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Start Free TrialKarnataka Souharda Sahakari Act, 1997 Section 50
Title: Powers of Liquidator
State: Karnataka
Year: 1997
..... (b) defend or take part in any civil, criminal or administrative action or proceeding in the name and on behalf of the Co-operative; (c) carry on the business of the Co-operative as required for an orderly liquidation; (d) sell by public auction any property of the Co-operative; (e) do all acts and execute any documents in the name and on behalf of the Co-operative; (f) borrow money on the security of the property of the Co-operative; (g) settle or compromise any claims by or against the Co-operative; and (h) take all such steps that are necessary for the liquidation of the Co-operative. (2) Where a liquidator has reason to believe that any person has in his possession or under his control or has concealed, withheld or misappropriated any property of the Co-operative, he shall inform1[the Registrar] Co-operative to take further action against such person. (3) No liquidator or his relatives shall purchase directly or indirectly any part of the stock-in-trade, debts or assets of the Co-operative under liquidation. ______________________________________ 1. Substituted by Act 21 of 2004 w.e.f. 31.3.2004.
View Complete Act List Judgments citing this sectionHindu Religious Institutions and Charitable Endowments Act, 1997 Section 50
Title: Power to Institute and Hold Enquiries
State: Karnataka
Year: 1997
.....for the purpose of the enquiry shall be paid in the manner prescribed. (5) The Deputy Commissioner or the Assistant Commissioner to whom the report is submitted under sub-section (2) shall forward the same to the Commissioner, who shall, if he is satisfied that there is a prima facie case against the Chairman, Executive Officer or other person connected with the Management of the Institution, take such steps as are necessary under the provisions of this Act, to protect the interest of the Institution. (6) The Commissioner may at any stage of the enquiry call for the records of enquiry and examine the legality of any steps taken or order made and pass such order as he deems fit.
View Complete Act List Judgments citing this sectionFinance Act 1997 Section 50
Title: Amendment of Section 196c
State: Central
Year: 1997
In section 196C of the Income-tax Act, the following proviso shall be inserted with effect from the 1st day of June, 1997, namely :- "Provided that no such deduction shall be made in respect of any dividends referred to in section 115-O."
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 63
Title: Accounts
State: Karnataka
Year: 1997
The Federal Co--operative shall maintain the following records and books of accounts, namely:-- (a) the minutes book; (b) registration certificate and a copy of the registered bye--laws and of the amendments registered from time to time; (c) bye--laws of the Federal Co--operative and of each of its member Co--operatives with upto date amendments; (d) accounts of all sums of money received and expended by the Federal Co--operative and the respective purposes; (e) accounts of all purchases and sales of goods by the Federal Co--operative; (f) accounts of the assets and liabilities of the member Co--operatives and the Federal Co--operative; (g) a register showing total membership and the memberwise use of various services; (h) a list of members with voting rights for the current year updated within thirty days of closure of the year; (i) up--to--date copies of the Board resolutions; and (j) annual report and audit report.
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 56
Title: Powers and Functions of the Board
State: Karnataka
Year: 1997
.....Co--operative shall be the authority to exercise all the powers and perform all the functions conferred on the Federal Co--operative under this Act, rules and the bye--laws, and shall have powers,-- (a) to elect the President or Chairperson, Vice--President or Vice--Chairperson and other office bearers; (b) to remove from office the President or Chairperson, or Vice-- President or Vice Chairperson and other office bearers; (c) to appoint and remove the Chief Executive; (d) to fix staff strength; (e) to frame policies concerning the organisation and services to the member Co--operatives; (f) to frame regulations regarding,-- (i) custody and investment of funds; (ii) maintenance of accounts; (iii) mobilisation, utilisation and investment of various funds; (iv) monitoring and management of information system including statutory returns to be filed; and (v) such other subjects and matters necessary for the effective performance of the Federal Co--operative; (g) to place the annual report, annual financial statements, and annual plan and budget for the approval of the general body; (h) to consider audit and compliance report and place the reports before.....
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 57
Title: Powers and Functions of President or Chairperson Vice--president or Vice--chairperson and Other Office Bearers
State: Karnataka
Year: 1997
(1) There shall be a President or Chairperson, Vice--President or Vice--Chairperson of the Federal Co--operative elected from amongst the elected members of the Board. (2) The President or Chairperson shall preside over the meetings of the Board and general body of the Federal Co--operative. In the absence of the President or Chairperson, the Vice--President or Vice--Chairperson shall preside over the meetings of the board and general body of the Federal Co--operative. The President or Chairperson shall have only a casting vote in the event of equality of votes on any matter being decided upon by the board except election to the office bearers. The President or Chairperson shall exercise such powers as may be delegated by the board and specified in the policies framed or resolutions adopted by the board. (3) The term of office of the President or Chairperson and Vice--President, or Vice--Chairperson shall be two and half years from the date of election. Explanation.--If the election to the office of President or Chairperson, Vice--President or Vice--Chairperson is held in the middle of the term, the remaining part of the term shall deemed to be a full term.
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 59
Title: Filling Up of Casual Vacancies
State: Karnataka
Year: 1997
(1) Where there is a casual vacancy on account of death, resignation, or disqualification on the board and where,-- (i) there is a quorum of directors, the board shall fillup the casual vacancy by co--option of a member for the remaining term: Provided that such co--option shall not be made if the remaining period is less than six months; or (ii) there is no quorum of directors, the Chief Executive shall immediately take steps to call a general meeting for election of directors to fill up the vacancy for the remaining term.
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 60
Title: Meetings
State: Karnataka
Year: 1997
(1) The number of board meetings and general meetings shall be specified in the bye--laws of the Federal Co--operative: Provided that not less than six board meetings and one general meeting shall be held in a year. (2) The board shall convene a special general meeting within thirty days of receipt of a requisition to this effect from not less than one tenth of members of the Federal Co--operative or as provided in the bye--laws and any such requisition shall contain the reasons for conducting such meeting. (3) In the event of failure by the Federal Co--operative to call such meeting, the Registrar shall convene such general meeting within sixty days of receipt of such a request made to him by not less than one tenth of the members of the Federal Co--operative. (4) The Chief Executive of the Federal Co--operative shall record in the minute's book minutes of all proceedings of every general meeting and of every meeting of the board of the Federal Co--operative. (5) Such minutes shall be communicated to all persons invited for the meeting within thirty days of the conclusion of the meeting. (6) The minutes so recorded shall be signed by the person who chaired the said m
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 61
Title: Employees of the Federal Co--operative
State: Karnataka
Year: 1997
.....other negotiable instruments and operate the bank accounts of the Federal Co--operative; (d) be responsible for appointment of employees and to ensure discipline, performance and welfare; (e) be the person to enter into agreements or contracts on behalf of the Federal Co--operative; (f) arrange to maintain proper records and accounts of the Federal Co--operative; (g) present the draft annual report and financial statements for the approval of the board within the time stipulated in the bye--laws; (h) convene the board meetings and general body meetings in consultation with the President or Chairperson, in accordance with the bye--laws and record the proceedings thereof; (i) assist the board in the formation of policies and plans; (j) be responsible to the board; (k) furnish to the board information necessary for monitoring the performance of the Federal Co--operative; (l) furnish registers and accounts at the time of audit by the auditor or by the Chartered Accountant; and (m) perform any other function authorised by a resolution of the board and general body.
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 65
Title: Inquiry
State: Karnataka
Year: 1997
.....in writing he may issue a shorter notice. (3) The inquiry shall be completed as far as may be within a period of six months from the date of order of the inquiry. However, such period may be extended by six months under extraordinary circumstances. (4) The Registrar shall, within a period of one month from the date of conclusion of the inquiry, send a copy of the inquiry report to the Federal Co--operative and to the applicant. (5) For the purpose of inquiry under this Act, the Registrar,-- (a) may require in writing the President or Chairperson, Vice--President or Vice--Chairperson, or any Director, office bearer or officer or any other authority concerned to produce such receipts, vouchers, statements, returns, correspondences, notice or any other documents as he may consider necessary for the purpose of inquiry; (b) shall, at all times, have free access to the books, accounts, documents, securities, cash and other properties belonging to or in the custody of the Federal Co--operative and may summon any person in possession or responsible for the custody of any other properties to produce the same at any public office or at the head quarters of the Federal.....
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