Uttar Pradesh Co-operative Societies (Amendment) Act, 2011
(U.P. Act No. 9 of 2011)
(As passed by the Uttar Pradesh Legislature)Received the assent of the Governor on March 9, 2011 and published in the Uttar Pradesh Gazette, Extraordinary, Part 1, Section (Ka), dated 11th March, 2011, pages 3-4. An Act further to amend the Uttar Pradesh Co-operative Societies Act, 1965. It is hereby enacted in the Sixty-second Year of the Republic of India as follows:- 1. Short title. - This Act may be called the Uttar Pradesh Co-operative Societies (Amendment) Act, 2011.
Object & Reasons6
|Statement of Objects and Reasons. - On the recommendations of the National Bank for Agriculture and Rural Development and the State Deregulation Committee it has been decided to amend the Uttar Pradesh Co-operative Societies Act, 1965 (U.P. Act No. 11 of 1966) to provide for,-
(a) empowering the Committee of Management of a Primary Agricultural Co-operative Credit Society, a Central Co-operative Bank or an Apex Bank to decide its internal control system, appoint auditors and to give compensation for the audit;
(b) authorising the Committee of Management to enter into negotiations and sanction contracts up to the value of ten lakh each during the construction phase and rupees five lakh thereafter instead of five lakh rupees and two and a half lakh rupees respectively,
(c) conducting of the audit of accounts of a Co-operative Bank by Chartered Accountants appointed by the concerned Bank from the panel approved by the National Bank and the determination and payment of fees of such Chartered Accountants by the concerned Bank;
(d) increasing the amount of penalty for contravention of the provisions of Section 8 and Section 106.The Uttar Pradesh Co-operative Societies (Amendment) Bill, 2011 is introduced accordingly.