Kathmandu. The National Cooperative Regulatory Authority (NCRA) has made new provisions regarding the qualifications and experience of directors, office bearers and chief executives of cooperative societies.

The NRA has set educational standards for the director, office bearers and chief executive of cooperatives.

According to the NRA, the standards related to qualification and experience of the directors, office bearers and chief executive of the organization will have to be compulsorily followed.

A provision has been made for the co-operative society to prepare documents to verify it and keep records in the society.

For this, the applicant must have completed 21 years of age and has a total assets or liability of up to Rs 50 million to be eligible for the post of president, secretary and treasurer.

Must have at least one year of work experience in any committee of the cooperative.

Similarly, for the post of president, secretary and treasurer of an organization with a total assets or liability of more than Rs 50 million, the candidate should have passed at least 12th grade and have at least two years of work experience in any committee of the cooperative.

For the post of manager or chief executive officer of an organization with total assets or liabilities up to Rs 250 million, the candidate should have passed at least 10 plus two in management, commerce or finance.

For the post of manager or CEO of an organization with net worth of more than Rs 250 million, the candidate should have at least a bachelor’s degree in management, commerce or finance and at least two years of work in a bank, financial institution or cooperative.

The person should have not been convicted of a criminal offense, should have completed a minimum of three years of serving the sentence as per the offence, has not been convicted of banking or financial offences, has not been blacklisted for at least three years, has not been blacklisted, and has not been blacklisted.

In the case of the declaration that the amount of the institution has not been embezzled, is not in a dormant state or is declared problematic, the self-declaration as per clauses (f) and (g) is not a director of such an institution, the self-declaration as per clauses (f) and (g) should be uploaded from the police report and the documents certified by the Credit Information Center as per clause (h) should also be uploaded in the electronic system of the Authority.

While entering the details in the electronic system of the Authority for the first time after the issuance of the license of the Association or the commencement of Sub-section (8) of Section 16 of the Act, the Association shall maintain records with the Association the documents proving that the qualification and experience have been ascertained pursuant to Sub-section (2) and after the self-declaration of qualification and experience pursuant to Sub-section (2) is certified by the Manager and uploaded in the system of the Authority, all the details referred to in the Sub-section (8) of Section 16 of the Act shall be deemed to have been fulfilled.

In the case of the operator who has uploaded the documents for the Fit and Proper Test once, the organization will not have to upload the documents again at the time of renewal.