In the Karnataka Cooperative Societies Act, 1959 (Karnataka Act 11 of 1959),-
(1) in section 2, after clause (e), the following clause shall be inserted, namely :- ''(e-1) 'credit agency' means a credit agency as defined in the Karnataka Agricultural Credit Operations and Miscellaneous Provisions Act, 1974;'';
(2) in sub-section (1) of section 18 after the words ''any individual'', the words ''or any credit agency'' shall be inserted;
Agricultural Credit Operations and [1975: KAR. ACT 2 Miscellaneous Provisions 18
(3) section 59 shall be renumbered as sub-section (1) of that section and after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely :- ''(2) Notwithstanding anything contained in sub-section (1), such cooperative societies or class of co-operative societies as the State Government may, by notification, specify shall have power to borrow from a credit agency subject to such conditions as may be prescribed.''
(4) after section 65, the following sections shall be inserted, namely :- ''65A. Report of audit, inspection and final report to be made available to a credit agency.- The Registrar shall draw the attention of a credit agency financing a co-operative society to the defects noted in any audit, inquiry or inspection of such co-operative society and shall also supply a copy of each of such audit or inquiry report, if demanded in writing by such credit agency.