(1) Any society may establish for its employees a provident fund into which shall be paid the contributions made by 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.
(2) Notwithstanding anything contained in the foregoing sub-section, a provident fund established, by a society to which the Employees Provident Funds Act, 1952, as applicable, shall be governed by that Act.
CHAPTER - VII Management of Society
73. Subject to the provisions in this Act and the rules, the final authority of every society shall vest in the general body of members in general meeting summoned in such a manner as may be specified in the bye-laws.
74. The management of every society shall vest in a committee constituted in according with this Act, the rules and bye-laws, which shall exercise such powers and perform such duties as may be conferred or imposed respectively by this Act, the rules and the bye laws.
4074(A). Number and terms of Board and its office bearer, - ( 1) The management of every Society shall vest in a Board constituted in accordance with this Act, and the Rules and the Bye-laws made thereunder, which shall exercise such powers and perform such duties as may be conferred or imposed respectively by this Act, or the Rules and the Bye laws made thereunder.
Provided that the maximum number of Directors of a Co-operative Society shall not exceed twenty one.
Provided further that there shall be reservation of two seats for woman in the Board of every Cooperative Society.
(2) The term of office of elected members and its office bearers shall be five years from the date of election and the term of office bearers shall be coterminous with the term of the Board.
Provided that, there shall be provisions for co-option of persons to be members of the Board having experience in the field of banking management, finance or specialization in any other field relating to the objects and activities undertaken by the Cooperative Society, as a members of the Board of such Society.
Provided further that, the number of such co-opted member shall not exceed two in addition to twenty one Directors specified in the first proviso to clause (1) of this section.
Provided also, that such co-opted members shall not have the right to vote in any election Contribution to public purposes.
VI of 1890 Investment of funds.
II of 1882.
Employees provident fund.
XIX of 1952.
Final authority.
Committee its powers and functions.
of the Cooperative Society in their capacity as such member or to be eligible to be elected as office bearers of the Board.'
Provided further also that the functional Directors of a Co-operative Society shall also be the members of the Board and such members shall be excluded for the purpose of counting the total number of Directors specified in the first proviso to clause (1) of this section.
74 (B). Election of Members of Board, -
1. Notwithstanding anything contained in any other law for the time being in force, made by the Legislature of the State, the election of the members of the Board shall be conducted before the expiry of the term of the Board so as to ensure that the newly elected members of the Board assume office immediately on the expiry of the office of the members of the outgoing Board.
2. The superintendence, direction and control of the preparation of electoral rolls for, and the conduct of, all election to a Co-operative Society shall vest in such an authority or body, as may be provided, by law made by the State Legislature.
Provided that, the procedure and guidelines for the conduct of such election shall be evolved separately, as may be deemed appropriate, by such authority or body".]
75. The qualifications for the appointment of a Manager, Secretary, Accountant or any other officer of a society shall be such, as may from time to time, be prescribed.
4E[76 (1) Every Society shall, within a period of six months after the date fixed for making up its accounts for the year under the rules for the time being in force, call a general meeting.
Provided that, the Registrar may, by general or special order, extend the period for holding such meeting for a further period not exceeding three months.
Provided further that, if in the opinion of the Registrar. such extension is necessary or such meeting is not called by the Society within the extended period, (if any), granted by him, the Registrar or any person authorized by him may call such meeting in the prescribed manner and that meeting shall be deemed to be a general meeting duly called by the Society.
(2) There shall be attached to every balance sheet laid before the general meeting of the Society, a report by its committee, with respect to, -
(a) the state of the Society affairs;
(b) the amount if any, which it proposes to carry to any reserve either in such balance sheet, or any other specific balance sheet , and
(c) the amount if any, which it recommends should be paid by way of dividend bonus or honoraria to honorary workers.
The committee's report shall also deal with changes. which have occurred during the year for which the accounts are made up in the nature of the Society's business. The committee's report shall be signed by its Chairman, or any other member authorized to sign on behalf of the committee !Chairman.
(3) At every annual general meeting the balance sheet, the profit and loss account, the auditors report and the committee's report shall be placed for adoption and such other business will be transacted, as may be laid down in the bye-laws for which due notice has to be given.
(4) If default is made in calling a general meeting within the period or as the case may be, the extended period prescribed, the Registrar may by order declare any officer or member of the committee whose duty it was to call such meeting, and who without reasonable Appointment of Manager, Secretary and other Officers Annual general meeting.
ground, failed to comply with the provisions of the aforesaid sub-sections, disqualified for being elected and for being an officer or member of the committee for such period not exceeding three years, as may be specified in such an order and if the officer is a servant of the Society, impose a penalty on him to an amount not exceeding one thousand rupees. Before making such an order the Registrar, however, shall give or cause to be given, a reasonable opportunity to the person concerned of showing cause with regard to the action proposed to be taken against him.
(5) Any penalty imposed may be recovered in the manner provided by the Code of Criminal Procedure, 1973, for the recovery of fines imposed by a Magistrate, as if, such fine were imposed by the Magistrate himself'