“(1) The conduct of elections to the board of a Co-operative Society shall be the responsibility of the incumbent board.
“(2) The election shall be conducted before the expiry of term of the outgoing director in the manner specified in the bye-laws and the provisions made there under and as per the provisions of the Jharkhand Self-Supporting Co-operative Societies Act, 1996 and rules made there under.” Subsection (3) shall be deleted.
11. (a) Subsection (1) shall be substituted by the following, namely - “(1) A Co-operative Society shall get its accounts audited by an auditor from a panel approved by Registrar, co-operative societies or by the authority authorized by him. at least once in every financial year. Such Auditor shall either be a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949 or from the office of the Registrar. The minimum qualification and experience of auditors and Chartered Accountant firm in the panel approved by the Registrar, co-operative societies or authorized by him shall be determined from time to time. Only such Auditor or Chartered Accountant firm shall be eligible for the audit of the accounts of Co-operative Society.”
(b) Subsection (4) shall be substituted by the following, namely - “(4) The audit of the accounts of every Co-operative Society shall be done by the auditor or Chartered Accountant firm, specified under sub-section (1), appointed by the General Body of Co- operative Society. The remuneration of the auditor shall be fixed by the General Body in terms with the audit fee fixed by the Registrar;
(c) After subsection (10) following new subsection (11) shall be inserted as follows – 38/42 “(11) Apex Co-operative Society with the approval of general body shall compulsorily submit the audit report after the audit of the statement of accounts to the Registrar within thirty days so that the report may be placed in the Legislature through State Government in accordance with the procedure laid down by the State Government for this purpose.”