PROPERTY AND FUNDS OF SOCIETIES
49.
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Writing off of bad debts and losses:-
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All loans
including interest thereon and recovery
charges in respect thereof which are found irrecoverable and are certified as
bad debts by the auditor appointed under Section 81 shall first be written
off against the Bad Debt Fund and the balance, if any, may be written off
against the Reserve Fund and the share capital of the society.
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All other
dues and accumulated losses or any other loss sustained by the society which
cannot be recovered and have been certified as irrecoverable by the auditor
may be written off against the Reserve Fund or share capital of the society :
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Provided that—
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(1)
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no bad debts
or losses shall be written off without the sanction of the general body;
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(2)
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Before any
such bad debts or losses are so written off, the society, if it is affiliated
and indebted to a Central Bank, shall first obtain the approval of that bank
in writing and also the approval of the Registrar. If the society is
affiliated but not indebted to the Central Bank and in all other cases it
shall obtain the approval of the Registrar in writing. If the society itself
is a Central Bank, approval of the State Co-operative Bank and the approval
of the Registrar shall first be obtained:
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Provided
that in case of societies classified as A or B at the time of last audit, no
such permission need be taken if the bad debts are to be written off against
the Bad Debt Fund specially created for the purpose :
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Provided
further that the Registrar may, while giving the approval, impose such
conditions as to the recoupment of the Bad Debt Fund and restoration of part
or whole of the amount written off against the Reserve Fund, from out -of
future profits as he deems fit.
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49A.
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Calculation
of net profits:-
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(1)
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A society
shall calculate the net profits by deducting the following from the gross profits for the year –
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(i)
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All interest
accrued and accruing oh amounts of overdue loans (excepting overdue amounts
of loans against fixed deposit, gold, etc.);
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(ii)
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interest
payable on loans and deposits;
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(iii)
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establishment
charges;
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(iii)
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audit fees or
supervision fees;
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(iv)
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working
expenses including repairs, rent and taxes;
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(v)
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depreciation;
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(vii)
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bonus
payable to employees under the Payment of Bonus Act, 1965;
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(viii)
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provision
for payment of Income-tax;
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(ix)
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amount to be
paid as contribution to the Education Fund at the State Federal Society which
may be notified by the State Government in this behalf;
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(x)
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amount to be
paid for contribution to the Co-operative Cadre Employment Fund;
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(xi)
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provision for bad and doubtful debts;
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(xii)
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provision
for share capital Redemption Fund;
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(xiii)
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provision
for Investment Fluctuations Fund;
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(xiv)
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provision
for retirement benefits to the employees;
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(xv)
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provision for any other claims admissible under any other law;
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(xvi)
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Provision for bad debts and revenue losses not adjusted against any
fund created out of profits.
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(2)
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In addition to the sums referred to in sub-rule (1) of this rule, the
following sums shall be deducted by a society from its profits :-
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(i)
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Contribution, if any. to be made to any sinking fund or guarantee
fund, constituted under the provisions of the Act, these rules or by-laws of
the society for ensuring due fulfillment of guarantee given by Government in
respect of loans raised by the society;
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(ii)
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Provision considered necessary for depreciation in the value of any
Security Bonds or Shares held by the society as part of its investments.
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(3)
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The net profit thus arrived at together with the amount of profits
brought forward from the previous year shall be available for appropriation.
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50.
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Appropriation of profits:-
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(1)
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The other
purposes for which a society may appropriate
its profits shall be education and enlightenment of the members of the
society as also any co-operative or charitable purpose including relief to
the poor, education, medical relief and advancement of any other general
public utility, provided that the expenditure on such items does not exceed
10 per cent of the net profits.
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(2)
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The net
profits calculated in accordance with the provisions of rule shall be appropriated for the creation of —
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(a)
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Development Fund.
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(b)
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Dividend Equalization Fund, or
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(c)
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Any other fund created under by-laws.
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51.
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Amounts to
be deducted by a Society from its profits before arriving at its net
profits:-
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In addition to the sums referred to in sub-section (1) of Section 65, the following sums shall be
deducted by a society from its profits before arriving at its profit for the
purposes of sub-section (2) of Section 65 ;
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(i)
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Contribution, if any, to be made to any sinking fund or guarantee fund
constituted under the provision of the Act, these rules or bye-laws of the
society for ensuring due fulfillment of guarantee given by Government in
respect of loans raised by the society.
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(ii)
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Provision considered necessary for depreciation in the value of any
security, bonds or shares held by the society as part of its investment,
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(iii)
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Any provision required to be made for the redemption and share capital
contributed by Government or by a Federal Society.
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52.
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Bonus and Dividend Equalization Fund:-
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(1)
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A society
may create out of its net profits a fund to be called the Bonus Equalization
Fund for payment of bonus to persons other than its paid employees who are not its members.
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(2)
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Except
otherwise specifically authorised by the Registrar, the fund so created shall
be utilised in accordance with the provisions of the bye-laws of the society
only for payment of such bonus.
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(3)
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A society
may create the Dividend Equalization Fund and credit to it a sum need exceeding 2 percent of the paid-up share capital in any year,
until the total amount in such Fund amounts to 9 percent of the paid-up share
capital. The society may draw upon this fund in any year only when it is
unable to maintain a uniform rate of dividend it has been paying during the
last preceding five years or more.
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(4)
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No society
shall declare a dividend at a rate exceeding that recommended by its
committee.
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53.
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Rates of
annual contribution to education fund of State Federal Society: -
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The rates at which the classes of
societies specified under column (2) of the Table below shall contribute annually under Section 68
towards the education fund of the State Federal Society, which may be
notified in this behalf by the State Government, shall be those which are
respectively specified against them in column (3) of the
said Table-
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TABLE
Sr. No.
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Class Of Society
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Rate Of Contribution Per Year Per Society
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1.
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Maharashtra State Co-operative
Bank
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2 paise per Rs. 100 of working
capital subject to a maximum of Rs. 5,00,000.
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2.
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Maharashtra State Co-operative
Agricultural and Rural Development Bank.
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Rs. 1/10 per cent of working
capital subject to a maximum of Rs. 1,00,000.
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3.
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Maharashtra State Co-operative Marketing Federation.
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Rs. 1/10 per cent of working
capital subject to a maximum of Rs. 1,50,000
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4.
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Maharashtra State Co-operative Housing Finance Corporation.
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Rs. 1/10 per cent of working
capital subject to a maximum of Rs. 1,00,000.
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5.
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Maharashtra
State Co-operative Consumers' Societies Federation.
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2 paise per Rs. 100 of working
capital subject to a maximum of Rs. 2,00,000.
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6.
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Maharashtra State Co-operative
Sugar Factories Federation.
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Rs. 5,000
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7.
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Maharashtra State Co-operative
Fisheries Federation.
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Rs. 1,000
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8.
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Maharashtra State Co-operative
Cotton Grower Marketing Federation.
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Rs. 1,50,000
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9.
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Maharashtra State Co-operative
Diaries Societies Federation.
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Rs. 5,000
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10.
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Maharashtra Co-operative Spinning
Mills Federation.
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Rs. 5,000
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11.
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Maharashtra State Co-operative Power-looms Societies Federation.
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Rs. 2,500
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12.
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Maharashtra State Co-operative
Textile Corporation.
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Rs. 1,000
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13.
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Maharashtra State Co-operative
Handloom Societies Federation.
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Rs. 2,500
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14.
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Maharashtra State Agricultural
Produce Market Committees Federation.
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Rs. 1,000
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15.
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Maharashtra State Co-operative
Cotton Growers Processing Societies Federation.
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Rs. 2,500
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16.
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Maharashtra State Co-operative
Tribal Development Corporation.
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Rs. 1,000
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17.
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Maharashtra State Co-operative
Tribal Development Corporation.
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Rs. 1,000
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18.
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Maharashtra State Co-operative
Labour Societies Federation.
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Rs. 1,000
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19.
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Maharashtra State Co-operative
Banks Association.
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Rs. 5,000
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20.
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Maharashtra State Co-operative
Oil Seed Processing Federation.
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Rs. 5,000
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21.
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Maharashtra State Sugar
Industries Development Co- operative Societies.
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Rs. 1,000
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22.
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Maharashtra State Co-operative
Engineering Societies.
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Rs. 5,000
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23.
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Maharashtra State Co-operative
Jangle Kamgar Federation.
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Rs. 1,000
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24.
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Co-operative Sugar Factories.
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20 paise per ton of the last year
Sugar Cane crushed, subject to maximum of Rs. 75,000.
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25.
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District Central Co-operative
Banks.
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a)
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District Central Co-operative
Banks of Raigad, Ratnagiri, Sindhudurg, Chandanpur and Gadchiroli Rs. 10,000.
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b)
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The revitalised District
Co-operative Banks in the State Rs. 15,000.
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c)
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Other District Central
Co-operative Banks in the State Rs. 30,000.
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26.
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Sholapur District Industrial Co-
operative Banks.
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Rs. 15,000
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27.
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Urban Co-operative Banks.
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(a)
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Working capital up to Rs. 5
crores Rs. 5,000.
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(b)
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Working capital of Rs, 5 crores
to Rs. 50 crores of Rs. 10,000,
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(c)
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Working capital above Rs. 50
crores Rs. 30,000.
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28.
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Urban Co-operative Credit
Societies.
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1/10 per cent of Working Capital,
subject to minimum rupees 100 and maximum of Rs. 5.000.
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29.
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Salary
Earners. Factory Workers, Mills Workers. Thrift Fund and Credit Societies.
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1/10 per
cent of Working Capital, subject to maximum Rs. 1,000.
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30.
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District
Agro Industrial Serva Seva Co-operative Societies and Purchases and Sale
Societies having jurisdiction in one or more Districts.
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1/10 per
cent of Working Capital, subject to maximum of Rs. 20,000.
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31.
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Primary Marketing Societies
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1/10 per
cent of Working Capital, subject to maximum of Rs. 2,000.
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32.
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Whole–sale Co-operative Consumer
Stores.
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1/10 per
cent of Working Capital, subject to maximum of Rs. 20,000.
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33.
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Primary Co-operative Consumer
Stores.
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2 paise per Rs. 100 of working
capital subject to a maximum of Rs. 2,00,000.
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34.
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Co-operative Spinning Mills
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a)
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Which have not gone in production
of Rs. 1,000.
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b)
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Which have gone in production of
Rs. 10,000.
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35.
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Co-operative Ginning and Pressing
Societies
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Rs. 100
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36.
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Primary Seva Sahakari Sanstha
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a)
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Rs. 10 in respect of those which
have suffered loss during the previous co-operative year.
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b)
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1/10 percent of the working
capital in respect of whose which have earned profit during the previous year
subject to maximum of Rs. 1,000.
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37.
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Milk Co-operative Unions Taluka
and District.
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a)
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Having collection of 3 lacs
liters Milk of previous year Rs. 500.
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b)
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Having collection of 3 to 4 lacs
liters Milk of previous year Rs. 1,000.
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c)
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Having collection of 4 to 5 lacs
liters Rs. 1,500.
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d)
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Above 5 lacs liters Rs. 2,000.
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38.
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Primary
Co-operative Dairy Societies.
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Rs. 100
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39.
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Co-operative
Poultry Societies Federation.
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Rs. 100
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40.
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Co-operative
Lift Irrigation Societies.
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Rs. 100
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41.
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Agricultural
Processing Co-operative Societies.
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Rs. 100
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42.
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Grain Banks.
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Rs. 100
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43.
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Piggery and
Live Stock Co-operative Societies (including breeding).
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Rs. 100
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44.
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Sugarcane Co-operative Societies
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Rs. 100
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45.
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Industrial Co-operative Societies
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Rs. 100
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46.
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Labour Contract Co-operative
Societies
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Rs. 100
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47.
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Forest Laborers Co-operative
Societies
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Rs. 100
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48.
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Agricultural Non-credit
Co-operative Societies
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Rs. 100
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49.
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Non Agricultural Non-credit
Societies
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Rs. 100
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50.
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Co-operative Farming Societies
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Rs. 100
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51.
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Co-operative Fisheries
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Rs. 100
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52.
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Primary Co-operative Poultry
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Rs. 100
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53.
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Vidarbha Premier Co-operative
Housing Society
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Rs. 5,000
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54.
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Co-operative Housing Society
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a)
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Having jurisdiction Corporation,
Nagar Palika and Cantonment Board. ………… Per member Rs. 3. Having jurisdiction
of Gram Panchayat.
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55.
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Vidarbha Co-operative Marketing
Society
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1/10 of the working Capital, subject to maximum
of Rs. 20,000.
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56.
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Co-operative Distillery Societies
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Rs. 5,000.
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57.
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Mula Pravara Co-operative
Electrical Societies Limited Shrirampur District Ahmednagar
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Rs. 1,000.
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58.
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Other Societies
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a)
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Village and Taluka jurisdiction
……….. Rs. 1.00.
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b)
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District jurisdiction ……….. Rs.
500.
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c)
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State jurisdiction ……….. Rs.
1,000.
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53A
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Rates of annual contribution to
Co-operative, State Cadre Employment Fund:-
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The rates at which the class or
classes of societies or other body
corporate specified under column (2) of the Table below shall contribute
annually under sub-section (4) of Section 69-A towards the Co-operative State
Cadre Employment Fund, which may be notified in this behalf by the state Government, shall be those
which are respectively specified against them in column 3 of the said
table
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TABLE
Sr. No.
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Society, Class Or Classes Of
Societies And Other Body Corporate
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Rate Of Contribution Per Year Per
Society Or Body Corporate
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1.
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Maharashtra State Co-operative Bank
Limited (incorporating the Vidarbha Co-operative Bank Limited), Bombay
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Rs. 20 lakhs per year.
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2.
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The Maharashtra State
Co-operative Marketing Federation Limited, Bombay.
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At 10 paise
per Rs. 100 of the annual turnover of the previous Co-operative year.
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3.
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The Maharashtra State
Co-operative Land Development Bank Limited, Bombay.
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Rs. 5 lakhs per year.
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4.
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All Co-operative Sugar Factories.
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At 25 paise
per tonne of sugarcane crushed by the Sugar Factory during the previous
Co-operative year.
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5.
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All Sugar Factories other than
Co-operative Sugar Factories located in the State of Maharashtra.
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At 25 paise
per tonne of sugarcane of the members of the Primary Agricultural Credit
Societies crushed by the factory during the previous Co-operative year.
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6.
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All District Central Co-operative
Banks excluding Bombay District Central Co-operative Bank Ltd. and Ahmednagar
Urban District Central Co-operative Bank Ltd., Ahmednagar having outstanding
of Agricultural Credit business of more than Rs.5 crores as at the end of the
previous co-operative year.
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At 10 paise
per Rs. 100 of the outstanding Agricultural Credit business as at the end of
the previous co-operative year.
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7.
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All District Central Co-operative
Banks excluding Bombay District Central Co-operative Bank Ltd. Bombay and
Ahmednagar Urban District Central Co-operative Bank Ltd., Ahmednagar having
outstanding or Agricultural Credit business of Rs.5 crores or less as at the
end of the previous co-operative year.
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5 paise per
Rs. 100 of the outstanding Agricultural Credit business as at the end of the
previous co-operative year.
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8.
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All primary Co-operative
Marketing Societies dealing in fertilizers, seeds, agricultural implements
and sale of agricultural produce.
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5 paise per
Rs. 100 of the annual turnover of the previous co-operative year.
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9.
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All primary Agricultural Credit
Societies, Multipurpose Co-operative Societies and services Co-operative Societies including Farmers
Service Societies and Adivasi
Co-operative Societies
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(i)
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having outstanding agricultural
credit business not exceeding Rs. 50,000 as at the end of previous
co-operative year.
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1.5 percent
of the outstanding agricultural credit business as at the end of previous
co-operative year.
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(ii)
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having outstanding agricultural
credit business exceeding Rs. 50,000 but not exceeding Rs. 75,000 as at the
end of previous co-operative year.
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1.75 percent
of the outstanding agricultural credit business as at the end of previous
co-operative year.
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(iii)
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having outstanding agricultural
credit business exceeding Rs. 75,000 but not exceeding Rs. 3 lakhs as at the
end of previous co-operative year.
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2 percent of
the outstanding agricultural credit business as at the end of previous
co-operative year.
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(iv)
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having outstanding agricultural
credit business exceeding Rs. 3 lakhs as at the end of previous co-operative
year.
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1.25 percent
of the actual expenditure on the total emoluments paid to the Secretary
during the previous co-operative year or 2 percent of the outstanding of the
agricultural credit business as at the end of previous co-operative year,
whichever is less.
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53B.
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Manner of contributions to be
made under the Rule 53A:-
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(1)
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The Apex
society which has been notified by the
State Government under sub section (3) of Section 69-A shall open an account
in the name of the "Co-operative State Cadre Employment Fund"
established by it in the Maharashtra State Co-operative Bank Limited, Bombay
and also in every District Central Co-operative Bank, excluding the Bombay
District Central Co-operative Bank.
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(2)
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The amount
of annual contribution payable under Rule 53-A by the Maharashtra State
Co-operative Bank Limited, Bombay, and the Maharashtra State Co-operative
Development Bank Limited, Bombay for every Co-operative year shall be paid by
them before the 30th day of September of the next following co-operative year
by crediting the amount of contribution into the "Co-operative State
Cadre Employment Fund" account opened under sub-rule (1) in the
Maharashtra State Co-operative Bank Limited, Bombay.
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(3)
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The auditor
of—
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(a)
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the Maharashtra State Co-operative Marketing Federation Limited,
Bombay
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(a)
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Every District Central Co-operative Bank (other than the Bombay
District Central Co-operative Bansk Limited and the Ahmednagar Urban District
Central Cooperative Bank Limited. Ahmednagar.
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(c)
|
every co-operative sugar factory, and
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(d)
|
every Primary Co-operative Marketing Society dealing in fertilisers,
seeds, agricultural implements or sale of agricultural produce, shall certify
the amount of the annual contribution payable by them under Rule 53-A, and
send the certificate, in the case of the Maharashtra State Co-operative
Marketing Federation, to the State Level Caderisation Committee and in any
other case, to the relevant Central Society. The certificate in respect of
every co-operative year shall be sent before the 15th day of August of the
next following co-operative year.
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(4)
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The Director
of Sugar, Maharashtra State, shall certify the amount of annual contribution
payable under Rule 53-A by every sugar factory (other than a co-operative
sugar factory) and send the certificate to the relevant Central Society. The
certificate in respect of every co-operative year shall be sent before 15th
day of August of the next following co-operative year.
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(5)
|
Within
fifteen days from the date of receipt of a certificate sent under sub-rule
(3) or (4), the State Level Caderisation Committee or, as the case may be,
the relevant Central Society, shall serve a notice of demand for payment of
the contribution mentioned in the certificate on the Maharashtra State
Co-operative Marketing Federation or, as the case may be, a society or a
sugar factory (other than a co-operative sugar factory by which it is
payable.
|
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(6)
|
On receipt
of the notice of demand under sub-rule (5) the Maharashtra State Co-operative
Marketing Federation, every society and every sugar factory (other than a
co-operative sugar factory) shall pay the amount of contribution payable by
them for any co-operative year before the 30th day of September of the next
following co-operative year. Such contribution shall, in the case of the
Maharashtra State Co-operative Marketing Federation Limited, Bombay, be paid
into the "Co-operative State Cadre Employment Fund" account in the
Maharashtra State Co-operative Bank Limited Bombay and in other cases, into
the "Co-operative State Cadre Employment Fund" account in the
District Central Co-operative Bank in the District in which the society
making the contribution operates or the sugar factory (other than
co-operative sugar factory) making such contribution is situated.
|
|
(7)
|
Before the
15th day of August next following the end of each co-operative year, every
Primary Agricultural Credit Society shall furnish to the relevant Central
Society such information as may be necessary for it to assess the amount of
contribution payable for that year by the Primary Agricultural Credit Society
under Rule 53-A. On receipt of such information, the relevant Central society
shall scrutinise it, determine the amount of contribution payable by the
Primary Agricultural Credit Society and shall, before the 15th day of
September next following the end of the said co-operative year, serve a
notice of demand on the Primary Agricultural Credit Society for payment of
the amount of contribution to be determined. The relevant Central society
shall also, before that date, furnish to the District Central Co-operative
Bank of the District in which the Primary Agricultural Credit Societies
furnishing the information operate, a statement indicating the name of each
Primary Agricultural Credit Society, the rate of annual contribution payable
by it under rule 53-A, the amount of contribution determined and the amount
of arrears of contribution if any, which has remained to be paid by each
Primary Agricultural Credit Society. On the service of a notice of demand,
the Primary Agricultural Credit Society shall, before the 31st day of
December next following the end of the aforementioned co-operative year, pay
the amount of contribution payable by it for that year into the
"Co-operative State Cadre Employment Fund" account in the District
Central Co-operative Bank in the District in which such society operates.
|
|
(8)
|
Where any
society (including the Primary Agricultural Credit Society and the Co-operative
Sugar Factory) which has received any loan from any District Central
Cooperative Bank or the Maharashtra State Co-operative Bank pays to that Bank
any amount towards payment of interest on such loan, or repayment of such
loan, or where any such amount is received by the District Central
Co-operative Bank or the Maharashtra State Co-operative Bank on behalf of any
such society or sugar factory from any other agency, and the District Central
Co-operative Bank or the Maharashtra State Co-operative Bank is satisfied
after consulting the relevant Central Society that there are any arrears of
annual contributions payable by such society or sugar factory as per demand
notice served on it, then the District Central Co-operative Bank or the
Maharashtra State Co-operative Bank, as the case may be, shall in accordance
with the procedure laid down from time to time, by the State Level
Caderisation Committee and after obtaining the consent of such society or
sugar factory to do so, first credit to the "Co-operative State Cadre
Employment Fund", such amount as may be necessary to recover the arrears
and adjust the remaining balance, if any, towards payment of interest on such
loan or as the case may be, repayment on such loan. Whenever the District
Central Co-operative Bank or the Maharashtra State Co-operative Bank so
credits any amount to the said Fund, it shall send advice to such credit to
the society or as the case may be, Co-operative Sugar Factory and also the
relevant Central Society.
|
|
(9)
|
Notwithstanding anything
contained in sub-rules (2), (3). (4), (6) and (7)—
|
|
(a)
|
the
certificate to be sent by the auditor under sub-rule (3) and the certificate
to be sent by the Director of Sugar, Maharashtra State under sub-rule (4) for the co-operative years 1977-78 and 1978-79 shall be sent by
them before the 15th day of September 1979;
|
|
(b)
|
the
information to be furnished by the Primary Agricultural Credit Society under
sub-rule (7) in respect of the Co-operative years 1977-78 and 1978-79 shall
be furnished by it before the 15th September 1979;
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(c)
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the notice
of demand for payment of the amount of contribution payable by any society
(including the Primary Agricultural Credit Society) or sugar factory for the
co-operative years 1977-78 and 1978-79 shall be served on it before the 30th
day of September 1979;
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(d)
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the amount
of contribution payable by any society (including the Primary Agricultural
Credit Society) or sugar factory for the Co-operative years 1977-78 and
1978-79 shall be paid by it before the 31st day of October 1979 and the 31st
day of December 1979, respectively.
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(10)
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The relevant
Central Society shall maintain books of accounts of the annual contributions
due from each society which operates in the area of its operation and each
sugar factory situated in that area. The State Level Caderisation Committee
shall maintain books of accounts of the annual contributions due from the
Maharashtra State Co-operative Bank Limited (incorporating the Vidarbha
Co-operative Bank Limited), Bombay the Maharashtra State Co-operative Marketing
Federation Limited, Bombay and the Maharashtra State Co-operative Land
Development Bank Limited, Bombay. Every such book of accounts shall contain
the following particulars, namely—
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(i)
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the society
or the sugar factory from which the annual contribution is due,
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(ii)
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the amount
of annual contribution collected from such society or sugar factory,
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(iii)
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the balance
of arrears of the annual contribution payable by such society or sugar
factory or the excess amount paid by it.
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(11)
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A periodical statement of accounts of the moneys credited into the
"Co-operative State Cadre Employment Fund" accounts with each
District Central Co-operative Bank shall be sent by that Bank to the relevant
Central Society at such intervals as may be determined by the State Level
Caderisation Committee. The statement so received shall be forwarded by the
relevant Central Society to the State Level Caderisation Committee after due
scrutiny.
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(12)
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Where any
society or sugar factory fails to pay the annual contribution as provided in the preceding sub -rules, the State Level Caderisation
Committee, in the case of the Maharashtra State Co-operative Bank Limited
(incorporating the Vidarbha Co-operative Bank Limited), Bombay the
Maharashtra State Co-operative Marketing Federation Limited, Bombay and the
Maharashtra State Co-operative Land Development Bank Limited, Bombay and the
relevant Central Society in the case of other societies and sugar factories,
shall communicate the name of the defaulting society or sugar factory to the
Registrar for taking action under sub-section (5) of Section 69-A.
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Explanation:
— For the purpose of this rule—
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(a)
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"Central
Society" means a society notified by the Government of Maharashtra to be
a Central Society under Section 69-A;
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(b)
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"Relevant
Central Society" in relation to any society or sugar factory means the
Central Society in the area of operation of which any such society operates
or any sugar factory is situated.
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(c)
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"State
Level Caderisation Committee" means a committee appointed as such by the
Government of Maharashtra.
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54.
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Utilisation
and investment of reserve fund:-
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(1)
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A society
shall, in addition to the
modes specified in clauses (a) to (d) of Section 70, invest or deposit its
reserve fund in any one or more of the following permitted modes namely—
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(i)
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In the case
of Primary Societies in the Central Financing Agencies,
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(ii)
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In the case
of Central Co-operative Banks and Urban Banks in the State Cooperative Bank.
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(iii)
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In
debentures issued by the Apex Land Development Bank or in Government loans,
or
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(iv)
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In any
immovable property specified by the Registrar by a general or special order:
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Provided
that, in the case of a society whose reserve fund is equal to or more than
its paid-up share capital, the Registrar may, by general or special order,
permit that society to invest that portion of the reserve fund which is in
excess of its paid-up share capital, or a portion thereof, in its business :
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Provided
further that, in the case of Central Co-operative Banks and the State Co-operative
Bank, the Registrar may, by general or special order, authorise such Banks to
invest fifty per cent of their reserve fund in their business.
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(2)
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No society
whose, reserve fund has been separately invested or deposited shall draw
upon, pledge or otherwise employ such fund except with the sanction of the
Registrar previously obtained in writing.
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(3)
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In the case
of a society constituted with the object of co-operative housing on a
co-partnership basis, the reserve fund may be utilised for expenditure on the
maintenance, repair, and renewal of buildings of society.
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(4)
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In the case
of a processing society the reserve fund may be utilised in the acquisition,
purchase or construction of lands, buildings and machinery.
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55.
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Investment
of other funds:-
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(1)
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A society
may invest any of its funds (other
than the reserve fund) in any of the modes specified in Section 70 when such
funds are not utilised for the business of the society.
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Explanation: — For the purpose of this
sub-rule, "business of society" shall include any investment made
by the society in immovable property with the prior sanction of the Registrar
in the process of recovery of the society's normal dues or for the purpose of
construction of building or buildings for its own use.
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(2)
|
The
Registrar may, in the case of any society or class of societies, specify by a
special or general order the maximum amounts to be invested in any class or
classes of securities.
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(3)
|
Every
society which has invested an amount not less than 10 per cent of its working
capital in securities shall be required to constitute an investment
fluctuation fund. The Registrar may direct that a specified per cent of the
net profits every year shall be credited to the investment fluctuation fund
until, in his opinion, the amount of the funds is adequate to cover
anticipated losses arising out of the disposal of securities.
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(4)
|
Proportion
of paid-up share capital of the investing society or a class of society, shall be determined by the Registrar by special or general
order, from time to time, for investment in the shares or security bonds or
debentures issued by any other society. While determining such proportion,
the Registrar may impose such conditions as he may deem fit.
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(5)
|
When any
society or societies have been permitted to enter into collaboration as
provided under sub-section (1) of Section 20A, if it is necessary to invest
the funds of the society or societies in such collaboration, the Registrar
may, in addition to any general or special order of the State Government as
specified in clause (e) of Section 70, impose such additional conditions as
may be necessary in the interest of the society:
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Provided
that, the Registrar may for ensuring the safety of the funds of the society
or societies invested in such collaboration for beneficial utilisation of the
funds in furtherance of the objects may be regulated to the extent and manner
of such investment from time to time.
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56.
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Maintenance
and administration of provident fund:-
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A society
which has established a
provident fund for its employees under Section 71 shall, with the previous
approval of the Registrar, frame regulations for the maintenance and
utilisation of the provident fund for its employees. Among other matters,
such regulations shall provide for the following—
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(i)
|
amount (not
exceeding ten per cent of the employees salary) of contribution to be
deducted from the employees salary;
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(ii)
|
the rate of
contribution (not exceeding the annual contribution made by the employee) to
be made by the society;
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(iii)
|
advances
which may be made against the security of the provident fund;
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(iv)
|
refund of
employees' contribution and contribution made by the society;
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(v)
|
Mode of
investment of the provident fund and payment of interest thereon.
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