You are here: Home » Economy & Policy » News
Business Standard

Maharashtra to promulgate ordinance to amend Cooperative Act

The Bill envisages transparency and professionalism in the functioning of cooperative societies

Sanjay Jog  |  Mumbai 

The Maharashtra government will promulgate a fresh ordinance on Sunday to amend the Maharashtra Co-operative Societies Act, 1960, after the state Legislative Assembly today decided to refer the Bill to amend the Act to a joint select committee for further scrutiny.

“The Cabinet will give its approval in this regard and thereafter, a fresh ordinance will be promulgated. The Maharahstra Legislative Council had already passed the Bill and it was taken up for discussion in the assembly when it was decided to refer it to the joint select committee,” a state Cooperative Department official told Business Standard.

The government had earlier promulgated the ordinance on February 14 and its term is expiring on April 21. The ordinance was promulgated to amend the Act to make it in consonance with the 97th constitutional amendment by Parliament last year.

The Bill envisages transparency and professionalism in the functioning of cooperative societies. It also aims to bring in democratic control in cooperative societies in the state.

The amendment proposes to cap the maximum number of members of the committee of a cooperative society at 21, of which, along with other reserved seats, two would be reserved for women. The term of office of an elected member of the committee and its office-bearers would be five years from the date of their election.

On the lines of the State Election Commission, a separate State Cooperative Election Authority will be established. The authority will be vested with power to supervise, control and conduct elections to the societies.

There are provision for suspension or supersession of the committees of the co-operative societies for a period not exceeding six months where the government has held shares of such society or granted any loan or provided financial assistance or any guarantee and for a period not exceeding one year in case of cooperative banks.

First Published: Thu, April 18 2013. 00:39 IST