Section 27 - Amendment of section 70 - Multi-State Co-operative Societies (Amendment) Act, 2023

Amendment of section 70. 27 . In section 70 of the principal Act, (a) in sub-section (2), for the proviso, the following provisos shall be substituted, namely: Provided that such auditors or auditing firm shall be appointed from a panel approved by the Central Registrar: Provided further that in case of multi-State co-operative banks, multi-State credit societies with deposits of above five hundred crore rupees and multi-State non-credit societies with turnover of above five hundred crore rupees, the auditor shall be appointed from a panel of auditors approved for audit of such societies by the Central Registrar. ; (b) after sub-section (3), the following sub-section shall be inserted, namely: (3A) An auditor appointed under sub-section (2) shall submit the audit of accounts report to the multi-State co-operative society, within six months from the date of closing of the financial year, to which such accounts relate. ; (c) in sub-section (7), in clause (a), for the proviso, the following proviso shall be substituted, namely: Provided that where such vacancy is caused by the resignation or death of an auditor, the vacancy shall be filled by the board from the panel of auditors from which such auditor was appointed. ; (d) after sub-section (9) and the Explanation thereunder, the following sub-section shall be inserted, namely: (10) The audit report of the accounts of the national co-operative societies shall be laid before each House of Parliament. .