(i) "Affiliating Society" means a society of which another society or co-operative is a member;
(ii) "Co-operative" means a co-operative as defined under Section 2(f) of Chhattisgarh Swayatta Sahakarita Adhiniyam, 1999 (No. 2 of 2000);
(iii) "National Bank" means the National Bank for Agriculture and Rural Development established under Section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);
(iv) "Secondary Co-operative" means a co-operative registered under Chhattisgarh Swayatta Sahakarita Adhiniyam, 1999 (No. 2 of 2000) of which another cooperatives or society is a member;
(v) "Short term co-operative credit structure society" includes the State Co-operative Bank, a Central Cooperative Bank and a Primary Agricultural Credit Cooperative Society.
(b) A co-operative registered under Chhattisgarh Swayatta Sahakarita Adhiniyam, 1999 (No. 2 of 2000) may become the member of an affiliating society registered under this Act.
(b) If the Registrar is satisfied that the proposed bylaws or the amendments to the bylaws are contrary to the provisions of the Act and the rules made thereunder he shall reject the same duly recording his reasons thereon within thirty days from the date of receipt of the application.
(b) An individual or a group of borrower shall have the right to become member of a primary agricultural credit co-operative society under sub-section (1) of Section 19.
(c) Every group of depositor or a group of borrower admitted, as member under sub-section (1) of Section 19, shall be entitled to vote through a delegate nominated by such group.
(i) interest rates on deposits and loans in conformity with and subject to Reserve Bank's guidelines,
(ii) borrowings and investments,
(iii) loan, policies and individual loan decisions.
(iv) personnel policy, staffing, recruitment, posting and remuneration to staff, and
(v) internal control systems, appointment of auditors and compensation for the audit.
(b) (i) There shall be only one nominee of the State Government in the board of a primary agricultural credit co-operative society if the State Government has subscribed to its share capital:
(ii) A short term co-operative credit structure society shall have full freedom to transact with other societies registered under this Act or co-operatives registered under the Chhattisgarh Swayatta Sahakarita Adhiniyam, 1999 (No. 2 of 2000).
(i) is a person who represents a society other than a primary agricultural credit co-operative society on the board of a Central Co-operative Bank or the State Co-operative Bank, if the society he represents has committed a default towards the payments of such bank for a period exceeding ninety days;
(ii) is a person who committed a default towards the payments to a primary agricultural credit co-operative society or represents a primary agricultural credit cooperative society on the board of a Central Co-operative Bank or the State Co-operative Bank, it the society he represents has committed a default towards the payments of such bank for a period exceeding one year unless the default has been cleared;
(iii) is a person, who represents a society whose board is superseded.
(b) The board of a primary agricultural credit co-operative society may be superseded only on any of the following grounds, if-
(i) the society incurs losses for three consecutive years;
(ii) serious financial irregularities as proven in enquiry for the purpose;
(iii) fraud has been identified;
(iv) lack of quorum in three consecutive meetings.
(b) The State Election Commission shall conduct elections to a short term co-operative credit structure society within six months in case of Primary Agricultural Credit Co-operative Society and twelve months in case of State Co-operative Banks and Central Co-operative Banks from the date of its supersession:
(c) A member of the board of a primary agricultural credit cooperative society which has been superseded under this Act shall not be entitled to contest the election again for a period of three years from the date of supersession:
(b) If any person who, in the opinion of the Reserve Bank, has been co-opted as a member of the board under clause (a) of this subsection without having requisite knowledge or experience as stipulated by the Reserve Bank, he shall on being advised by the Reserve Bank or the National Bank, be removed from the office after giving him a reasonable opportunity of being heard.
(i) The nominee of State Government on the board.
(ii) The nominee of the National Bank on the board.
(iii) One other member of the board whether elected or co-opted.
(ii) The Registrar shall ensure that the liquidator or the Administrator, as the ease may be, is appointed within one month of being so advised by the Reserve Bank for winding up or supersession.
(iii) Where in the opinion of the Reserve Bank, the functioning of the Chief Executive Officer of the State Co-operative Bank or a Central Co-operative Bank, as the case may be, is such that it is not desirable in the interest of the bank to continue the person as the Chief Executive Officer of the bank, it may require the registrar to remove the Chief Executive Officer; and the registrar shall proceed forthwith to remove such Chief Executive Officers after giving a reasonable opportunity of being heard.
(iv) Where in the opinion of the Reserve Bank, a person does not possess the requisite special knowledge specified by it, the Registrar shall on being advised by the Reserve Bank, proceed forthwith to remove such co-opted member after giving a reasonable opportunity of being heard.
[CHAPTER V-B]
Insured Co-operative Bank
Section 57B • The Chhattisgarh Co-Operative Societies Act, 1960
57B. Management of short term Co-operative Credit Structure Societies.
the-chhattisgarh-co-operative-societies-act-1960-sec-57B.json
•
Section 57B
{
"act_title": "The Chhattisgarh Co-Operative Societies Act, 1960",
"act_slug": "the-chhattisgarh-co-operative-societies-act-1960",
"section_label": "Section",
"section": {
"number": "57B",
"title": "57B. Management of short term Co-operative Credit Structure Societies.",
"chapter": null,
"content": "(i) \"Affiliating Society\" means a society of which another society or co-operative is a member;\n(ii) \"Co-operative\" means a co-operative as defined under Section 2(f) of Chhattisgarh Swayatta Sahakarita Adhiniyam, 1999 (No. 2 of 2000);\n(iii) \"National Bank\" means the National Bank for Agriculture and Rural Development established under Section 3 of the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981);\n(iv) \"Secondary Co-operative\" means a co-operative registered under Chhattisgarh Swayatta Sahakarita Adhiniyam, 1999 (No. 2 of 2000) of which another cooperatives or society is a member;\n(v) \"Short term co-operative credit structure society\" includes the State Co-operative Bank, a Central Cooperative Bank and a Primary Agricultural Credit Cooperative Society.\n(b) A co-operative registered under Chhattisgarh Swayatta Sahakarita Adhiniyam, 1999 (No. 2 of 2000) may become the member of an affiliating society registered under this Act.\n(b) If the Registrar is satisfied that the proposed bylaws or the amendments to the bylaws are contrary to the provisions of the Act and the rules made thereunder he shall reject the same duly recording his reasons thereon within thirty days from the date of receipt of the application.\n(b) An individual or a group of borrower shall have the right to become member of a primary agricultural credit co-operative society under sub-section (1) of Section 19.\n(c) Every group of depositor or a group of borrower admitted, as member under sub-section (1) of Section 19, shall be entitled to vote through a delegate nominated by such group.\n(i) interest rates on deposits and loans in conformity with and subject to Reserve Bank's guidelines,\n(ii) borrowings and investments,\n(iii) loan, policies and individual loan decisions.\n(iv) personnel policy, staffing, recruitment, posting and remuneration to staff, and\n(v) internal control systems, appointment of auditors and compensation for the audit.\n(b) (i) There shall be only one nominee of the State Government in the board of a primary agricultural credit co-operative society if the State Government has subscribed to its share capital:\n(ii) A short term co-operative credit structure society shall have full freedom to transact with other societies registered under this Act or co-operatives registered under the Chhattisgarh Swayatta Sahakarita Adhiniyam, 1999 (No. 2 of 2000).\n(i) is a person who represents a society other than a primary agricultural credit co-operative society on the board of a Central Co-operative Bank or the State Co-operative Bank, if the society he represents has committed a default towards the payments of such bank for a period exceeding ninety days;\n(ii) is a person who committed a default towards the payments to a primary agricultural credit co-operative society or represents a primary agricultural credit cooperative society on the board of a Central Co-operative Bank or the State Co-operative Bank, it the society he represents has committed a default towards the payments of such bank for a period exceeding one year unless the default has been cleared;\n(iii) is a person, who represents a society whose board is superseded.\n(b) The board of a primary agricultural credit co-operative society may be superseded only on any of the following grounds, if-\n(i) the society incurs losses for three consecutive years;\n(ii) serious financial irregularities as proven in enquiry for the purpose;\n(iii) fraud has been identified;\n(iv) lack of quorum in three consecutive meetings.\n(b) The State Election Commission shall conduct elections to a short term co-operative credit structure society within six months in case of Primary Agricultural Credit Co-operative Society and twelve months in case of State Co-operative Banks and Central Co-operative Banks from the date of its supersession:\n(c) A member of the board of a primary agricultural credit cooperative society which has been superseded under this Act shall not be entitled to contest the election again for a period of three years from the date of supersession:\n(b) If any person who, in the opinion of the Reserve Bank, has been co-opted as a member of the board under clause (a) of this subsection without having requisite knowledge or experience as stipulated by the Reserve Bank, he shall on being advised by the Reserve Bank or the National Bank, be removed from the office after giving him a reasonable opportunity of being heard.\n(i) The nominee of State Government on the board.\n(ii) The nominee of the National Bank on the board.\n(iii) One other member of the board whether elected or co-opted.\n(ii) The Registrar shall ensure that the liquidator or the Administrator, as the ease may be, is appointed within one month of being so advised by the Reserve Bank for winding up or supersession.\n(iii) Where in the opinion of the Reserve Bank, the functioning of the Chief Executive Officer of the State Co-operative Bank or a Central Co-operative Bank, as the case may be, is such that it is not desirable in the interest of the bank to continue the person as the Chief Executive Officer of the bank, it may require the registrar to remove the Chief Executive Officer; and the registrar shall proceed forthwith to remove such Chief Executive Officers after giving a reasonable opportunity of being heard.\n(iv) Where in the opinion of the Reserve Bank, a person does not possess the requisite special knowledge specified by it, the Registrar shall on being advised by the Reserve Bank, proceed forthwith to remove such co-opted member after giving a reasonable opportunity of being heard.\n[CHAPTER V-B]\nInsured Co-operative Bank",
"footnote": "",
"is_definition": false,
"sort_order": 83
},
"prev_section": "57A",
"next_section": "57C"
}