The Assam State Co-operative Agriculture and Rural Development Bank Limited

Q: What does Section 4 of The Assam State Co-operative Agriculture and Rural Development Bank Limited say?

(a) "The Act" means the Assam State Co-operative Agriculture and Rural Development Bank Act, 1960 (Act I of 1961) ; (b) "the Bank" means the Assam State Co-operative Agriculture and Rural Development Bank Ltd.; (c) "the Board" means the Board of the Directors of the Bank ; (d) Deleted. (e) "the Branch" means Branch of the Bank constituted under these Bye-laws; (f) "Branch Committee" means such committees constituted under these Bye-laws; (g) "Government" means the State Government of Assam ; (h)
Q: What does Section 5 of The Assam State Co-operative Agriculture and Rural Development Bank Limited say?

(i) to issue to its members through the branches within its area of operation. (ii) to grant loans on Government Guarantee ; (iii) to grant loans to Government Corporation, engaged in any of the activities indicated at 5(i) above ; (iv) to grant loans to tenants under various land reforms and Tenancy Acts, in force; (v) to grant loans to Farming Societies, Corporations, Fishery Societies, Irrigation Societies and Tea Gardens belonging to individual owner/owners or organised as a joint stock comp
Raw JSON API
{
    "id": 15179,
    "slug": "the-assam-state-co-operative-agriculture-and-rural-development-bank-limited-2003",
    "title": "The Assam State Co-operative Agriculture and Rural Development Bank Limited",
    "short_title": "The Assam State Co-operative Agriculture and Rural Development Bank Limited",
    "act_number": "Published vide Notification No. CF. 7/2003/95, dat",
    "act_year": 2003,
    "act_type": "STATE",
    "location": "Assam",
    "law_status": "unknown",
    "enactment_date": null,
    "description": "The Assam State Co-operative Agriculture and Rural Development Bank Limited",
    "preamble": "",
    "section_label": "Section",
    "sections": [
        {
            "number": "1",
            "title": "1. Name.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 0
        },
        {
            "number": "2",
            "title": "2. Address.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 1
        },
        {
            "number": "3",
            "title": "3. Area of Operation.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 2
        },
        {
            "number": "4",
            "title": "4. Definitions.",
            "chapter": null,
            "content": "(a) \"The Act\" means the Assam State Co-operative Agriculture and Rural Development Bank Act, 1960 (Act I of 1961) ;\n(b) \"the Bank\" means the Assam State Co-operative Agriculture and Rural Development Bank Ltd.;\n(c) \"the Board\" means the Board of the Directors of the Bank ;\n(d) Deleted.\n(e) \"the Branch\" means Branch of the Bank constituted under these Bye-laws;\n(f) \"Branch Committee\" means such committees constituted under these Bye-laws;\n(g) \"Government\" means the State Government of Assam ;\n(h) \"General Assembly\" means the body constituted under the provisions of Bye-law No. 56 ;\n(i) \"Rules\" means the rules made under the Act;\n(j) \"Trustee\" means a Trustee for the holders of Debentures appointed under the provision of the Act;\n(k) \"Year\" means Co-operative year ;\n(l) \"Registrar\" means Registrar of Co-operative Societies, Assam ;\n(m) \"Gazette\" means the official Gazette of the Government of Assam ;\n(n) Expressions and words not defined in these bye-law shall have the same meaning assigned to them in the Act or Rules of the Assam Co-operative Societies Act, 1949 or Rules made thereunder.",
            "footnote": "",
            "is_definition": true,
            "sort_order": 3
        },
        {
            "number": "5",
            "title": "5. Objective.",
            "chapter": null,
            "content": "(i) to issue to its members through the branches within its area of operation.\n(ii) to grant loans on Government Guarantee ;\n(iii) to grant loans to Government Corporation, engaged in any of the activities indicated at 5(i) above ;\n(iv) to grant loans to tenants under various land reforms and Tenancy Acts, in force;\n(v) to grant loans to Farming Societies, Corporations, Fishery Societies, Irrigation Societies and Tea Gardens belonging to individual owner/owners or organised as a joint stock company, partnerships, Co-operative ;\n(vi) to grant loans for raising coffee, rubber plantation and for activities connected therewith;\n(vii) to do all other things conductive to the attainment of objectives at 1 above.\n(a) to float debentures on such terms and conditions as may be approved by the Government on the Security of its assets and mortgages of immovable property as well as the assets and mortgages of the Bank vesteel through the branches under provision of Act.\"\n(b) to receive deposits and borrow money from Government, Reserve Bank of India, State Bank of India, Assam Co-operative Apex Bank Ltd., and from any other sources with approval of Registrar of Co-operative Societies;\n(c) Deleted .\n(d) to acquire such immovable ;e property and construct such buildings as it may consider necessary for the proper conduct of its business ;\n(e) to appoint salaried Staff, fix pay scale and take disciplinary of action including dismissal for the conduct of its own affairs and for supervision of branches.\"\n(f) (i) to inspect and supervise the working of the branches and inspect the properties mortgaged to such branches.\"\n(ii) to inspect and supervise the Societies as referred to under bye-law No. 5(l)(m) and to inspect the properties mortgaged by them to the bank ;\n(g) to open branch or branches in places within the area of operation of the Bank\n(h) Deleted.\n(i) to create a pool of supervisors, Accountants and other officers for official service to branches at the cost of the Bank ;",
            "footnote": "",
            "is_definition": false,
            "sort_order": 4
        },
        {
            "number": "6",
            "title": "6. Membership.",
            "chapter": null,
            "content": "(a) Government;\n(b) Deleted.\n(e) All registered Co-operative Societies ;\n(d) All tenants qualified and eligible for loans under any land reform Act enacted by Government; from time to time ;\n(e) All other persons who are eligible for Government loans channelised through the bank and who are above 18 years of age. Competent to contract and have not been convicted of any offence involving moral turpitudes;\n(f) All other individual cultivators residing and holding Immovable property within the areas of operation of the bank and otherwise qualified.\n(a) All persons who are Co-applicants for loan ; Coperceners co-pattadars, lineal ascendants or descendants of the applicant and members of the family of the applicant and all other persons who have a right tile or interest in or upon the property of the applicant provided that such persons-\n(i) are above the age of 18 years ;\n(ii) are competent to contract; and\n(iii) have not been convicted in any offence involving moral turpitude;\n(b) Such nominal members shall hold at least one share, each of the value of which shall be Rs. 5.00 (Rupees five) only ;\n(c) Such nominal members shall have no right to vote, shall not be eligible for election or nomination as a member of any committee under these bye-laws;\n(d) Such share of Rs. 5.00 (Rupees five) only shall be non-refundable non-transferable and no dividend shall be paid on such shares.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 5
        },
        {
            "number": "7",
            "title": "7. Procedure for Enrolment of membership.",
            "chapter": null,
            "content": "(a) No such application shall be necessary by persons who have signed the application for registration of the Bank under the Co-operative Societies Act in force ;\n(b) Every such applicant shall pay along with the application the prescribed admission fee which shall be Rs. 10/- in case of other Co-operative Societies. The admission fee shall be non-refundable and non-transferable\";\n(c) The Board may reject any application for membership or may allot a smaller number of shares then that applied for provided that it shall be competent for the Board to authorise the Chief Executive Director to exercise powers of the Board under this bye-laws ;\n(d) Due intimation of acceptance or refusal of membership and allotment shares shall be sent to each applicant within a fortnight of such decision.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 6
        },
        {
            "number": "8",
            "title": "8. Liability of member.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 7
        },
        {
            "number": "9",
            "title": "9. Transfer of shares.",
            "chapter": null,
            "content": "(a) Every instrument of transfer shall be presented at the office of the Bank for registration accompanied by certificate of shares to be transferred and such other documents the Bank may require ;\n(b) No transfer of shares shall be complete until the name of the transferee has been entered in the Share Transfer Register and a fee of Rs. 1/- per share, subject to a maximum fee of Rs. 5/-, has been paid for each transaction of transfer, provided that the fee in respect of each transfer by a Co-operative Society shall be Rs. 1/- only irrespective of the number of the shares transferred and transferee and transferrer shall both be Co-operative Societies ;\n(c) Any member transferring some of his shares only may be granted a new shares Certificate for the remainder of his shares on payment of the requisite fee, provided that such member shall return the old share certificates to the Bank ;\n(d) Transfer books and Register of members may be closed during such time as the Board thinks-fit and such Books shall be closed during the thirty days immediately proceeding any General Meeting of the Bank.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 8
        },
        {
            "number": "10",
            "title": "10. Minimum Share holding.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 9
        },
        {
            "number": "11",
            "title": "11. Withdrawal of share when permissible.",
            "chapter": null,
            "content": "(a) Notice of withdrawal is delivered by the member or his legal heir or a duly constituted nominee to the Executive Director of the Bank at least two month before the date of withdrawal; and\n(b) The total amount of share capital permitted to be withdrawn in any years does not exceed 5 percent of the aggregate paid-up share capital of the Bank as it stood on the last day of the next preceding Co-operative years; and\n(c) There is no debt owing to the Bank from the member or from any other person for whom he stood surety.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 10
        },
        {
            "number": "12",
            "title": "12. Removal from membership.",
            "chapter": null,
            "content": "(a) [ deleted ] any other Co-operative Societies for persistent mismanagement or incompetence or wilful disobedience of its bye-laws or any act of commission or prejudicial to the interest of the Bank ;\n(b) any other member who deceives the Bank or is convicted of any offence involving moral turpitude or is adjudged to be an insolvent or does any act prejudicial to the interest of the Bank.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 11
        },
        {
            "number": "13",
            "title": "13. Ceasation of member.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 12
        },
        {
            "number": "14",
            "title": "14. Nomination of heirs.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 13
        },
        {
            "number": "15",
            "title": "15. Fund to be raised.",
            "chapter": null,
            "content": "(a) Shares;\n(b) Debenture;\n(c) Government loans and deposits ;\n(d) Borrowing from the Assam Co-op. Apex Bank Ltd., or State Bank of India of any other Bank or Banks with or Bank without Government guarantee;\n(e) Non-Government deposits ;\n(f) other Borrowings ;\n(g) fees; and\n(h) donations :",
            "footnote": "",
            "is_definition": false,
            "sort_order": 14
        },
        {
            "number": "16",
            "title": "16. Share capital.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 15
        },
        {
            "number": "17",
            "title": "17. Share certificates.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 16
        },
        {
            "number": "18",
            "title": "18. Terms and period of debentures.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 17
        },
        {
            "number": "19",
            "title": "19. Right to redeem debentures before maturity.",
            "chapter": null,
            "content": "20.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 18
        },
        {
            "number": "21",
            "title": "21. Authority to sign debentures.",
            "chapter": null,
            "content": "22.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 19
        },
        {
            "number": "23",
            "title": "23. Debenture redemption fund mode of investment.",
            "chapter": null,
            "content": "(a) In Government saving Bank ;\n(b) In any of the Securities specified in Section 20 of the Indian Trust Act, 1882 ; others than those specified in clause (c) of that Section ;\n(c) In such other securities as the Government may approve ;\n(d) In any registered society, or banks approved by the Registrar for a period not exceeding six months.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 20
        },
        {
            "number": "24",
            "title": "24. Constitution of the Board.",
            "chapter": null,
            "content": "(i) Secretary, Co-operation Department or his representative ;\n(ii) Secretary, Agriculture Department or his representative ;\n(iii) Secretary, Finance Department or his representative ;\n(iv) Registrar of Co-operative Societies, Assam or his representative ;\n(v) Chief-Engineer, Irrigation Department or his representative ;\n(vi) 9 (nine) representatives of individual members and other Co-operative Societies from share holders of the Bank to be elected by the individual share holders and other Co-operative Societies together attending the General meeting of the Bank ;\n(vii) Deleted.\n(viii) One representative from Assam Co-operative Apex Bank Ltd. ;\n(ix) Chief Executive Director of the Bank ;\n(x) President of the general Meeting shall conduct the election of the same day after the commencement of the General meeting.\n(b) The elected members of the Board shall hold office till the time of the next annual General Meeting of the General Assembly is held. For this purpose, a year shall being from the date of the meeting of the General Assembly at which the election was held ;\n(c) Co-option to the Board. - The Board shall have powers, at any time, to co-opt by a majority Vote subject to approval of the Registrar of Co-operative Societies Assam any person eligible for the purpose to fill in any casual vacancy occurring in the elective sets on the Board.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 21
        },
        {
            "number": "25",
            "title": "25. Chief Executive Director.",
            "chapter": null,
            "content": "(b) The Executive Director of the Bank who shall an officer of the Bank shall be appointed by the Bank with prior approval of the Government and he shall function under over all control of the Chief Executive Director.\n(e) The pay and other allowances of the Chief Executive Director and the Executive Director shall be charge on the Banks as per terms and conditions of their services as may be determined from time to time by the Government and the Bank respectively.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 22
        },
        {
            "number": "26",
            "title": "26. First Board of Directors to be appointed by Government.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 23
        },
        {
            "number": "27",
            "title": "27. Conduct of Meeting in the Absence of Chairman or Vice-Chairman.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 24
        },
        {
            "number": "28",
            "title": "28. Ceasation from Membership of the Board.",
            "chapter": null,
            "content": "(i) if he is insolvent;\n(ii) if physically or mentally incapacitated ;\n(iii) if except with the consent of the Board he absents himself from attending three consecutive meetings of the Board ;\n(iv) if he resigns office by notice in writing to the Board ;\n(v) if convicted of a criminal offence involving moral turpitude ;\n(vi) if the society of which he is a representative is dissolved or disaffiliated ;\n(vii) if excepting the Chief Executive Director, he accepts salary from the Bank without the previous approval of the Registrar ;\n(viii) if concerns or participates in the profit of any contract with the Bank ;\n(ix) if he has any overdue outstanding to any co-operative societies or co-operative bank at the time of election or during his office.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 25
        },
        {
            "number": "29",
            "title": "29. Powers and functions of the Board.",
            "chapter": null,
            "content": "(i) to appoint an Executive Committee and delegate all or any its powers to the Executive Committee from time to time ;\n(ii) to provide for the management of the affairs of the bank in such a manner as it may decide ;\n(iii) to delegate with or without condition all or any of the powers exercisable by the Board to the Executive Committee or any office bearers or the Chief Executive Director or employees of the Bank ;\n(iv) to supervise and examine the work of the Executive Committee, office bearers and employees of the bank ;\n(v) to hear all complaints against the decision of the Chief Executive Director, Office bearers and Executive Committee ;\n(vi) to authorise the Chief Executive Director and any other person on his behalf to inspect and supervise the Primary Banks and Section ;\n(vii) to perform any other works for the efficient administration of the Bank ;\n(viii) to prepare the annual budget ;\n(ix) to fix the rate of allowances and fees of members.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 26
        },
        {
            "number": "30",
            "title": "30. Boards authority for fixation of terms of loans.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 27
        },
        {
            "number": "31",
            "title": "31. Power to invest money and proceed against mortgagors.",
            "chapter": null,
            "content": "(i) to invest money at its credit in any investment or deposit authorised by Section 51 of the Assam Co-operative Societies Act, 1949 or in other securities approved by Registrar ;\n(ii) to proceed against the Mortgage Banks or the mortgagors or against both or other member, in case of default of money due to the bank ;\n(iii) to exercise any of the powers conferred or may be conferred under the Assam Co-operative Act and Rules in force ;\n(iv) to borrow money for the purposes of the Bank on such terms as it may deem expedient.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 28
        },
        {
            "number": "32",
            "title": "32. Notice of meetings.",
            "chapter": null,
            "content": "(i) Provided that no business transacted at a meeting shall be deemed invalid on account of non-receipt of the notice in due time by a member :\n(ii) Provided that any urgent business though not included in the agenda accompanying the notice, may be brought up and considered with the consent of all the members present at the meeting-\n(a) The Board shall meet at least three times in a year;\n(b) A special meeting of the Board shall be convened at the directions of the Chairman or the Registrar or a person authorised by him or a requisition signed by one third of the members of the Board. Such meeting shall be held within three weeks from the date of the receipt of direction or requisition ;\n(c) Seven members of the Board shall constitute a quorum. If at the hour fixed for a meeting of the Board a quorum is not present, the Chairman shall if the meeting has been called at the requisition of the members, dissolve it, but in any other case it shall stand adjourned to a date not less than seven days and not more than fourteen days later, as may be decided by the Chairman and the business to be transacted at the adjourned meeting shall be the same as that proposed for the original meeting. At least three days notice of such an adjourned meeting specifying the date, hour and place, shall be sent to all members of the Board, provided that no business transacted at an adjourned meeting, shall be deemed invalid on account of nonreceipt of notice at all or in due time by a member Business may be transacted at an adjourned meeting by a majority of the members present and entitled to Vote ;\n(d) All questions before the Board shall be decided by a majority of votes. Each members shall have one vote. Should there be any quality of votes, the Chairman or the Vice-Chairman, if he presides or other presiding member shall have a casting vote. No member of the Board shall be present at a meeting of the Board when any matter in which he is personally interested, is being discussed. Voting shall, generally be show of hands, unless the Board decides otherwise ;\n(e) The Chairman, in his discretion, may admit any person not being a member to a meeting of the Board for the purpose of giving expert advice. He shall have no vote ;\n(f) The proceedings of all meetings of the Board and the names of those present shall be recorded in a proceedings Books. The minutes of the proceedings shall be signed by the Chairman of the meeting after being read to and confirmed by the members present in that meeting or the next meeting of the Board.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 29
        },
        {
            "number": "33",
            "title": "33. Towers of the officers of the bank.",
            "chapter": null,
            "content": "(i) Chairman : The Board of Directors shall have a general control over the affairs of the Bank ;\n(ii) Chief Executive Director : The Chief Executive Director shall be responsible for executive administration of the Bank subject to the control of the Chairman ;\n(iii) The Chief Executive Directors shall be the officer to sue and to be sued on behalf of the Bank. All bonds by the Bank except those relating to moneys borrowed shall be executed by the Chief Executive Director. In respect of moneys borrowed by the Bank by way of debenture or otherwise, bonds shall be executed by the Chief Executive Director, the Chairman of the Bank and by another member of the Board authorised by the Board ;\n(iv) The Chief Executive Director shall have custody of all the properties of the Bank. He shall make disbursement, sanction generally or specifically by the Board or the Executive Committee and sign the cash Book in token of correctness. He shall be competent to incur contingent expenditures for any item subject to the provision of the budget passed by General Assembly. The Chief Executive Director shall in consultation with the Chairman or in his absence the Vice-Chairman convene meeting of the general Assembly and record the minutes of the proceedings of the Board and the Executive Committee and do such other works as may be entrusted to him. In absence of the Chief Executive Director, the Chairman of the meeting may require any member of the establishment to record the said minutes;\n(v) The Chief Executive Director or the Executive Director, if authorised by the Chief Executive Director jointly with any other officer of the bank authorised by the Board for the purpose shall have power for and on behalf of the Bank to operate the Bank accounts, to endorse, transfer, promissory note, Government securities and other securities standing in the name of held by the Bank and to sign, endorse and negotiate cheque and other negotiable instruments and to sign all receipts and all Bank accounts and other documents (Except debentures) connected with business of the Bank and to take charge of the cash balance at the close of each day ;\n(vi) The Executive Director under general control of the Chief Executive Director shall exercise full control of the paid staff of the Bank appointed by the Board. He will as per the directions of the Board, take necessary action for recruitment of staff and issue appointment letters. The Chief Executive Director will be competent to grant leave admissible to any member of the staff and take disciplinary action including suspension, fine and discharge from service, subject to service Rule of employees, which may be framed from lime to time ;\n(vii) The Chief Executive Director, shall be responsible for maintenance of proper accounts preparation of statements and reports ;\n(viii) Under his overall control, supervision and responsibility, the Chief Executive Director may authorise in writing any other office or employees of the Bank to perform any of his duties.\n(a) Employees of the Bank, if admitted to membership of the Bank, shall have all the privilege of members have that they shall not be members of the Board or the Executive Committee of the Bank. The term employees does not include any person producing good for the Bank not any person elected to or appointed by Government to any office of the Bank unless specifically stated to the contrary at the time of appointment or later ;\n(b) The Board shall appoint and determine the remuneration of all employees of the Bank, provided that the Executive Committee may fill any vacancy in the cadre of employees temporarily pending appointment by the Board ;\n(c) The Board may dismiss or discharge any employees of the Bank excepting the Chief Executive Director and Executive Director, provided that the Executive Committee may suspend any employees pending the decision of the Board and may fill the temporary vacancy thus occurred.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 30
        },
        {
            "number": "34",
            "title": "34. Executive Committee.",
            "chapter": null,
            "content": "(i) The Chairman of the Bank ;\n(ii) The Vice-Chairman of the Bank ;\n(iii) The Registrar of Co-operative Societies or his representative ;\n(iv) The Chief Executive Director of the Bank ;\n(v) Three members to be elected by the Bank from the individual members of the Bank ;\n(vi) The Executive Director of the Bank who will act as Member Secretary of the Executive Committee.\n35.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 31
        },
        {
            "number": "36",
            "title": "36. Administration to vest with the Board.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 32
        },
        {
            "number": "37",
            "title": "37. Quorum of Executive Committee meetings.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 33
        },
        {
            "number": "38",
            "title": "38. Executive Committee to deal with Loan Application.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 34
        },
        {
            "number": "39",
            "title": "39. Use of funds.",
            "chapter": null,
            "content": "39(a)\n39(a)\nDeleted\nby Notification No. CF/7/2003/95 dated 2nd August, 2004\n39(a)(i)\n39(a)(i)\nDeleted\n39(a)(ii)\n39(a)(ii)\nDeleted\n39(a)(iii)\n39(a)(iii)\nDeleted\n(b) The total amount of loan due from the individual member of the Bank, unless secured by Government guarantee, shall not any time exceed-\n(i) Twenty times of the paid up value of the share held by such member; and ;\n(ii) Fifty per cent of the estimated market Value of the lands and property secured by one or more mortgages. It shall be competent to the Board to raise the above loan limit on such collateral security as the Board may decide from time to time. Further the loan given to an individual member of the Bank on the mortgage of land shall not exceed ¾ th of the estimated net income from that land during the period of the loan.\nPC of the value of house that can be advanced\nMaximum loan that may be advanced",
            "footnote": "",
            "is_definition": false,
            "sort_order": 35
        },
        {
            "number": "1",
            "title": "1. House in Municipalities",
            "chapter": null,
            "content": "50 PC\n3,000/-",
            "footnote": "",
            "is_definition": false,
            "sort_order": 36
        },
        {
            "number": "2",
            "title": "2. House in major Panchayat",
            "chapter": null,
            "content": "40 PC\n2,000/-",
            "footnote": "",
            "is_definition": false,
            "sort_order": 37
        },
        {
            "number": "3",
            "title": "3. House in village",
            "chapter": null,
            "content": "30 PC\n1,000/-\n40.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 38
        },
        {
            "number": "41",
            "title": "41. Application for loan.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 39
        },
        {
            "number": "42",
            "title": "42. Loans to be advance on Assignment of mortgages.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 40
        },
        {
            "number": "43",
            "title": "43. Coperceners to join execution.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 41
        },
        {
            "number": "44",
            "title": "44. For furnishing of additional security.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 42
        },
        {
            "number": "45",
            "title": "45. Individual Member to Execute Agreement.",
            "chapter": null,
            "content": "(b) Every loan to individual member shall be secured by a mortgage or mortgages with or without possession, of immovable property which shall have no prior encumbrances (other than prior encumbrances of the Bank), save the mortgage or mortgages to be redeemed with the loan given by the Bank.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 43
        },
        {
            "number": "46",
            "title": "46. The rate of interest on loan.",
            "chapter": null,
            "content": "(b) Recall of Loan for Misapplication. - If a loan granted by the Bank has been applied by the loanees for a purpose other than that for which it was granted, the Bank shall be entitled to recall the whole or any part of the loan outstanding with interest without waiting for the expiry of the period for which the loan was granted. In such a case the loan account shall at once be closed without reference to the term for which the loan was granted and the borrower shall be charged interest at one percent per annum more than the rate of which the loan was issued from the late of closing the loan account to the date of recovery.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 44
        },
        {
            "number": "47",
            "title": "47. Loan to be repaid in equal or equated instalments.",
            "chapter": null,
            "content": "(a) Repayment made before the due date shall be dealt with as follows-",
            "footnote": "",
            "is_definition": false,
            "sort_order": 45
        },
        {
            "number": "48",
            "title": "48. Delegation of powers by Executive Committee.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 46
        },
        {
            "number": "49",
            "title": "49. Notice of meetings of Executive Committee.",
            "chapter": null,
            "content": "50.\n51.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 47
        },
        {
            "number": "52",
            "title": "52. Record of proceedings of meetings.",
            "chapter": null,
            "content": "53.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 48
        },
        {
            "number": "54",
            "title": "54. Function of sub-committee.",
            "chapter": null,
            "content": "(a) The Executive Committee shall be competent to form sub-committees for specific purposes.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 49
        },
        {
            "number": "55",
            "title": "55. Validity of Acts performed.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 50
        },
        {
            "number": "56",
            "title": "56. General meeting.",
            "chapter": null,
            "content": "(i) deleted.\n(ii) One representative from each other member society ;\n(iii) One representative for every 50 eligible members from each branch of ASCARD Bank.\n(iv) Chairman/Vice-Chairman/Board of Directors excluding Government Nominee/ Ex-officio members shall be elected by the General Assembly ;\n(v) Representative from individual share holders shall be elected separately in a meeting of individual shares holders of each branch at Branch H.Q. The meeting of the individual share holder shall be convened by the Branch managers 30 days ahead of the date of Annual general meeting to be held at H.O. level. The list of individual share holders shall be updated at Branch level 45 days ahead of Annual General Meeting at H.O. level. The Branch level individual share holders meeting shall be conducted by the Deputy Registrar of Co-operative Societies or the concern district. Elected representative of Branch level meeting shall be eligible to attend the Annual General Meeting of H.O. level.\n(a) A representative most be a member of the affiliated Society [ deleted ] which he represents ;\n(b) The instrument appointing the representative shall be deposited at the registered office of the Bank at least 2 (two) hours before the time for holding the meeting of the General Assembly at which representative named in`the instrument proposes to vote;\n(c) It shall be competent to any affiliated Co-operative Society and [ deleted ] at any time to remove its representative and appoint another;\n(d) The Board of Directors shall maintain a list of members of the Bank who are qualified to vote at the General Assembly Meeting and shall bring such list up-to-date 30 (thirty) days before each meeting of the General Assembly.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 51
        },
        {
            "number": "57",
            "title": "57. Supreme Authority of General Assembly and its functions.",
            "chapter": null,
            "content": "(i) The election of the members of the Board and their removal ;\n(ii) The annual report of the Board reviewing the working of the Bank during the period ;\n(iii) The annual report and audited balance-sheet;\n(iv) Amendment to Bye-laws ;\n(v) To approve rate of fees or allowances as fixed by the Board of any, to be paid to members of the Board of Directors/Executive Committee and other committee, for attending meetings ;\n(vi) Passing the annual budget and approving the programme of work for the ensuing year ;\n(vii) Distribution of profits ;\n(viii) Consideration of any complaint which any member may prefer against the Board ;\n(ix) Fixation of maximum amount of liability to be incurred during the Co-operative year or until the next meeting of the General Assembly.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 52
        },
        {
            "number": "58",
            "title": "58. Notice of meetings of general assembly.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 53
        },
        {
            "number": "59",
            "title": "59. Annual meeting of General Assembly.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 54
        },
        {
            "number": "60",
            "title": "60. Special meeting of General Assembly.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 55
        },
        {
            "number": "61",
            "title": "61. President of General Meeting.",
            "chapter": null,
            "content": "(a) The President of the meeting may direct any member to withdraw for disorderly conduct and the members so ordered shall not be entitled to Vote without the permission of the President. The President is also competent to suspend the meeting and adjourn if to such date and time as he may think fit in he event of the disorder.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 56
        },
        {
            "number": "62",
            "title": "62. Quorum of General meeting.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 57
        },
        {
            "number": "63",
            "title": "63. Decision by Majority of Vote.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 58
        },
        {
            "number": "64",
            "title": "64. Distribution of profit.",
            "chapter": null,
            "content": "(i) Not less than 25% of the net profit in each year shall be carried to the Reserve fund ;\n(ii) Not exceeding 6 ¼% of the net profit shall be carried to the Co-operative Development fund ;\n(iii) Out of the remaining net profit a dividend not exceeding 12 ½% of the paid up value of each share may be distributed ;\n(iv) A common good fund not exceeding 7 ½ of the remaining net profit devoted to the Charitable purposes including medical relief of the employees of the Bank, contribution of the Assam State Co-operative Union for Co-operative Education and propaganda ;\n(v) Not exceeding 5% of the remaining net. profit to Bad Debt Fund ;\n(vi) Bonus to the employees not exceeding two months salary subject to the provision of Rule 63 of Assam Co-operative Societies Act, 1949 ;\n(vii) Any balance remaining may be allotted to any or all the following-\n(a) Building Fund ;\n(b) Depreciation Reserve;\n(c) Debenture Redemption Reserve ;\n(viii) Unappropriated balance, if any shall be added to the Reserve Fund.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 59
        },
        {
            "number": "65",
            "title": "65. Amendment of Bye-laws.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 60
        },
        {
            "number": "66",
            "title": "66. Reference disputes to Registrar.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 61
        },
        {
            "number": "67",
            "title": "67. Audit.",
            "chapter": null,
            "content": "(ii) The accounts and the balance-sheet so drawn up shall be audited each year by the regular staff of the Registrar of Co-operative Societies or those competent to Audit;\n(iii) Annual report, balance sheet and Account together with audit notes prepared by the auditor shall be laid before the annual meeting of the General Assembly.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 62
        },
        {
            "number": "68",
            "title": "68. Maintenance of Records.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 63
        },
        {
            "number": "69",
            "title": "69. Seal of the bank.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 64
        },
        {
            "number": "70",
            "title": "70. Rules of the bank.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 65
        },
        {
            "number": "71",
            "title": "71. Sufficiency of notices.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 66
        },
        {
            "number": "72",
            "title": "72. Liquidation.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 67
        }
    ],
    "metadata": {
        "Act ID": "Last Updated 11th February, 2020 [ass114]",
        "Act Number": "Published vide Notification No. CF. 7/2003/95, dated 2nd August, 2004",
        "Enactment Date": "",
        "Act Year": "2003",
        "Short Title": "The Assam State Co-operative Agriculture and Rural Development Bank Limited",
        "Type": "STATE",
        "Location": "Assam"
    },
    "updated_at": "2026-09-29 21:55:19"
}
The Assam State Co-operative Agriculture and Rural Development Bank Limited

Sections

1. Name.

2. Address.

3. Area of Operation.

4. Definitions.

5. Objective.

6. Membership.

7. Procedure for Enrolment of membership.

8. Liability of member.

9. Transfer of shares.

10. Minimum Share holding.

11. Withdrawal of share when permissible.

12. Removal from membership.

13. Ceasation of member.

14. Nomination of heirs.

15. Fund to be raised.

16. Share capital.

17. Share certificates.

18. Terms and period of debentures.

19. Right to redeem debentures before maturity.

21. Authority to sign debentures.

23. Debenture redemption fund mode of investment.

24. Constitution of the Board.

25. Chief Executive Director.

26. First Board of Directors to be appointed by Government.

27. Conduct of Meeting in the Absence of Chairman or Vice-Chairman.

28. Ceasation from Membership of the Board.

29. Powers and functions of the Board.

30. Boards authority for fixation of terms of loans.

31. Power to invest money and proceed against mortgagors.

32. Notice of meetings.

33. Towers of the officers of the bank.

34. Executive Committee.

36. Administration to vest with the Board.

37. Quorum of Executive Committee meetings.

38. Executive Committee to deal with Loan Application.

39. Use of funds.

1. House in Municipalities

2. House in major Panchayat

3. House in village

41. Application for loan.

42. Loans to be advance on Assignment of mortgages.

43. Coperceners to join execution.

44. For furnishing of additional security.

45. Individual Member to Execute Agreement.

46. The rate of interest on loan.

47. Loan to be repaid in equal or equated instalments.

48. Delegation of powers by Executive Committee.

49. Notice of meetings of Executive Committee.

52. Record of proceedings of meetings.

54. Function of sub-committee.

55. Validity of Acts performed.

56. General meeting.

57. Supreme Authority of General Assembly and its functions.

58. Notice of meetings of general assembly.

59. Annual meeting of General Assembly.

60. Special meeting of General Assembly.

61. President of General Meeting.

62. Quorum of General meeting.

63. Decision by Majority of Vote.

64. Distribution of profit.

65. Amendment of Bye-laws.

66. Reference disputes to Registrar.

67. Audit.

68. Maintenance of Records.

69. Seal of the bank.

70. Rules of the bank.

71. Sufficiency of notices.

72. Liquidation.
