REGISTERED No. D. 221 The Gazette of India EXTRAORDINARY
PART II—Section 1 PUBLISHED BY AUTHORITY No. 30] NEW DELHI, MONDAY, SEPTEMBER 27, I965/ASVINA 5, 1887 Separate paging is given to this Part in order that it may be filed as a separate compilation. (Legislative Department) (Legislative Department) New Delhi, the 27th September, 1965/Asvina 5, 1887 (Saka) The following Acts of Parliament received the assent of the President on the 25th September. 1965, and are hereby published for general information; — THE EMPLOYEES' PROVIDENT FUNDS (AMENDMENT) ACT, 1965 NO. 22 OF I965 [25th September, 1965] An Act further to amend the Employees' Provident Funds Act, 1952 BE it enacted by Parliament in the Sixteenth Year of the Republic of India as follows: —
1. (2) This Act may be called the Employees' Provident Funds (Amendment) Act, 1965.
(2) It shall be deemed to have come into force on the 24th day of November, 1964. Short title and commencement. 19 of 1052.
2. In section 2 of the Employees' Provident Funds Act, 1952, in sub-clause (i) of clause (a), after the words "a controlled industry,", me words "or in relation to an establishment having departments or branches in more than one State," shall be inserted. Amendment of section.
(447) 524 G of I Ex.—1. 448 THE! GAZETTE OF INDIA EXTRAORDINARY tPxKt IT THE BANKING LAWS (APPLICATION TO CO-OPERATIVE SOCIETIES) ACT, 1965 NO. 23 OF 1965 [25th September, 1965] An Act further to amend the Reserve Bank of India Act, 1934 and the Banking Companies Actj 1949 for the purpose of regulating the banking business of certain co-operative societies and for matters connected therewith. Bi it enacted by Parliament in the Sixteenth Year of the Republic of India aa follows: —
CHAPTER I Short titlo and commencement.
1. (1) This Act may be called the Banking Laws (Application to Co-operative Societies) Act, 1965.
(2) It shall come into force on such date as the Central Govarnment may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act.
CHAPTER II AMENDMENT OP THE RESERVE BANK OF INDIA ACT, 1934 Amendment of Motion 2,
2. In section 2 of the Reserve Bank of India Act, 1934 (hereinafter in this Chapter referred to as the principal Act),—
(i) clauses (a) and (aa) shall be re-lettered as clauses (ai) and (aii) respectively, and before clause (al) as so re-lettered, the following clause shall be inserted, namely: — '(a) "agricultural operations" includes animal husbandry and allied activities jointly undertaken with agricultural operations;'
(ii) for clause (bb), the following clauses shall be substituted, namely:— l(bi) "central co-operative bank" means the principal co-operative society in a district in « State, th« primary oT>- l*t 1M4. S»C. 1] THE GAZETTE OP INDIA EXTRAORDINARY 449 ject of which Is the financing of other co-operative societies In that district:
Provided that in addition to such principal society in a district or where there is no such principal society in a district, the State Government may declare any one or more co-operative societies carrying on the business of financing other co-operative societies in that district to be a central co-operative bank or banks within the meaning of this definition; (bii) "co-operative bank" means a State co-operativ« bank, a central co-operative bank and a primary co-operative bank; (biii) "co-operative credit society" means a co-operative society, the primary object of which Is to provide financial accommodation to its members and includes a co-operative land mortgage bank; 2 W lilt. (biv) "co-operative society" means a society registered, or deemed to be registered, under the Co-operative Societies Act, 1912 or any other law relating to co-operative societies for the time being In force In any State;
(bo) "crops" includes products of agricultural operations;'; (Hi) clauses (bbb) and (bbbb) shall be re-lettered as clausei (bvi) and (bvli) respectively, and after clause (bvii) as so relettered, the following clause shall be Inserted, namely: — '(bviii) "director", In relation to a co-operative society, includes a member of any committee or body for the time being vested with the management of the affairs of that Rodety;';
(iv) after clause (c), the following clauses shall be inserted, namely:— '(c{) "marketing of crops" includes the processing of crops prior to marketing by agricultural producers or any organization of such producers;
(cii) "primary agricultural credit society" means a cooperative society,— 450 THB GAZETTE OF INDTA EXTRAORDINAHY [PART II
(1) the primary object or principal business of which is to provide financial accommodation to its members for agricultural purposes or for purposes connected with agricultural activities (including the marketing of crops); and
(2) the bye-laws of which do not permit admission of any other co-operative society as a member;
(cm) "primary co-operative bank" means a co-operative society, other than a primary agricultural credit society,—
(1) the primary object or principal business of which is the transaction of banking business;
(2) the paid-up share capital and reserves of which are not less than one lakh of rupees; and
(3) the bye-laws of which do not permit admission of any other co-operative society as a member; (div) "primary credit society" means a ico-operativ« society, other than a primary agricultural credit society,—
(1) the primary object or principal business of which la the transaction of banking business;
(2) the paid-up share capital and reserves of whirh •re leas than one lakh of rupees; and
(3) the bye-laws of which do not permit admission of any other co-operative society as n member.
Explanation.—If any dispute arises as to the primary object or principal busine^ of any co-operative society referred to in this clause or clause (oil) or clause (cm), a determination thereof by the Bank shall be final.1;
(v) clause (ee) shall be re-lettered as clause (ei);
(vi) In clause (f), for the words b?g^nin? with "the principal society" and ending with "are deemed to be so registered", the words "the principal co-orwalive society in a State, the primary object of which is the financing of other co-operative societies in the State" shall be substituted. Amendment •< Mrttaill
3. In section 10 of the principal Act, for clause (t) of sub-action
(1), the following clause shall hs substituted, namely: — "(e) Is a director, of a banking company within the m»an1vip of clause (c) of section 5 of the Banking Companies Act, 1949, io of 1949. or of a co-operative bank.". Sic, 1] THE GAZETTE OF INDIA EXTRAORDINARY 45!
4. In section 17 of iho principal Act, in clause (2), Explanation to sub-clause (b) shall ba omitted. AJIlttudment of •ectton 17.
5. In section 18 of t.hf principal Act, in clause (3) of sub-section (/), after tho words and figures "the Banking Companies Act, 1949", the words "or to n Si ale co-operative bank or, on the recommendation of the Siata co-operative bank, to any other co-operative bank" shall be inserted. Amendment of section 18.
6. In section 42 of the principal Act,—
(i) in sub-section (1), for elaus* (c) of th« .Explanation, the following clause shall he substituted, namely: — '(c) "liabilities" shall not include—
(i) the paid-up capital or the reserves or any credit balance in the profit and loss account of the bank,
(ii) the amount of any loan taken from the Bank or from the Development Bank or from the Agricultural Refinance Corporation or from the State Bank or from any other bank notified by the Central Government in this behalf, and |
(m) in the case of a State co-operative bank, »lso any loan taken by such bank from a State Government and any deposit of money with such bank representing the reserve fund or any part thereof required to be maintained with it by any co-operative society within its ares of operation;';
(ii) in sub-section (8), in sub-clause (in) of clause (a), for the words "is a company", the words "is a State co-operativtt bank or a company" shall be substituted. Amendment of •ection 48.
7. Section 44 of the principal Act shall be omitted. Ommioii «f section
44.
8. In section 45H of the principal Act, after the words and figures "section 51 of that Act", the words "or a co-operative bank or a primary agricultural credit society or a- primary credit society" shall be inserted. Amendment of section
48H.
9. In section 451 of the principal Act, in clauie (e), after the word "corporation,", the words "co-operative society" shall be inserted. Am«ndm«nt of section
451. 452 THE GAZETTE OF INDIA EXTRAORDINARY [PAHT H
CHAPTER III AMENDMENT OF THE BANKING COMPANIES ACT. 1949 Amendment of long title and preamble.
10. In the Banking Companies Act, 1949 (hereinafter in thi# Chapter referred to as the principal Act), in the long title and In the preamble, the word "companies" shall be omitted. ll«ll!4f. Amendment of section 1,
11. (1) In section 1 of the principal Act, in lub-section (I), for the word "Companies", the word "Regulation" shall be substituted.
(2) Any reference to the Banking Companies Act, 1949 in any law for the time being in force, or in any instrument or other document, shall be construed as a reference to the Banking Regulation Act, 1949. 10 of 1U9. Substitution of new section for section 3.
12. For section 3 of the principal Act, the following section shall be substituted, namely: — Act to apply to co-operative •societies In certain cases. "3. Nothing in this Act shall apply to—
(a) a primary agricultural credit society;
(b) a co-operative land mortgage bank; and
(c) any other co-operative society, except in th» manner and to the extent specified in Part V.". Amendment of section 18.
13. In section 18 of the principal Act, in clause (b) of th«
Explanation, for the words "the Refinance Corporation for Industry Limited,", the words "the Industrial Development Bank of India or from the Agricultural Refinance Corporation" shall be substituted Insertion of new Fart V.
14. In the principal Act, after Part IV, the following Part shall be inserted, namelv:— ' 'PART V APPLICATION OF THE ACT TO CO-OPEHATTVI! BANKS Act to apply to co-operative societies subject to modifications.
56. The provisions of this Act, as in force for the time being, shall apply to, or in relation to, co-operative societies as thfty apply to, or in relation to, banking companies subject to th« following modifications, namely: —
(a) Throughout this Act, unless the context otherwisa requires,—
(i) references to a "banking company" or "th« Sic. 1] THE GAZETTE OF INDIA EXTRAOKDINABY 4j£ company or such company snail oe consiruea as references to a co-operative bank,
(ii) references to "commencement of this Act" shall be construed as references to commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965;
(b) in section 2, the words and figures "the Companies Act, 1956, and" shall be omitted;
(c) in section 5,— IrflMt
(i) after clause (cc), the following clause shall be Inserted, namely:— <(ccc) "central cooperative bank", "co-operative bank", "co-operative society", "director", "primary agricultural credit society", "primary co-operative bank", "primary credit society" and "State co-operative bank" shall have the meanings respectively assigned to them in the Reserve Bank of India Act, 1934.'; |
(ii) jdauses (if) and (h) shall be omitted;
(d) for section 5A, the following section shall be substituted, namely: — "5A. (2) The provisions of this Part shall have effect, notwithstanding anything to the contrary contained in the bye-laws of a co-operative society, or in any agreement executed by it, or in any resolution passed by it in general meeting, or by its Board of directors or other body entrusted with the management of its affairs, whether the same be registered, executed or pas3ed, as the case may be, before or after the commencement of the Banking Laws (Application to Cooperative Societies) Act, 1965.
(2) Any provision contained in the bye-laws, agreement or resolution aforesaid shall, to the extent to which it is repugnant to the provisions of this Part, become or be void, as the case may be,";
(e) in section 6, in sub-section (1),—
(i) in clause (b), the words ", but excluding the business of a managing agent or secretary and treasurer of a company" shall be omitted;
(ii) in clause (d), after the word "company,", the words "co-operative society," shall be inserted; Act to override bye-laws. etc. 454 >rHl i GAZETTE OF INDIA EXTRAORDINARY [FART tl
(iii) in clause (m), after the word "company", the words "or co-operative society" shall be inserted;
(f) for section 7, the following section shall be substituted, namely: — U»»of •word "bank", "banker" or "banking". '7. (1) No co-operative society other than a cooperative bank shall use as part of its name any of the words "bank", "banker" or "banking" and no co-operative society shall carry on the business of banking in India unless it uses as part of its name at least one of iuch words.
(2) Nothing in this section shall apply to—
(o) a primary credit society, or
(b) a co-operative society formed for the protection oi the mutual interests of co-operative banks or co-operative land mortgage banks.';
(g) section 10 shall bo omitted;
(h) .for section 11, the following section shall be substituted, namely: — Requirement as to minimum paid-up capital and reserves. '11. (/) Notwithstanding any law relating to cooperative societies for the time being in force, no cooperative bank shall commence or carry on the business of banking in India unless the aggregate value of its paid-up capital and reserves is not less than one lakh of rupees:
Provided that nothing in this sub-section shall apply to— ;
(a) any such bank which is carrying on such business at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965, for a period of three years from such commencement; or (i>) to a primary credit society which becomes a primary co-operative bank after such commencement, for a period of two years from the date it so becomes a primary co-operative bank or for su?h further period not exceeding one yesr as the Reserve Bank, having regard to the interests \>f the depositors of the primary co-operative bink, rmy think fit in any particular case to allow. SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 455
(2) For the purposes of this section, "value" means the real or exchangeable value and not the nominal value which may be shown in the books of the co-operative bank concerned.
(3) If any dispute arises in computing the aggregate value of the paid-up capital and reserves of any such co-operative bank, a determination thereof by the Reserve Bank shall be final for the purposes of this section.';
(i) sections 12, 12A, 13 and 15 to 17 shall be omitted;
(j) for section 18, the following section shall be substituted, namely: — 2 of 1934. W of 1881. '18. Every co-operative bank, not being a State cooperative bank for the time being included in the Second Schedule to the Reserve Bank of India Act, 1934, shall maintain in India, by way of cash reserve with itself or in current account opened with the Reserve Bank or the State Bank of India or the State cooperative bank of the State concerned or with any other bank notified by the Central Government in this behalf or, in the case of a primary co-operative bank, with the central co-operative bank of the district concerned or partly in cash with itself and partly in such account or accounts, a sum equivalent to at least three per cent, of the total of its time and demand, liabilities in India, and shall submit to the Reserve Bank before the 15th day of every month a return showing the amount so held on Friday of each week of the preceding month with particulars of its time and demand liabilities In India on each such Friday, or, if any such Friday is a public holiday under the Negotiable Instruments Act, 1881, at the close of business on the preceding working day.
Explanation.—In this section and section 24, "liabilities in India" shall not include,—
(a) the paid-up capital or the reserves or any credit balance in the profit and loss account of the co-operative bank;
(b) any advance taken from a State Government, the Reserve Bank, the State Bank oi India, the Industrial Development Bank at Cash reaerv* m a oi 1 BK.-2. J<6 THE GAZETTE Of INDIA EXTRAORDINARY [PAOT M India, the Agricultural Refinance Corporation or any bank notified by the Central Government under clause (c) of the Explanation to sub-section (1) of section 42 of the Reserve Bank of India Act, 1934;
(c) in the case of a central co-operative bank, also any advance taken by It from the Statt cooperative bank of the State concerned and any deposit of money with it representing the reserve fund or any part thereof required to be maintained with It by any other co-operative society within the area of its operation;
(d) in the case of a primary co-operative bank, also any advance taken by it from the State cooperative bank of the State concerned or the central co-operative bank of the district concerned.';
(k) for section 19, the following section shall be substituted, namely:— 3 ct 1914 RMtrlctlonon holding ibarea in other cooperative societies. "19. No co-operative bank shall hold shares In any other co-operative society except to such extent and subject to such conditions as the Reserve Bank may specify in that behalf:
Provided that nothing contained in this section shall apply to—
(i) shares acquired through funds provided by the State Government for that purpose;
(ii) in the case of a central co-operative bank, the holding of shares in the State co-operative bank to which it Is affiliated; (Hi) in the case of a primary co-operative bank, the holding of shares in the central co-operative bank to which it is affiliated or in the State co-operative bank of the State In which it is registered:
Provided further that where any shares ara held by a co-operative bank in contravention of this section at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965, the co-operative bank shall without delay report the matter to the Reserve Bank and shall, notwithstanding anything contained In this section, be entitled to hold the share* for SKC. 1] THK GAZETTE OF INDIA EXTRAORDINARY 457 such period and on such conditions as the Reserve Bank may specify."; 1 of 1196. (I) in section 20, in sub-section (1),—
(i) the words and figures "Notwithstanding anything to the contrary contained in section 77 of tht Companies Act, 1956," shall be omitted;
(if) for the proviso, the following proviso shall b* substituted, namely: — "Provided that nothing in clause (b) shall apply to the grant of unsecured loans or advances—
(a) made by a co-operative bank—
(i) against bills for supplies or services made or rendered to Government or bills of exchange arising out of bona fide commercial or trade transactions, or
(ii) In respect whereof trust-receipts are furnished to the co-operative bank;
(b) made by a primary co-operative bank to any of its directors within such limits and on such terms and conditions as may be approved by the Reserve Bank In this behalf."; loflDM,
(m) In-section 20A, in sub-section (1), the words and figures "Notwithstanding anything to the contrary contained In section 293 of the Companies Act, 1956," shall be omitted;
(n) In section 21, in sub-section (2), in clauses (c) and
(d), for the words "any one company, firm, association of persons or individual", the words "any one party" shall be substituted;
(0) in section 22,— ({) for sub-sections (1) and (2), the following subsections shall be substituted, namely; — "(1) Save as hereinafter provided, no co-operative society shall carry on banking busines* In India unless— '
(0) 4t la a primary credit society, or 458 THE GAZETTE OF INDIA EXTRAORDINARY [PART II
(b) it is a co-operative bank and holds a licence issued in that behalf by the Reserve Bank, subject to such conditions, if any, as the Reserve Bank may deem fit to impose:
Provided that nothing in this sub-section shall apply to a co-operative society, not being a primary credit society or a co-operative bank carrying on banking business at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965, for a period of one year from such commencement.
(2) Every co-operative society carrying on business as a co-operative bank at the commencement of the Banking Laws (Application to Cooperative Societies) Act, 1965, shall before the expiry of three months from such commencement, every primary credit society which becomes a primary co-operative bank after such commencement shell before the expiry of three months from the date on which it so becomes a primary co-operative bank and every co-operative society other than a primary credit society shall before commencing banking business in India, apply in writing to the Reserve Bank for a licence under this section:
Provided that nothing in clause (b) of subsection (I) shell be deemed to prohibit a co-operative society carrying on business as a co-operative bank at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965, and a primary credit society which becomes a primary co-operative bank after such commencement, from carrying on banking business until It is granted a licence in pursuance of this section or is by notice in writing informed by the Reserve Bank that a licence cannot be granted to it.";
(li) in sub-section (3), clause (c) shall be omittod;
(p) In section 23, for sub-section (1) t the following sub-section shall be substituted, namely: — "(1) Without obtaining the prior permission of the Hwerve Bank, no co-operative bank shell open a new Sic. 1] THE GAZETTE OF INDIA EXTRAOKDINABY 459 place of business or change otherwise than within the same city, town or village, the location of an existing place of business: Provide^ that nothing In this sub-section shall apply to—
(a) the opening for a period not exceeding one month of a temporary place of business within a city, town or village or the environs thereof within which the co-operative bank already has a place of business, for the purpose of affording banking facilities to the public on the occasion of an exhibition, a conference or a mela or any other like occasion;
(b) the opening of branches by a central cooperative bank within the area of it« operation.";
(q) in section 24,—
(i) in sub-section (1), the words "After the expiry of two years from the commencement of this Act," shall be omitted; («) for sub-sections (2) and (2A), the following sub-sections shall be substituted, namely: — " (2) In computing the amount for the purposes of sub-section (1),— 2 of 1184
(a) any balances maintained in India by a co-operative bank in current account with the Reserve Bank or the State Bank of India or with any other bank which may be notified in this behalf by the Central Government, including in the case of a State co-operative bank, the balance required under section 42 of the Reserve Bank of India Act, 1934, to be so maintained,
(b) any balances maintained by a central co-operative bank with the State co-operative bank of the State concerned, and
(r) any balances maintained by a primary co-operative bank with the central co-operative bank of the district concerned or with the State co-operative bank of the State concerned, shall b - deemed to be cash maintained in India. (2A) (a) Notwithstanding anything contained i* mib-s»ction (1) or in sub-section (2), after the 460 THE GAZETTE OF INDIA EXTRAORDINARY [PART II expiry of two years irom the commencement ai the Banking Laws (Application to Co-operatlvo Societies) Act, 1965, or of such further period not exceeding one year as the Reserve Bank, having regard to the interests of the co-operative bank concerned, may think fit in any particular case to allow.—
(i) a State co-operative bank, in addition to the average daily balance which it Is, or may be, required to maintain under section 42 of the Reserve Bank of India Act, 1934, and 2 of 1934.
(li) every other co-operative bank, in addition to the cash reserve which it is required to maintain under section 18, shall maintain In India in cash, gold or unencumbered approved securities, valued at a price not exceeding the current market price, an amount which shall not at the close of business on any day be less than twenty-five per cent, of the total of its demand and time liabilities in India;
(b) in computing the amount for the purposes of clause (a),—
(i) any cash or balances maintained In India by a co-operative bank, other than a State co-operative bank, with Itself or in current account with the Reserve Bank or the State Bank of India or the State co-operative bank of the State concerned or with any other bank which may be notified in this behalf by the Central Government and, in the case of a primary co-operative bank, also any balances maintained with the central co-operative bank of the district concerned, in excess of the aggregate of the cash or balance or both required to be maintained under section 18, and
(if) any balance maintained by a State cooperative bank with the Reserve Bank in excess of the balance required to be maintained by it under section 42 of the Reserve Bank of India Act, 1934, and any balances maintained by a State co-operative bank with the State Bank of India or with any other bank which may 2 of 1934 SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 461 be notified in this behalf by the Central Government, shall be deemed to be cash maintained in India.";
(r) section 25 shall be omitted;
(s) for sections 29 and 30, the following section shall be substituted, namely: — "29. (7) At the expiration of each year ending with the 30th day of June, every co-operative bank, in respect of all business transacted by it, shall prepare with reference to that year a balance-sheet and profit and loss account as on the last working day of the year In the Forms set out in the Third Schedule or as near thereto as circumstances admit.
(2) The balance-sheet and profit and loss account shall be signed by the manager or the principal officer of the bank and where there are more than three directors of the bank, by at least three of those directors, or where there are not more than three directors, by all the directors.
(3) The Central Government, after giving not less than three months' notice of its intention so to do by a notification in the Official Gazette, may from time to time by a like notification amend the Forms set out In the Third Schedule.";
(t) in section 31, for the words "within three months" and "of three months", the words "within six months" and "of six months" shall respectively be substituted;
(u) sections 32 to 34 shall be omitted;
(u) in section 34A, sub-section (3) shall be omitted;
(w) in section 35,—
(i) in sub-section (1),— Accounts and balance. •hart. 1 of 1958.
(a) for the words and figures "section 235 of the Companies Act, 1956", the words "any law relating to co-operative societies for the time being in force" shall be substituted;
(b) the following proviso shall be Inserted at the end, namely: — "Provided that the Reserve Bank may, if it considers necessary or expedient so to do, cause an inspection to be made of a primary cooperative bank under this sub-section by ona or 462 THE GAZETTE OF INDIA EXTRAORDINARY tPxwt II more officers of a State co-operative bank in the State in which such primary cooperative bank carries on business.";
(it) in sub-section (4), clause (b) shall be omitted; (Hi) the Explanation shall be omitted;
(x) in section 35A, in sub-section (1), in clause (c), for the words "any banking company", the words "the banking business of any co-operative bank" shall be substituted;
(y) section 35B shall be omitted;
(z) in section 36, in sub-section (I), clausas (b) and
(d) shall be omitted;
(za) in section 36A,—
(i) for subjection (1), the following sub-section shall be substituted, namely:— "(1) The provisions of section 11, section 18 and section 24 shall not apply to a co-operative bank which has been refused a licence under section 22 or whose licence has been cancelled under that section or which is or has been prohibited or precluded from accepting deposits by virtue of any order made under this Act or of any alteration made in its bye-laws."; (U) after sulb-section (2), the following sub-section shall be inserted, namely: — "(3) Subject to the provisions of sub-sectioni (/) and (2), a co-operative society carrying on business as a primary co-operative bank at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965, or a co-operative society which becomes a primary co-operative bank after such commencement shall, notwithstanding that it does not at any time thereafter satisfy th« requirements of the definition of primary co-operative bank in clause (ccc) of section 5, continue to be a primary co-operative bank within the meaning of this Act, and may, with the approval of the Reserve Bank and subject to such terms and conditions as the Reserve Bank may specify in that behalf, continue to carry on the business of banking.";
(zb) Part IIA, Part III, except sub-sections (1), (2) and (3) of section 45, and Part IIIA except section 45W shall bo omittad; SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 463
(zc) in section 46, in clause (a) of the Explanation, alter the words "includes a", the words "co-operative society," shall be inserted;
(zd) in section 47, the words, brackets, figures and letters "sub-section (5) of section 36AA or" shall be omitted;
(ze) section 49 shall be omitted;
(zf) in section 49A, for the proviso, the following proviso shall be substituted, namely: — "Provided that nothing contained in this section shall apply to—
(a) a primary credit society,
(b) any other co-operative society accepting such deposits at the commencement of the Banking Laws (Application to Co-operative Societies) Act. 1965, for a period of one year from the date of such commencement; and
(c) any savings bank scheme run by the Government.";
(zg) sections 49B and 49C shall be omitted;
(zh) in section 50, the figure's and letters "10, 12A, 16,", "35B," and ",43A" shall be omitted;
(zi) section 51 shall be omitted;
(zj) in section 52,—
(i) in sub-section (2), the words, figures and letter "and the form in which the official liquidator may file lists of debtors to the Court having jurisdiction under Part III or Part IIIA and the particulars which such lists may contain" shall be omitted;
(ii) sub-section (4) shall be omitted;
(zk) for section 55 and the First Schedule, the following section shall be substituted, namely: — "55. (1) The Bankers' Books Evidence Act, 1891 shall apply in relation to a co-operative bank as it applies in relation to a bank as denned in section 2 of that Act.
(2) The Banking Companies (Legal Practitioners' Clients' Accounts) Act, 1949 shall apply in relation to a co-operative bank as it applies in relation to a banking company as defined in section 2 of that Act."; Act 18 of 1891 and Act 46 of 1949 to apply in relation to cooperative banks. 524 G of I Ex.—3. 464 ™ E G A Z E T T E O F IN D IA E X T R A O R D IN A R Y [.PA R T II {si) for the Third Schedule and the. Fourth Schedule the following Schedule shall be substituted, namely;- •THE THIRD SCHEDULE (See section 29) FORM A FORM OF BALANCE-SHEET CAPITAL AND LIABILITIES
1. CAPITAL :
(1) Authorised Capital Shares of Rs each SharesofRs each
(it) Subscribed Capital Shares of Rs each . .Shares of Rs each (Ht) Amount called up On.. . .Shares at Rs each less calls unpaid . . . . . . On Shares at R=L each iess calls u n p a i d • . . . . O f (iii) above , he ld by
(a) Ind iv idua ls
(b) Co-opera t ive ins t i tu t ions .
(c) S ta te G o v e r n m e n t Rs. P. Rs. P. P R O P E R T Y A N D A S S E T S j . C A S H : I n h a n d a n d w i t h R e s e r v e Bank ; S ta te B a r k of Ind ia , S ta te co-opera t ive bank a n d cent ra l co-opera t ive bank .
2. B A L A N C E S W I T H O T H E R BANKS :
(i) C u r r e n t depos i t s . . . . .
(if) Savings b a n k deposi t s . . . .
(in) F ixed depcs i t s 3- M O N E Y A T CALL A N D S H O R T N O T I C E i- I N V E S T M E N T S :
(t) I n Cen t ra l and S ta te G o v e r n m e n t securi t ies (at book value) F a c e vahie R s . . . . . M a r k e t va lue R s . . . . fn) O t h e r T r u s t e e securi t ies . . . .
(iii) Sha res in co -ope ra t r r e ins t i tu t ions o the r t han in i t e m (5) be low . . . . . Rs. P. Rs. P. SEC. 1] T H E G A Z E T T E O F IN D IA E X T R A O R D IN A R Y 46 S 2- ( 3 RE3WVB rOND AND OTHIB RESHRVES : I
(1) S t a t u t o r y R e w r r e . . . . ( « ) Agr icul t i i ra l ( C r e d i t S tab i l i za t ion F u n d ) . (tii) Bu i ld ing F u n d . . . . . ( i s ) D i v i d e n d Equa l i za t ion F u n d .
(v) Spec ia l Bad D e b t s R e s e r v e
(vf) Bad and D o u b t f u l D e b t s Rese rve (oi i ; I n v e s t m e n t D e p r e c i a t i o n R e s c r r e \viit) O t h e r F u n d s a n d Rese rves ( to be specified) . P R I N C I P A L / S U B S I D I A R Y S T A T E P A R T N E R S H I P F U N D A C C O U N T : F o r sha re capital o f : ( 0 C e n t r a ; c o o p e r a t i v e b a n k s . . . Hi) P r i m a r y agr icul tura l c red i t societ ies (lit) O t h e r societ ies . . . . , D E P O S I T S AND O T H E H ACCOUNTS :
(1) F i s e d depos i t s* . . . .
(a) I nd iv idua l s** • . . . (i>) Cen t ra ) co-opera t ive b a n k s . .
(e)3 O t h e r societ ies (.11) Savings BanK Depos i t s , .
(a) I nd rv idua l s** . . . .
(b) Cen t r a l c o - o p e r a t i f s t ^ n k s
(c) O t h e r societ ies » a (Hi) C u r r e n t depos i t s . . . . (o i I a d i v i d u a i s * * . . . . (&1 Cen t r a l co-opera t ive banks
(c) O t h e r s o c i e t i e s . . . .
( tc ) M o n e y at call a n d shor t no t ice ,
5. 6, i [iv) Other investments (to be specified) INVESTMENTS OUT OF THE P£INCJPAL/SUBSIMABY STATE PAETNETSHTP FUND : In shares of : ()"j Central co-operative banks (i'i) Primary agricultural credit societies {til) Other societies . . . . . . ADvANCESt : (Pi Short-term I."\rnSj cash Credits, overdrafts aad bills discounted Of which secured against: ( J ) Government and other approved securities (f>) Other tangible securities @ Of the advances, amount due from individuals Of the adrartceSj amount overdue Considered bad and doubtful of recovery . . . . .
(ii) Medtum-tetm loans Of which secured against:
(0) Government and other approved securities
(b) Other tangible securities® 466 T H E G A ZE TTE O F IN D IA E X T R A O R D IN A R Y [PA RT II
5. CAPITAL AND LIABILITIES BoKBOWTNGit (0 From the Reserve Bank of India/State/ Central co-operative bank :
(a) Short-term loans, cash credits and overdrafts . . . . Of which secured against : (A) Government and other approved securities (B) Other tangible securities®
(6) Medium-Term loans of which securei against : (A) Government and other approved securities . (B) Other tangible securities@ (c"1 Long-term loans Of which secured against: (A) Government and other approved securities (B) Other tangible securit i e s . ' g . . . R s . i P. Rs. P. PROPERTY AND ASSETS Of the advances, amount due from individuals . . . . Of the advances, amount overdue : Considered bad and doubtful of recovery . . . . (tii) Long-term loans Of which secured against:
(j) Government and other approved securities
(6) Othertangiblesecurities@ . Of the advances, amount due from individuals . . . . Of the advances, amount overdue Considered bad and doubtful of recovery 7- INTEREST HECEEVABLE Of which overdue Rs. P, Rs. P. SEC. 11 T H E G A Z E T T E O F IN D IA E X T R A O R D IN A R Y 467 Ct'O From the State Bank of India
(d) Short-term Joans, cash credits and overdrafts . . . . Of which secured against : (\) Government and other approved securities (B) Other tangible securities©
(b) Medium-term loans Of which secured against : (A) Government and other approved securities CB) Other taagible securities® . . .
(e) Long-term loans Of which secured against : (A) Government and other approved securities . (B) Other tangible securities®
(in) Prom the State Government
(a) Short-term loans Of virhich secured against (A) Government and other approved securities . (B) Other tangible securities® . Coniidsiid bad and d o u b t s of recovery . . .
8. BILLS EBCEIVABLE BEING BILLS FOB COLLBC- TION AS per contra • 9- BRANCH ADJUSTMENTS . . . . .
10. PREMISES LESS DEPRECIATION
11. FURNITURE AND FIXTOTES LESS DEFKECIATION .
12. OTHER ASSETS (to be specified) 13- NON-BANKING ASSETS ACQUIRED IN SATISFACTION OF CLAIMS (stating mode of valuation) . 14- PROFIT AND Less 46S T H E G A Z E T T E O F IN D IA E X T R A O R D IN A R Y [PA R T II 7-
8. 9- 10 . CAPITAL AND LIABILITIES
(t) Medhim-term loans Of which iecured against: (A) Goremment and other approved securities . (B) Other tangible securities® .
(c)j Long-term loans Of which secured against: (A) Government and other approved securities , (B) Other tangible securitiesg . (ID) Loans from other sources (source and security to be specified) BILLS FOR COLLECTION BBING BILLS mcrrv- ABLI AS pcrcontra - . . . . BRANCH ADJUSTMENTS O V K B D U l D J T 1 R B S T E I S 1 K V E I N T H I S T F A T A B L 1 . . . . O T H H LIAIILJTTIS (0 Bills payable
(it) UndaL-ned dividends Rs. P. Rs. P. f ROPERTY AND ASSETS Rs. . P . P. • • SEC. 1] T H E G A Z E T T E O F IN D IA E X T R A O R D IN A R Y ^69
(in) Suspense
(re) Sundries
11. PROJTT AND LOSS Profit as per last balance-sheet Less appropriations 4dd profit for the year brought JYom the Profit and Loss Account TOTAL CONTINGENT LIABILITIES ( 0 Outs tanding liabilities for guarantees i&sued ,
(ii) Others . . . . T O T A L . T O T A L NOTES • : Fixed deposits" will include reserre fund deposits of societies, employ*** proyidont fmnd deposits, stiff security depositi, recmrring deposits cash certificates, e tc •*Undertheitem!'indiTiduaU'Meposilsfronain3Htutioiisotherthtaco-op«ratiTe bank* andlodetiesm«y be included. f"3DrroTriads" aai :'A.iTiacs".—Short-term, loins will b : for periods up to i^imontkSj^edhini-term^Tcuns from [5'«oitki to 5 years sad oag-teim losas orer 5 yews. ©"Other tangible security" will include borrowings igiinst gold aad gold ernmeati , repltdfeof goods, mortgige ofgland, etc General Instructiiu. The corresponding fiffures (to the nearest rupee, if so daeired) for the yetrunmediatelypreceding theyetrto which the bale ace-sheet relates should be shown in separate columns. 470 T H E G A Z E T T E O F IN D IA E X T R A O R D IN A R Y [PA R T II FORM B FORM OF PROFIT AND LOSS ACCOUNT Pro/it ani loss account for the ytar ended EXPENDITURE 1 2
3. 4-
6. 7-
8. 9- IO. Interest on deposits, borrowings, etc . Salaries and allowances and provident fund. Directors' and local committee members' fees and allowances Rent, taxes, insurance, lighting, etc . Law charges . . . . . . Postage, telegrams and telephone charges . Auditor's fees Depreciation on nnfl repairs to property Stationery, printing and advertisement, etc. . Loss from sale of or dealing with non-banking assets Rs. P. Rs. P. INCOME i .
2 . 3- 4- 5-
6. I n t e r e s t a n d d i s c o u n t . . . . C o m m i s s i o n , e x c h a n g e a n d b r o k e r a g e S u b s i d i e s a n d d o n a t i o n s . . . . I n c o m e f r o m n o n - b a n k i n g a s s e t s a n d p r o f i t f r o m s a l e o f o r d e a l i n g w i t h s u c h a s s e t s O t h e r r e c e i p t s . . . . . I o s s ( i f a n y ) . . . . . Rs. P. Rs. P. SEC. I] T H E G A Z E T T E O F IN D IA E X T R A O R D IN A R Y 47I
11.Other expenditure 12- Balance of profit TOTAL TOTAL Gwal ^ ^ . - T b e c o r r e s p o n d i n g ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ' S a M ^ 1 ^ ^ ^ ^ " ^ ^ ^profit and loss account relates should be shown in separate corumm. . U. C. S. SARKAR, Secy, to the Govt, of India. PKLNTKl) IS INDIA BY THE CXHSAL MANAGES, GOVEBHMENT OF INDIA FBESS, M3MTO HOAD, NEW DELSE AND FDBIJSHH) BY THE MANAGER OF PUBLICATIONS, DELHI. 1965.