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Section 98E: Right in all financial and internal administrative matters

Karnataka Co-Operative Societies (Amendment) Ordinance, 2009State Ordinance of Karnataka · No. 11 of 1959

A Co-operative society under Co-operative Credit Structure shall have right to decide its financial and internal administrative matters, which include:-

(i) the interest rates on deposits and loans

Provided that in the case of the State Co-operative Bank and a Central Co-operative bank, the interest rates shall be in conformity with the guidelines issued by the Reserve Bank;

(ii) the borrowing, investment, depositing its surplus funds, loaning policies (including individual loans) and other business policies;

(iii) the personnel policies including issues relating to recruitment, promotion, staffing, training, posting and compensation to staff as per business requirements of the society;

(iv) the internal checks and control systems, appointment of auditors, compensation for the audit and other internal administrative issues; and

(v) the borrowing from any financial institution regulated by the Reserve Bank of India, keeping in mind the interest of the society and its members."

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Where this provision sits

ActKarnataka Co-Operative Societies (Amendment) Ordinance, 2009
Section98E
Marginal noteRight in all financial and internal administrative matters
JurisdictionState of Karnataka
StatusIn force as published by the source

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