Section 16 - Amendment of section 43 - Multi-State Co-operative Societies (Amendment) Act, 2023

Amendment of section 43. 16 . In section 43 of the principal Act, (i) in sub-section (1), (a) in clause (a), after the words to be insolvent , the words or has been a director of an insolvent company shall be inserted; (b) in clause (h), after the words under this Act , the words or under any other Act specified in the Third Schedule shall be inserted; (c) after clause (n), the following clause shall be inserted, namely: (o) has been disqualified under sub-section (7) of section 41. ; (ii) after sub-section (1), the following sub-section shall be inserted, namely: (1A) A member who has been a director of the board of any multi-State co-operative society or co-operative bank, where such board has been superseded, shall not be eligible to be elected as director of the board of another multi-State co-operative society or co-operative bank for a period of five years, from the date of such supersession: Provided that no member shall be declared ineligible under this sub-section unless an opportunity of being heard has been given to such member by the Central Registrar and declaration for ineligibility shall be made only after ascertaining that the member concerned has been responsible by acts of omission or commission leading to such supersession. ; (iii) in sub-section (2), (a) for clause (a), the following clause shall be substituted, namely: (a) to provide information, documents, personnel, funds or expenses or any other assistance as required by the Co-operative Election Authority for conducting elections under this Act in such manner as may be prescribed; or ; (b) in clause (c), for the words general meeting occurring at the end, the words general meeting; or shall be substituted; (c) after clause (c), the following clauses shall be inserted, namely: (d) to make contribution to the co-operative education fund referred to in clause (b) of sub-section (1) of section 63 or the Co-operative Rehabilitation, Reconstruction and Development Fund established under section 63A; or (e) to file annual return specified in section 120 within the time specified therein; or (f) to get the audit of the society conducted within six months of the close of the financial year to which such account relate: Provided that before taking any action under this sub-section, he shall be given an opportunity of being heard by the Central Registrar. .