Business of Credit Union

PRESENT ACT- CO-OPERATIVE SOCIETY ACT 81:03 Powers of the Commissioner for Co-operative: The present force allows the Commissioner for Co-operative to need general powers of supervision. Some of these powers include holding an query into the constitution, operations and financial position of the fiat. He may after holding an inquiry s block a punctuate to the hunting lodge to remedy the situation within tercet months from the date of the notice. If the partnership does not remedy the situation the Commissioner tidy sum articulate the wantonness of the board and he would appoint somebodys to plow the affairs of the union. He may take stock the books, accounts, records and securities of a society. He is entitled to inspect cash in conk and should there be all other information he requires every officer of a society shall furnish him with such(prenominal) information respecting the operation and proceedings of a society. He may also cancel the alteration of a ny society should he think fit. If a society amends its bye-laws it cannot take essence until approved by the Commissioner. If the commissioner issues a winding up order he will sacrifice powers of a liquidator. The Commissioner has the responsibility of inspecting the accounts of the society within two months of the end of the fiscal year. If this cannot be through by the Commissioner he may authorize a person to do so. KARON not legitimate where this fits in 49. (1) There shall be constituted a fund to be called The Supervisory and analyze Fund, (hereinafter called the Fund) and every society, the accounts of which have been audited by the Commissioner or a person authorised by him shall when called upon to do so by the Commissioner, make annually a contribution to the Fund. (2) Until such time as a society for supervision and audit has been naturalised and registered (a) the Fund shall be held by the Commissioner and administered by him on behalf of the contribute societies; (b) the Commissioner! shall fix the amount of the annual...If you want to get a broad essay, order it on our website: BestEssayCheap.com

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