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New committee formalities of a society

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As per Sec. 2(7) of the Maharashtra Co-Operative Societies Act, Committee refers to the Committee of management or board of directors or other directing body. As per the Bye-law No. 3 (IV), the expression “Committee” resembles to the committee of administration or other directing body to which administration of the interaction of the society is entrusted. It is five year tenure for the Chairman, Secretary and Treasurer of the society from the date of election to the chair. After appointment formalities it is mandatory for the members of the Managing Committee to come under an Indemnity bond and M-20 bond within specific episode to the effect that they are individually and severally liable for the assessment of the Society.
There is also an option to remove the Managing Committee Member if he is found defaulter and in case he remains deficient at meeting of the Managing Committee. The member of the managing committee has to prepare a list of records and should be handed to the coming committee after their tenure is completed. The act of Sec. 73-H (2) of the Maharashtra Co-Operative Sicieties Act 1960 also reflects that the Committee shall cease to task on the conclusion of its term. Incase the previous committee refuses to hand over the charges to the newly elected committee then the new managing committee can request to hand over all the details during their tenure to the newly appointed chairman of the society. Incase of further settlement of issues Registrar of the co operative society interfere for its better functioning of the society and if found guilty the ex-chairman can be put behind the bars or can be fined for the same purpose or both after investigating the circumstances.
Source: NIMMA BENGALURU

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