PROPERTY AND FUNDS OF SOCIETIES
64.
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No part of the funds, other than the
dividend equalization or bonus equalization funds as may be prescribed or the
net profits of a society, shall be paid by way of bonus or dividend, or
otherwise distributed among its members:
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Provided that, a member may be paid
remuneration on such scale as may be laid down by the bye-laws, for any
services rendered by him to the society.
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65.
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(1)
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A Society shall construct its relevant
annual financial statements and arrive at its consequent net profit or loss
in the manner prescribed.-
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(2)
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A society may appropriate its net profits
to the reserve fund or any other fund to payment of dividends to members on
their shares to the payment of bonus on the basis of support received from
members and persons who are not members to its business, to payment of
honoraria and towards any other purpose which may be specified in the rules
or bye-laws :
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Provided that no part of the profits
shall be appropriated except with le approval of the annual general meeting
and in conformity with the Act, rules and bye-laws.
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66.
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(1)
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Every society which does, or can, derive
a profit from its transactions shall maintain a reserve fund.
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(2)
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Every society shall carry at least
one-fourth of the net profits each year to the reserve fund; and such reserve
fund may, subject to the rules made in this behalf, if any, be used in the
business of the society or may, subject to the provisions of section 70, be
invested, as the State Government may by general or special order direct, or
may, with the previous sanction of the State Government, be used in part for
some public purpose likely to promote the objects of this Act, or for some
such purpose of the State, or local interest:
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Provided that, the Registrar may, having
regard to the financial position of any society or class of societies, fix
the contribution to be made to the reserve fund under this sub-section at a
lower rate, but not lower than one-tenth of the net profits of the society or
societies concerned.
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67.
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No society shall pay dividend to its
members at a rate exceeding 15 per cent except with the prior sanction of the
Registrar.
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Provided that, the primary agricultural
credit co-operative society shall pay dividend to its members as per the guidelines
issued by the Registrar, in accordance with criteria specified by the
National Bank.
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68.
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(1)
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Every society no being contribute credit
structure entity shall contribute annually towards the education fund of the
State federal society which may be notified in this behalf by the State
Government a it such rate as may be prescribed, and different rates may be
prescribed for different societies or classes of societies depending on their
financial condition.
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(2)
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Every society shall pay its contribution
to the said fund within three months after the close of the co-operative year.
Any officer willfully failing to comply with the requirement of this section,
shall be personally liable for making good the amount to the federal society
notified as aforesaid.
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(3)
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Where any society fails to pay the
contribution within the period specified in sub-section (2), the amount of
contribution due shall be recoverable as an arrear of land revenue and on the
State Federal Society making a report of such failure to the Registrar, the
Registrar shall, after making such inquiry as he deems fit, grant a
certificate for recovery of the amount due as an arrear of land revenue.
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(4)
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With effect from the date of commencement
of the Maharashtra co-operative
Societies (Amendment) Act, 2013, (Mah.XIV of 2013) the provisions of
sub-section (1) to (3) shall cease to be in force. [* Was inserted By MAH. XXIV of 1961]
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(5)
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Notwithstanding anything contained in
sub-section (4), any amount due on the date of commencement of the
Maharashtra Co-operative Societies (Amendment) Act, 2013, (Mah.XIV of 2013)
shall be recoverable as an arrear of land revenue and upon the request of the
State federal society, the Registrar shall, after making such inquiry as he
deems fit, grant a certificate for recovery of the amount due as an arrear of
land revenue. [* Was inserted By MAH.
XXIV of 1961]
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69.
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After providing for the reserve fund as
provided in Section 66, and for “funds towards co-operative education and
training as provided in section 24A” [*
Was substituted By MAH. XXIV of 1961] a society may set aside a sum not
exceeding twenty per cent of its net profits, and utilize, with the approval
of such federal society as may be notified by the State Government in this
behalf from time to time, the whole or part of such sum in contributing to
any co-operative purpose, or to any charitable purpose within the meaning of
section 2 of the Charitable Endowments Act, 1890, or to any other public
purpose.
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69-A
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Constitution of
Co-operative State Cadre of Secretaries of certain societies and establishment
of Employment Fund for such Cadre — [* Was deleted By MAH. XXIV of 1961]
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(1)
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There shall be constituted a Co-operative
State Cadre of Secretaries of primary agricultural credit societies,
multipurpose cooperative societies and service co-operatives and such other
classes of societies as may be prescribed in this behalf thereinafter in this
section referred to as "the Co-operative State Cadre", consisting
of persons recruited for this purpose by the Central Societies notified in
this behalf by the State Government. The number of persons to be recruited
and their conditions of service shall be determined by the Central Societies
in accordance with such general or special guidelines, if any, as may be
issued by the State Government, from time to time. [* Was deleted By MAH. XXIV of 1961]
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(2)
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A Central Society may, from time to time,
depute any person appointed by it to that Cadre to work under any society
referred to in subsection (1), as it may consider necessary. Where any such
person is posted to work under any society, his services shall be taken over
by the society on such post for such period and on such other terms and
conditions, as the Central Society may determine, but the person so posted
shall draw his salary and allowances from the Fund established under
sub-section (3). [* Was deleted By
MAH. XXIV of 1961]
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(2-A)
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The immediate initial supervisory control
on the person appointed to the cadre and deputed or posted to work as
secretary under each of the societies referred to in sub-section (1) shall be
with the Taluka Supervision Society consisting of the societies, in each
respective Taluka to which such persons are deputed, as members thereof and
registered for the purpose. The Taluka Supervision Society shall exercise
such powers and discharge such functions or perform such duties as may be
conferred or imposed on it by the bye-laws of such society. [* Was deleted By MAH. XXIV of 1961]
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(3)
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An Apex society notified in this behalf
by the State Government shall establish a Fund to be called "the
Co-operative State Cadre Employment Fund, which, when established, shall be
deemed to have been established with effect from the 1st day of July, 1973.
It shall be utilised for meeting the expenses on the salaries, allowances and
other emoluments to be paid to the persons appointed to the Co-operative
State Cadre and the other expenditure relating to the Cadre. [* Was deleted By MAH. XXIV of 1961]
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(4-a)
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Every society or class or classes of
societies, which in the opinion of the State Government, derive any benefit,
directly or indirectly, from the service of any Secretary belonging to the
Co-operative State Cadre of Secretaries, and [* Was deleted By MAH. XXIV of 1961]
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(b)
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Every other body corporate carrying on
any trade, business or industry or class or classes of such corporate bodies,
which in the opinion of the State Government derive such benefit as aforesaid
and which are notified by the State Government in this behalf, from time to
time, by general or special order, shall, with effect from the 1st day of
July, 1977, contribute annually to the said Fund, at such rate and in such
manner as may be prescribed, and different rates may be prescribed for
different societies or other corporate bodies or class or classes of
societies or class or classes of other corporate bodies. In determining the
rate or rates of contribution, the State Government shall take into
consideration the expenditure referred to in sub-section (3), the services
likely to be rendered and the financial condition of the societies or other
bodies concerned. [* Was deleted By
MAH. XXIV of 1961]
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Explanation. - Notwithstanding anything contained
in any law for the time being in force, for the purposes of levy and
collection of the contribution to the said Fund by any other corporate body
to which this section applies, such corporate body shall be deemed to be a
society governed by this Act. [* Was
deleted By MAH. XXIV of 1961]
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(5)
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Where there is a failure to comply with
the requirements of the last preceding sub-section, the Registrar may serve a
demand notice on the society concerned to pay the contribution within two
months from the date of demand. Such demand shall be a charge on the income
of the society. If the contribution is not paid within the period aforesaid,
the Registrar may direct any Bank or person having custody of the funds of
the society to pay the amount of the contribution immediately, and such Bank
or person shall comply with the orders of the Registrar. Every payment made
pursuant to such direction shall be a sufficient discharge to such Bank or
person from all liability to the society in respect of any sum so paid by it
or him out of the moneys of the society in his custody. [* Was deleted By MAH. XXIV of 1961]
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(6)
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The State Government may make rules
regulating all matters connected with or ancillary to the custody and
maintenance of, the payment of moneys into and the expenditure and withdrawal
of moneys from, the said Fund. [* Was
deleted By MAH. XXIV of 1961]
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69 B
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Constitution of District Level ad State
Level Committee -
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The State Government shall constitute
District Level Committees and the State Level Committees, from time to time,
as it shall deem fit, for solving the problems of Group Secretaries in the
State.
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70.
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“A society” [* Was substituted By MAH. XXIV of 1961] shall invest or deposit
its funds in one or more of the following:
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(a)
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in a District Central Co-operative Bank
or the State Co-operative Bank; having awarded at least “A” Audit class in
last three consecutive years; [* Was
substituted By MAH. XXIV of 1961]
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(b)
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in any of the securities specified in
section 20 of the Indian Trusts Act, 1882;
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(c)
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in the shares, or security bonds, or
debentures, issued by any other society with limited liability and having the
same classification to which it belongs :
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(d)
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in any other mode permitted by the rules,
or by general or special order in that behalf of the State Government: [* Was inserted By MAH. XXIV of 1961]
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Provided that, no society shall invest
more than such proportion of it’s paid up share capital as may be prescribed:
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Provided further that, the co-operative
credit structure entity shall invest its funds subject to guidelines as may
be, issued from time to time by Reserve Bank of India.
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71.
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(1)
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Any society may establish for its
employees a provident fund, into which shall be paid the contributions made
but its employees and by the society. Such provident fund shall not be used
in the business of the society, nor shall it form part of the assets of the
society; but shall be invested under the provisions of, the last preceding
section, and shall be administered in the manner prescribed.
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(2)
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Notwithstanding anything contained in the
foregoing subsection, a provident fund established by a society to which the
Employees Provident Funds Act, 1952 is applicable, shall be governed by that
Act.
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71-A.
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(1)
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No expenditure from the funds of a
society shall be incurred for the purpose of defraying the costs of any
proceedings filed or taken by or against any officer of the society in his
personal capacity “under sections 78, 78A, or 96”. [* Was substituted By MAH. XXIV of 1961] If any question arises
whether any expenditure can be so incurred or not, such question shall be
referred to and decided by the Registrar and his decision shall be final.
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(2)
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If any person incurs expenditure in
violation of sub-section (1), the Registrar shall direct the person to repay
the amount to the society within one month and where such person fails to
repay the amount as directed, such amount shall, on a certificate issued by
the Registrar, be recoverable as arrears of land revenue.
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(3)
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The person against whom action is taken
by the Registrar under sub-section (2) shall be disqualified to continue to
be the officer of any society or to be officer of any society at any next
election including any next by-election held immediately after the expiration
of a period of one month during which such person has failed to pay the
amount referred to in sub-section (2).
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