Who was added to the definition of family and relatives? Stringent Standards in Savings and Credit Cooperatives
लगानी न्यूज
. The government has issued an ordinance related to cooperatives by making important amendments to the Cooperative Act, 2074. The ordinance on cooperatives issued by the government has clarified the definition of family and relatives and tightened the operation of cooperatives. Section 2 of the Act adds a new “license” provision. Similarly, the license granted pursuant to Section 16A is clearly recognized as legal.
Similarly, the definition of “family” has been expanded to include husband-wife, children, adopted sons-daughters, in-laws, and other members.TAG_OPEN_div_93 In the case of the members of the cooperatives who are defunct, problematic or liquidated, the family members who have already got partition or divorce will also be included. The new amendment also clarifies the definition of “kin” for the first time. This category includes extended family relationships from uncles and aunts, nephews and nieces, brother-in-law, brother-in-law and sister-in-law, as well as employees working in cooperatives.
New standards have been set for cooperatives doing the main business of savings and loans. Now, any institution with more than 50 percent savings or loan transaction of the total assets or liabilities will be considered as such cooperatives. Also, institutions with savings or loan investment of more than Rs 25 crore will automatically fall under this category.
The amendment has increased the provision of “at least thirty percent” to “at least fifty percent”, which is expected to further tighten the financial discipline of cooperatives. Similarly, the definition of “registrar” has been revised to include the concerned officials of the federal, provincial and local levels.
Cooperative, 74{{ TAG_CLOSE_u_76}}} Amendment : Section 2 of the Co-operative Co-operative Act, 2017 (hereinafter referred to as the “Principal Act”), –
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(1) After clause (a), the following clause (a) shall be inserted:-
“(a1) “License” means Section 16A. The license granted in accordance with this should be remembered. ”
(2) For clause (d), the following clause (d) shall be substituted:-
“(d) “Family” means the following relative of a member:
(2) In the case of a male member, his/her grandfather, grandmother, mother-in-law, father-in-law, father-in-law, and in the case of a female member, his or her mother-in-law, father-in-law, TAG_CLOSE_em_67 father-in-law, and
(3) In the case of a member of a co-operative society who has remained inactive without carrying on business for two consecutive years pursuant to Section 88, has acted contrary to this Act and the Rules framed under this Act, has gone to liquidation or liquidation and has been declared problematic pursuant to Section 104 of the Act, a member of the family living separately or divorced.
(3) After clause (d), the following clause (d) shall be added:-
(D1) “Relative” means an uncle, aunt, nephew, niece, grandson, granddaughter-in-law, maternal uncle, brother-in-law, son-in-law, nephew, niece, brother-in-law, sister-in-law, aunt, great-grandson-in-law, estranged mother-in-law, father-in-law, brother, sister-in-law, brother and daughter-in-law, and a member of his or her household and includes an employee of the cooperative to which he or she is a member. ”
(4) After clause (f), the following clause (f) shall be added:-
“(f1) A co-operative society carrying on the principal business of savings and credit” means a co-operative society having more than fifty per cent of the total savings or total loan amount accumulated by the institution to the total assets or total liabilities mentioned on the balance sheet of the co-operative society, and this term also includes a co-operative society having a total savings or total loan investment of more than twenty-five crores on the balance sheet of a co-operative society. ”
(5) For the words “at least thirty percent” in clause (h), the words “at least fifty percent” are substituted.
(6) For clause (i), the following clause (i) shall be substituted:—
(i) “Registrar” means the Registrar designated pursuant to Section 92 and this term also includes an officer employee designated by the prevailing laws relating to cooperatives of the State Government and Local level to perform the functions of a registrar or registration officer. “
(7) The word “cooperative” in clause (l) is replaced by “looking into the subject.”
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