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Start Free TrialFinance Act 1997 Section 58
Title: Amendment of Schedule Iv
State: Central
Year: 1997
In Schedule IV to the Income-tax Act, in Part A, in rule 6, in clause (a), for the word "ten", the word "twelve" shall be substituted with effect from the 1st day of April, 1998.'.
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 25
Title: Disqualification for Being Elected or Continued as Director
State: Karnataka
Year: 1997
.....of the year, or requisitioned meeting of the general body within the time stipulated in section 30; or (c) have not placed the audited accounts for the preceeding year along with the report of the auditor before the annual general meeting. (3) A director or an employee who is guilty of misappropriation, breach of trust or any other omission or commission resulting in loss to theCo-operative, shall be personally liable to make good that loss without prejudice to such criminal action to which he is liable under any other law for the time being in force. ______________________________________ 1. Substituted by Act 21 of 2004 w.e.f. 31.3.2004. 2. Inserted by Act 21 of 2004 w.e.f. 31.3.2004.
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 32
Title: Maintenance of Records, Accounts, Etc
State: Karnataka
Year: 1997
(1) Every Co--operative shall maintain at its registered office the following, namely:-- (a) a copy of the Karnataka Souharda Sahakari Act, 1997 with upto date amendments; (b) registration certificate and registered bye--laws and the amendments registered from time to time in original; (c) a copy of the bye--laws of the Federal Co--operative and each of its subsidiaries, if any; (d) a register of members with details regarding voting rights for the current year updated within thirty days of closure of the year and the memberwise use of various services; (e) accounts of all sums of money received and expended by the Co--operative and its branch, if any, and purposes; (f) accounts of all purchases and sales of goods by the Co--operative; (g) accounts of the assets and liabilities of the Co--operative; (h) the minutes book (i) copies of the board resolution; and (j) annual report and audit report and where a Co--operative has branch office, accounts and records related to such branch. (2) Copies of the resolutions of the board and general meetings, voters list, bye--laws, statement of annual accounts and such accounts relating to a member, shall be made.....
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 31
Title: Employees
State: Karnataka
Year: 1997
..... (a) be in--charge of the overall control and supervision of the day--today affairs of the Co--operative; (b) sign documents, enter into agreements and contracts and institute and defend suits and other legal proceedings on behalf of the Co--operative; (c) have powers to endorse, sign, negotiate cheques and other negotiable instruments and operate the bank accounts of the Co--operative; (d) be responsible to assist the board in matters relating to recruitment, performance and discipline of the employees; (e) arrange to maintain proper records and accounts of the Co--operative; (f) present the draft annual report and financial statements for the approval of the board within sixty days of closure of the year; (g) assist to convene the board meetings, general meetings and the special general meeting in accordance with the bye--laws; (h) assist the board in the formulation of policies and programmes; (i) furnish to the board information necessary for monitoring the performance of the Co--operative; and (j) perform any other functions as specified in the bye--laws or as decided by a resolution of the board meetings or general meetings.
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 30
Title: Meetings
State: Karnataka
Year: 1997
(1) The Board shall convene at least six board meetings in an year and one general meeting before thirtieth of September each year. (2) The Board shall convene a special general meeting within thirty days of receipt of a requisition from not less than one--tenth of members of the Co--operative or as provided in the bye--laws. Such requisition shall contain the reasons for convening the meeting. In the event of failure by the Board, the Federal Co--operative shall convene such general meeting within forty--five days of receipt of requisition signed by not less than one--tenth of members of the Co--operative. (3) If the Co--operative and the Federal Co--operative, fail to convene the special general meeting within the time specified under sub--section (2), the Registrar shall convene the special general meeting within ninety days after the receipt of requisition signed by not less than one--tenth of the members of the Co--operative.
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 29
Title: Filling Up of Casual Vacancies
State: Karnataka
Year: 1997
Where there is a casual vacancy in the office of director on account of death, resignation, disqualification or for any other reasons, the Board may fill up the casual vacancy for the remaining term by option from the eligible members: Provided that no such option shall be made if the remaining period of such vacancy is less than six months.
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 28
Title: Election of Office Bearers
State: Karnataka
Year: 1997
(1) The Chief Executive shall within fifteen days from the date of election of the board and immediately before the expiry of the term of office of the President or Chairperson, Vice--President or Vice--Chairperson convene a meeting in the prescribed manner of all the elected members of the board for the purpose of electing President or Chairperson, Vice--president or Vice--Chairperson and such other office bearers as are required to be elected under the bye--laws of the Co--operative. One of the elected members who is not a candidate for the election of President or Chairperson, Vice--President or Vice--Chairperson, shall be chosen to preside over such meetings: Provided that at the election of the office bearers held immediately after registration of a Co--operative, one of the elected directors who is not a candidate for the election of the office bearers, shall be chosen to preside over the meeting of the first Board: Provided further that at the election of office bearers if all the elected directors are the candidates, the Chief Executive shall preside over such meeting of the Board. (2) The President or Chairperson or in his absence, the Vice President or Vice--Chair
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 27
Title: Powers and Functions of the Board
State: Karnataka
Year: 1997
Subject to the provisions of this Act, rules and bye--laws, the board shall have powers,-- (a) to admit and remove members; (b) to elect and remove the 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 members; (f) to frame regulations regarding,-- (i) custody and investment of funds; (ii) maintenance of accounts; (iii) mobilisation, utilisation and investment of various funds; (iv) appropriate management information systems including filing of statutory returns; (v) such other matters as may be necessary for the effective performance of the Co--operative; (g) to place the annual report, annual financial statements, annual plan and budget for the approval of the general body; (h) to consider audit and compliance reports and place them before the general body; (i) to review membership in other Co--operatives; (j) to perform such other functions as may be delegated by the general body or as specified in the bye--laws.
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 26
Title: Election of Board
State: Karnataka
Year: 1997
.....the board and the chief Executive shall arrange to hold such a meeting.] (2) Where the board does not take necessary action to conduct elections to the board before the expiry of the term of directors,1[the Registrar] Co-operative shall appoint an Administrator immediately for a period not exceeding three months to conduct such elections. (3) The elections of the directors shall be held at the general meeting by secret ballot. (4) The newly elected directors shall assume office immediately at the expiry of the term of office of the outgoing directors. ______________________________________ 1. Substituted by Act 21 of 2004 w.e.f. 31.3.2004. 2. Inserted by Act 21 of 2004 w.e.f. 31.3.2004.
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Section 24
Title: Board
State: Karnataka
Year: 1997
(1) Every Co--operative shall have a board consisting of such number of directors as may be specified in the bye--laws. In case of primary Co--operatives, such number shall not be less than nine and more than fifteen excluding the Chief Executive. (2) The term of office of the directors shall be five years from the date of assuming office and the election shall be held for the entire board. Explanation.--Where the election to the board has been held in the middle of the year, the remaining part of the year shall be deemed to be a full year.
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