(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.
Contribution to educational fund of the State Federal society.
Contribution to public purposes.
Investment of funds.
II of 1882.
XIX of 1952.
Employees provident fund.
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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.
74. (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 there under, 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 there under.
Provided that the maximum number of Directors of a Cooperative Society shall not exceed twenty one.
Provided further that there shall be reservation of two seats for woman in the Board of every Co-operative 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 Co-operative Society, as a members of the Board of such Society.
Provided further that, the number of such co-opted members 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 of the Co-operative 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 Cooperative 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.
Final authority.
Committee its powers and functions.
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74. (B) (i) 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.