TUESDAY, MAY 07, 2024
Team Herald
PANJIM: The Department of Co-operation has issued circular containing guidelines for the constitution of the Board of Management (BoM) in Urban Co-operative Credit Societies, Multi-Purpose Societies and VKSS Societies having credit counters.
In a notification published by the State government, it said under Section 68 of Goa Co-operative Societies Act, 2001 and to secure the proper management of business and for preventing the affairs of the society being conducted in a manner detrimental to the interest of the members, or of the depositors or the creditors thereof, it has issued directions to constitute the BoM in Urban Co-operative Credit Societies; Multi-Purpose Societies and VKSS Societies having credit counters, having deposits more than Rs 100 crore.
The Registrar of Co-operative Societies (RCS) said that such societies shall constitute a BoM by making suitable amendments in their bye-laws.
This will also be a mandatory requirement for allowing such societies to expand their area of operation and open new branches.
RCS shall have powers to remove any member of BoM and/or the CEO if the person is found to be not meeting the criteria prescribed in these guidelines or acting in a manner detrimental to the interests of such societies or its depositors or both.
