Section 29 - Amendment of section 73 - Multi-State Co-operative Societies (Amendment) Act, 2023

Amendment of section 73. 29 . In section 73 of the principal Act, after sub-section (5), the following sub-section shall be inserted, namely: (6) the multi-State co-operative society or class of multi-State co-operative societies, as the case may be, shall adopt such standards of auditing and accounting as may be determined by the Central Government: Provided that until such standards of auditing and accounting are specified, the auditing and accounting standards specified by the Institute of Chartered Accountants of India constituted by sub-section (1) of section 3 of the Chartered Accountants Act, 1949 (38 of 1949) shall be deemed to be the standards of auditing and accounting: Provided further that the multi-State co-operative banks shall adopt the standards of accounting and auditing, if any, laid down by the Reserve Bank. .