhipurpose Co—operative Society” means a primary co—operative society
the object of which is to provide various services including services related to
credit, business, industx’y‘consumer durables to its members;
((2%) “National Bank” means the National Bank for Agriculture and Rura1
Deve10pment established under section 3 ofNational Bank for Agricuhure and
1111131 DevelopmentAct, 1981 (61 of 1981);’; ‘
(vii) after clause (22), the Following new clauses (22a) and (22b) shall be inserted, namely;
“(2,2a) “Primary Agricultura1 Credit Society" means a Primary Agricultural
Cooperative Credit Society as defined under clause (cciv)ofsecti0n 5 of
Banking ReguIation Act,1949(10 of 1949) and includes a.Mu1tipurpose_
Co—operative Society;
(22b) “Primary Society” means a co-operative society whose membership consists
exclusivdy of individuals and se1fhelp groups;’;
(viii) after c1ause (25), the f0110wing new c1ause (25a) shah be inserted, namely,—
‘(2Sa) “Reserve Bank“ means Reserve Bank of India constituted under section 3 0f
the Reserve Bank of India Act, 1934 (2 of 1934 );’;
1M
. (ix) after clauée (:27), the f011owing new clause (2721) shall be insetted; namely.—
‘(27a) “Short Term Co-operative Credit Structure Society” means the Short—Term
. Co—‘operative Credit Structure Society at the apex 1eve1 and the primary lewd
and includes the State Co-operative Bank and a Primary Agncuhum :
Co-opei‘ative Credit Society;’;
(2:) after clause 30. the fol1owing new clause (30a) shall be inserted, namely,-
‘(3021) “State Co-operative Bank” means an Apex Society engaged in thehusincss 01“
banking;’;
(x1) after clause (32), the following new c1ause (3221) shah be inserted, mama),—
‘(3220 “The Urban Co—operative Bank” means a, cooperative societyother than :1
Primaiy Agricultural Co—operative Credit Society which is heensed by the
Reserve‘Bank of India under section 22 of the Banking Regulation Act, 1 949;”,
3. Amendment of section 9,— 111 sub-section (1) of section 9 of the Principal Act,—
(_i) in clause (a), for the words “six months”, the words "one month” shah be substituted;
(ii) in clause (0), after the words “first thereon”, the following words “within one month
from the date of the receiptof the app1.ication" shall be inserted.
4. Amendment of section 13.— in section 13 ofthe Principa1 Act,—
(1) in sub-seetion (2), in between the words “the society” and “a copy”. the tb110wing words
”within one month from the date of the receipt of the application" shah be inserted;
(ii) in sub-section (3), after the words “to the society", the fohowing words “within one
month from the date of the receipt of the apphcation" shah be inserted.
5. Amendment ofsection 14.—Afier sub-section (2) of section 14 ot‘the Principal Act. the 11?)11(>\V1115~£
new Sub—section (3) shall be inseited, namety,- '
“(3) ' Nothing in this section 311311 appIy to a Short Term Co—operative Credit Structure Soc iety
(1. Amendment efsection 18,— After sub-section (5) ofsection 18 01‘ the Prineipat Act, the tbhowmg
_ new sub-section ((3) shah be inserted, namely,-
“(6) Nothing in this section shall app1y to a Short Term Co-operative Credit Structure Society.‘
'7 Insertion of new sections 21A, 21B, 21C and 2113. 7 After section 21 ofthe Principzn Act. the
fohowing new sections 21A, 21B, 21C and 21D sha11 be inserted, n.an'ie1y,—
“31A. (?;Tondition 01‘ registration— No Primary Agricultural Co—operative Credit Society or
its tedemtion or its association, except those which are permitted to act as a Bankunder the
Banking Regulation Act, 1949 (1 O of 1949) shall be registered wi th the words “Bank"; “Banker”,
“Banking” or any other derivative of the word "Bank” in its registered name or shah use the
same as a part of its name: ‘ '
Provided that where any Primaly Agricultural Co-operative Credit Society or its federation
01‘ association: except those which are pemlitted to act as a Bank under the Banking
Regulation Act. 1949 (10 0f 1.949),}1215 been registered or using the same as a part ofits name
before the commencement of the Manipur CO—Operative Societies (Fourth Amendment)Act,
2011) with the. word “Bank” or any of its derivatives in its registered name, it 3112111, within
three months from the date ofsuch commencement, change its name so as to remove the word
"Bank” or its derivative, ifany. from its name: I
Provided further that where any such society fails to. comply with the above provisions
within the period specified therein, the Registrar shall de— register such society forthwith.
21 B. Autonom y in 2111 financ1a1 and internal administrative matters.— Notwithstanding anything
centnined in, this Act, a Short Tenn Co—operative Credit Structure Society shall have autonomy
in 21,11 111131101211 and interna1 administrative matters including the fol1owing areas:—
111 Interest rates on deposits and loans:
Provided that in the case of the State Co—operative Bank the interest rates shall be
in. conformity with the guidehhes issued by the Reserve Bank;
( ii) bonowing and investments:
(111') loan policies and decisions on individual loan;
(1V) personnei policies, staffing, recruitment, posting and compensation to staff; and
(v) intemzfl control systems, appointment of auditors from the panel of auditors or
chartered accountants approved by the Registrar and.1evy of fees for the audit.
21C. Choice of a.ffi11at10n.- Notwithstanding anything contained in this Act, aShortTex-m
Co—operative Credit Structure Society may affihate ormay not affiliate with federal society
at its choice.
21D. No restriction of geographical, boun.daries.— Notwithstanding anything contained in
this Act, a Short Tenn. Co-operative Credit Structure Society shall have the freedom
of entry and exit at any tier and there shallbeno mandatory restrictions of geographical
boundaries for its operations except the area of membership.’.
8.
_5_
Amendment of section 22:1301' the colon “(2)” after the end ofclause (t) 01' section 22 oi~ the
Principal Act, a semi. colon “(;).” shall be substituted and thereafter the following new C1anse (g) shah
be inserted, namely,—
9.
-- as “4
1. 0.
“('g) a Se1f1-1e1p Gronp:".
Amendment of section 43— The existing section 43 0f the Principal Act shail be rentnnbered
3(1)" and thereafter the following new sub—sections (2) and 1’ 3) 511311 be inserted, namely.—
“(2) Notwithstandin g anything contained in sub—section (1 ), a Short Term Cooperative Credit
Structure Society may obtain loans from any Bank or financial institution regulated by the
Reserve Bank and refinance from the National Bank or any other re financing agency (111‘e<;‘11_\-'
or through any Reserve Bank reguiated financial institutinn and not neeessarfly from the
federa1 society to which it is affiliated.
(31(3) Notwithstanding anything contained in sub-section (1.), every or group hoidingn
minimum deposit of rupees one thousand, for a continuous period of minimum two years or
such other amount or time as may be prescribed in the bye-Iaws or the rules framed
thereunder of a Primary Agricultural Co—operative Credit Society shall become a member 01"
thesociety by subscribing the minimum share capital specified in the byeahms and shah
have 11111 membership and veting rights;
(b) A. group borrower shall become a member of a Primary Agt‘icnhin’ai Co—operative
Credit Society by subscribing the minimum share capital specified in the bye-iaws and 5111111
have full voting rights; '
(c) ' Every group depositor or group bon'ower admitted as a member shall be entitled
to vote through one delegate nominated by the group”.
Amendment ofsection 44,— After sub—section ('2) of section 44 Ofthe Principal Act. the 10.1 Eowi ng.
new snb—section (3) shah be inserted, namely, -
11.
“(3 ) Notwithstanding anything contained in this sub-section (1 ). a Short Term Ce—operatiye
Credit Structure Society or a Long Term Co—operative Credit Structure Society or an Urban
Co-Operative Bank may take appropriate decisions regarding its 10:11] inoiicies including
individual ioan policies to its members, keeping in view the interests ot‘the Society and its
members:
‘ Provided that a depositor member of a Primary Agricuhurai Co—operative Credit Society
under sub-section (3) of section 43»sha1_1 be eiigib1e on par with other members.".
Amendment ot‘section 45- For the fn1l stop at the end of section 45 0fthe Principal Act, a
001011 shall be substituted an 1 thereafter the f0110wing new proviso shalt be inserted, namely~
 
-6~
“Provided that in case 0121 Short Term Cooperative Credit Structt‘11.‘e Society the decision
to transact with 13e15011s othet than members shall be taken by the Society keeping in view the
interestso 1 the Society and its membeis.”
131. insertion 0121 new section. 45A.- After section 45 ofthe Principal Act. a new section 45A shall
Je 11‘1861‘it3d., 113111e1y,— V
..‘
"45A. Manner ot‘prudentiai norms.— The prudential norms including Capital to Risk Weighted
.A&SSCIS Ratio shall be prescribed by the Registrar for 2111 the Pi‘imaiyAgricultural Co—operative
(1Ctiit Soeietiesi 11iconsultation with the National Bank”.
1 1. Amendment 01‘section 50 The existing Section 50 of the Principal Act shall be renumbered
101(1’ and 1101eaftei a new sub- section (2) shal 1 be inserted namely,—
1
“(2) Notwithstanding anything contained in sub—section (1), the State Government’s
snbscriptien to the. share capital of any Short Tenn Co— operative Credit Structure Society or
1' 0110 Term Cooperative Credit Structure Society or Urban Cooperative Banks shall not exceed
tn entx the newe111 01 the total paidup shaie eapital 01 such society
Provided that the State Government or such Society have option to furtherreduce the
State Govemment equity and the Society shall not be prevented, from doing so by the State
Government: '
Provided further that the State Government may contribute equity in eXcess ofthe aforesaid
limit only 11" equity infusion is required in the State Co-operative Bank. to enable it to comply
with section 1 l 01‘ the Banking Regulation Act, 1949 (10 of 1949 ).".
14. Insertion o tinew section (14A. - After‘seetion 64 of the Principal Act, the foilowing new section
t14A shail be inserted. namely. —
“64A. Binding oi’directions and financial norms.- A primary level Short Term Co—operative
Credit Structure or Long Term Co-operative Credit Structure Society shall abide by all directions
and financial 11011115 as may be prescribed by the Registrar in consultation with the National
Bank 211din case 01Urban Co“Opeiative Banks all directions and financial norms prescribed
by the Registia1 01 Co—operative Societies in consultation with the Reseive Bank 0111111121.”.
15-. ’ insertion 01‘ new section 69A. — After section 69 0f the Principal Act. the fo1lowing new
section 69A shall be inserted. namely, —
(19A. Contribution 01‘ funds and of dividend: (1)N0twithstanding anything contained in
the Act the (30113111111th 01 the Registrar shall have no powers to direct any Short Term
Co—ope1ative Ciedit Strnctme Society to contribute to any tund other than those iequired fox
impioying the net worth, 01 own funds. -
1 —7—
(2) Notnriflletanding' anything contained. in the Act, a Primary Agricultural Co-operative
Credit Society may‘pay dividend in accordance With the guidelines framed. by the Registrar in
consultation With the Nanonal Bank”.
16. Amendment of section 70,— For the full stop"‘(.)” at the end of clause (e) of section 70 of the
» Principal Act, a colon “(z)” shall be substituted andthereafter the following proviso and new clause (i)
shall be inserted, namely,-
‘ “Provided that this clause shall not be applicable to the Short Term Co—operative
Credit Structure Societies; ' ' ' ‘ ' -
(t) in the matter of Short Term Co—operative Credit Structure Society, in any Bank or
financial institution of its choice, regulated by the Reserve Bank”. ‘
17. Amendment of section 73.- In sectien 73 of the Principal Act,-
(1) in shb-section (2), for the words “willinOt apply in the case of G'overmnent Nominees”,
the words “shall apply to elected Board only” shall be substituted;
(ii) after sub-section (4), the following new sub-section (5) shall be inserted, namely; , 1
“(5) Notwithstanding anything eontained in sub-section (4), the term of the Board of a
Short Term Co-operative Credit Structure Society nominated under sub—section (4) shah
not exceed two‘ months from the date of expiry of the term at the existing Board:
Provided that in circumstances beyond control, the Government may allow the
Board to function upto six months fiom the date of expiry of the term of the existing
Boar .”. - ' ’ ‘
18. 1 Amendment of section 73A. - In section 73A of the iPrincipal Actg
(I) after sub—sectionfl), the following new sub-sections (1A) and (113) shall be inserted,
‘ namely,-
1
“(1A) (a) Notwithstanding anything contained in sub-section (1), the members of
the Board and the Chief Executive Officer of the State Co-operative Bank shah
fulfill the criteria stipulated by the Reserve Bank for the time being in force. '
(b) A member of the Board of the State Co-operative Bank or a person hold'ng the
post of Chief Executive Officer who does not fulfill’the criteria stipulated by the
Reserve Bank shall be treated as ineligible for such post and if such person is
holding the post, he shall be removed by the Registrar or the appointing authority,
as the case may be, within two months of being so advised by the Reserve Bank 01‘
the National Bank or'the State Government. 1
l .-8_,
(1B) (21) f Notwithstanding anything contained in sub-sectidn (1) there shall be such
number of professionals having special or experience‘in'suc-h fields as) may be stipulated,
by the Reserve Bank, on the Board of the State C'o—operative Bank and in case such
number of elected directors, in the opinion ofthe Reserve Bank or the National Bank, do
not possess special knowledge or experience as stipulated by the Reserve Bank, the Board
of Such State ‘Co-operative Bank shall co—opt such number of professionals with full
voting rights irrespective of — ' " ‘I ’ ' '
(i) the limit on the number ofmembers ofthe Board under this Act or Rules fi'amed
thereunder or in the Bye—laws of such State Co-operative Bank,
(ii) Whether such professional is a member of the State Co—operaLtiveBank or not;
(b) if any person who in the opinion of the Reserve Bank, has been co-opted as
a member ofthe Board under clause ( a) ofthis sub- section Without having requisite knowledge '
or experience as stipulated by the Reserve Bank, he.- shall, on being advised by the State
Government or the Reserve Bank or the National Bank, be removed from the ofiice after
giving him a reasonable opportunity of being heard”; ' -
(1]) after sub~section (4), the following new sub—section (5) shall be inserted, hamelygi-
“(5) Notwithstanding anything contained in sub—section (4), no person shall be elected,
nominated or co—opted ' or. allowed to continue as a member of the Board of a Short
Term Co~operative Credit Structute Society, if he:— ' ' ' '
(i) is a person who represents a Society other than a Primaty Agricultural Co-operative
Credit Society on the Board of the State Co-operative Bank, if such Society to
whom he represents has committed a default towards the payments of such Bank
for a period exceeding ninety days, * .> V ' ' ' '
(ii) is a person who committed a default towards the payments to a PrimaryAgn'cultural
Co-opera'tive Credit Society or represents a Primary Agricultural Co- operative
Credit Society on the Board of the State Co-operati‘ve Bank, if such Society whom
he represents has committed a default towards the payments of such Bank for a
period exceeding one year; '
(iii) is a person who represents a Society Whose Board is superseded.” .
I 19.‘ ‘Amendment of section 74. - In section 74 of the Principal Act,—
(i) after subsection (2), the following new sub—section (2A) shell be inserted, namelyg'
“ (2A) (a)Nofl1ing contained in éub-sectioh (2) shall apply to a Short Tenn-
Co-operative Credit Structure Sdciety and theChief ExeCutive Officer of such
Society shall be appointed by its Board; ’ ~
20.
-9-
(b) Notwithstanding anything contained in this Act, there shall be only one nominee
of the Government in the Board of the StateCo-operative Bank or the State Land
Development Co-operative Bank, if the» Government has subscribed to its share
capital and there shall be no nomineeof the Government in the Board of a Primary
Agricultural Co-operative Credit Society irrespective ofGovernment’s subscription
to the share capital.”; ‘ ‘ ' . .
(ii) after sub—section‘(3), the following new 'sub—section (4) shall be inserted, namely,—
“(4) Notwithstanding anything contained in sub—sectidn (3), there shall be no
cadre system in Short Term Co—operative Credit Structure Society and
Long Term Co-operative Credit Structure Society and cadre system in such
Society shall be abolished forthwith”.
Amendment of section 78. - In section 78 of the Principal Act, —
(l) in sub-section (1), in between the words “not functioning properly” and “the Registrar
may”, the words “or in the case of State .Co-operative Bank or the State Land Development
Co-operative Bank does not comply with the regulatory prescriptions of the National: .
Bank or the Reserve Bank ofIndia, or does not fulfill the fit and proper criteria stipulated
by the National Bank for Agn'culture and Rural Development or the Reserve Bank of
India'and a request has been received from the' National Bank or the Reserve Bank of
India to this effect,” shall be inserted;
(11) after ' éub—section (1), the following new sub—sections (lA),(lB), (1C) and (1D) shall be
inserted, namely; . .
“(lA) The .supersession of the Board of the State Co-operative Bank shall be done by the
State GOVemment with pn'or consultation of the Reserve Bank only.
(IB) No 'thstanding anythirlg contained in sub-section (1), the supersession ofthe Board
_ of a Primary Agnicultural Co:operative Credit Society shall be done by the Registrar on
the following grounds:-
(i) if the Primary Agricultural Co-operative Credit Society incurs losses for three 7
consecutive years, or V
'(ii) if serious financial irregulan'ties or frauds have been identified, or
' (iii) if there are judicial directives to this effect, or
v (iv) if there is lack of quorum for three consecutive meetings.
E
-10-
(1C) Notwithstanding anything contained in sub—section (1), the Registrar. shall
ensure conduct elections to a Short Term Co-operatiVeC'r'edit Structure Society, Long -
Tenn Co-operative Credit Structure Society and Urban Co—operatiVe Banks within two
months from the date of supersession: . , -
Provided that in circumstances beyond Control, the Government may allow holding
of such elections within a period not exceeding sixmonths from the date of supersession.
(ID) Amembet 0fthe Board ofa Primary Agricultural Co-operative Credit Society which
has been superseded under clauses (i) and (ii) of sub—section (1B) of this section shall not"
be entitled to contest the election again for a period of three consecutive years from the
date ofsupersession.” . ' ‘ ' ' -
21. Amendment of section 78A.- Insection 78A of the Principal Act,-
(i‘) for the proviso, the following provisos shall be substituted, namely,-_ ‘
“Provided that'when the Board is suspended or dissolved, or Where term of
such a Board becomes expired, the State Government may appoint a Board of
Administrators, who need not be member of the Society. but who should have
background knowledge and expertise related to the Society and having such
qualifications as are not debarred from becoming a member of the Board or any
Committee under the provisions of the Act v and ~ the Rules. In case of State
' Co-operative. Bank or Urban Co-operative Banks there shall be at 1east2 (two)
professionals in the Board or Committee. The composition of the Board shall not
be less than three but not more than five to exercise and perform the powers and
function of the Board subject to the control of the State Government as may be _
required in the interest of the Society during the period of suspension. or till a new
1 Board is constituted, as the case may be, but the total period of suspension or
dissolution should not exceed three years:
ProVided further that suspension or dissolution of the Committee of the'State
Co~operative Bank or a Central Co-operative Bank or the State Land Development
Co—operative Bank or the Urban Co—operative Banks under this section shall be
done in consultation with the National Bank or the Reserve Bank of India, as the
case may be: ‘ ' I ' i I '
ProVided also that at anytime the Registrar may in consultation with the
State Government shall constitute a regular Board before the expiry of the term
, ' of the Board ofAdministrator under this section and thereby, the State Government
shall terminate the term of the Board to enable the Society to cam its functions as
enjoined by law.”;>' ' 1 ' ' ' '
.,
21..
-11-
(ii) the existing section 78A shall be renumbered as “78A(1)” and thereafter a
new sub—section (2) shall be inserted, namely,—
“(2) Nothing in sub-section ( 1) shall apply‘to a Short Term Co—operativee Credit Structure
Society.” .
Insertion of new section 80A— After section80 ofthe Principal Act, a new section 80A shall be
inserted. namely. -
“80A. Registrar to aet within Specified period in matters of Winding up etc. (l) The Registrar
shall ensure that the Reserve Bank’s regulatory prescriptions in case of the State Apex
Co—eoperative Bank including recommendation for- supersession of the Bead and winding
up ofthe State Co--operative Bank are implemented Within one month ofbeing so advised by
the Reserve Bank or the State wGovernment
(2) The Registrar shall ensure that the Liquidator or the Board ofAdmmistrators,
asthe case may be, is appointed within one month of being advised by the Reserve Bank or
the State Government for winding up or supersession.
(3) If, in the opinion ofthe Reserve Bank or the National Bank, the ChiefExecutix/e
Officer of the State Co-operative Bank does not fulfill eligibility criteria specified by the
Reserve Bank, the Registrar shall ensure removal of the Chief Executive Officer within two
_ months ofbeing so‘advised by the Reserve Bank or the National Bank or the State Government. .
(4) If, in the opinion of the Reserve Bank 01' the National Bank, aperson has been
co-opted as a member of the Board of the State Co—operative Bank without having requisite
special knowledgeor experience in such fields as may be stipulated by the Reserve Bank, the
Registrar shall, on being advised by the Reserve Bank or the National Bank or the State
Government, ensure removal ofthat co-opted person(s) within two months ofbeing so advised
‘by the Reserve Bank or the National Bank or the State Government. ”
Amendment of seetion 81, - In section 81 of the Principal Act,-
(i) afier sub-section (1), the following new sub—sections (1A) (1B) and (IC) shall be inserted
namely,- .
“( 1A) A Primary Agricultural Co-operative Credit Society shall get its accounts audited
at least once in each year by an auditor or a Chartered Accountant appointed by its
’ Committee from the panel approved by the Registrar
(1B) Notwithstanding anything contained in sub-sect1 on (1), the accounts ofthe State
' , Co--operative Bank shall be audited and certified by the Chartered Accountant appointed
byits Committee from the panel approved by the National Bank or the State Govemment
-121. i; I
(1 C) The Registiar 11111111 get conducted a special audit of the State Co-operative Bank on
the request of the Reserve Bank or the State Government in the manner and form
stipulated by the Reserve Bank or the State Government and shall endorse a copy of thereport of such special audit to the Reserve Bank and the State Government within the,
time stipulated by the Reserve Bank or the State Government”; ‘
(ii) in sub-section (2), in between the words “The audit” and “antler the forgoing” the words
“or special audit” shall be inserted;
(iii) in sub—section (3),in between the words “or the person” and ‘fauthorized shall”, the -
words “or the Chartered Accountant” shall be inserted; - ‘
(iv) in sub—section (4) in between the words “or the person” and authon'ze byhim”, the
words‘‘or the Chartered Accountant” shall be insetted;
(v) in subsection (5), in between the words “The auditor appointed und sub—section (1)” and
“shall have the right”, the figures and words “or sub—sections (1A), (1B) and (IC)” shall
be inserted
24 Amendment of section 157.- For the existing section 157 of the Principal Act shall be
renumbered as “157(1)” and thereafier a new sub-section (2) shall be inserted, namely- ' V
(2) No Short Tenn (30--operativeCredit Structure Society or Long Tenn Co-operative Credit
Structure Society 01 Urban Co——operative Banks shall be exempted by the Government from
the application of the provisions of this Act, without the prior approval of the Reserve Bank ’
or the Nati01121] Bank, as the case may be. ” .
TH. KAMINI KUMAR SINGH,
Deputy Secretary (Law),
Government of Manipux.
 
Printed at the Directorate of Printing & Stationery, Government of Manipur/305-C/28-loe2010,

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