Appointment and Remuneration of Auditors
(1) Each and every cooperative society registered under MSCS Act, 2002 should be audited by an auditor as per MSCS Act, 2002 and rules made there under.
(2) Every multi state society should, at every annual general body meeting, assign the job role to any chartered accountant or auditors to hold office from the conclusion of that meeting until the conclusion of the next AGM and should, within seven days of the appointment, give intimation thereof to every auditor so appointed. The condition is that such auditor or auditors might be appointed from a group of chartered accountants who are officially by the Central Registrar or from a group of auditors, if any, prepared by the multi state co-operative society.
(3) Each and every chartered accountant appointed under sub-section (1) shall, within thirty days of the receiving from the multi-state co-operative society of the familiarization of his appointment, give intimation to the Central Registrar in writing that he has accepted or refused to accept the appointment.
(4) A retiring auditor shall be reappointed only if—
(a) he is not qualified for reappointment;
(b) he has provided the multi-state co-operative society a notice in writing of his not being willing to be reappointed;
(c) a resolution has been passed at the general meeting of members appointing somebody instead of him or providing that he should not be reappointed; or
(d) Where notice has been given of a purposed resolution to appoint some person or persons in the place of a retiring auditor, and by reason of the death, incapacity or disqualification of that person or all those persons, as the case might be, the resolution cannot be proceeded with.
(e) the manner in which order of refusal to register an amendment of bye-laws shall be communicated under sub-section (4) of section 22
(f) Subject to the provisions of this Act and any other law for the time being in force, a federal cooperative may discharge the functions to facilitate the voluntary formation and democratic functioning of cooperative societies as federal cooperative or multi-state cooperatives based on self-help and mutual aid.
(g) Every application for admission as a member of a multi-state cooperative society shall be disposed of by such society within a period of four months from the date of receipt of the application, and the decision of such society on the application shall be communicated to the applicant within fifteen days from the date of such decision.
(h) A multi state cooperative society shall, unless within six months of the death of the member prevented by an order of a competent court, pay to such nominee, heir or legal representative, as the case may be, all other moneys due to the deceased member from the society.
(5) Where at an annual general meeting no auditors are appointed or reappointed, the Central Registrar may appoint a person to fill the vacancy.
(6) First auditor or auditors of a multi-state co-operative society shall be appointed by the Board within thirty days of the date of registration of such society and the auditor or auditors so appointed shall hold office until the conclusion of the first AGM.
Provided that—
(a) the cooperative society registered under MSCS Act, 2002 might, at a general meeting, remove any such auditor or all or any of such auditors and appoint in his or their places any other individual or persons who have been nominated for appointment by any member of the multi-state society and of whose nomination notice has been given to the members of the multi-state co-operative society not less than fourteen days before the date of the meeting; and
(b) if the Board somehow fails to exercise its powers under this sub-section, the multi-state co-operative society in the general meeting may appoint the first auditor or auditors.
(c) the salary and allowances payable to and other terms and conditions of the Chief Executive under sub-section (3) of section 51
(d) the appellate authority to be specified under sub-section (2) of section 99
(e) A multi-state cooperative society may, by resolution passed by a majority of not less than two-thirds of the members present and voting at a general meeting of members held for the purpose, expel a member for acts which are detrimental to the proper working of the society.
(f) The board may, subject to such conditions as may be prescribed, constitute an Executive Committee and other committees or subcommittees as may be considered necessary.
(g) Any register or list of members or shares kept by any multi-state cooperative society shall be prima facie evidence of any of the following particulars entered therein, namely:- (a) the date on which any person entered in such register or list became a member; or (b) the date on which any such person ceased to be a member.
(h) Investment of funds A multi-state cooperative society may invest or deposit its funds- (i) in a cooperative bank, state cooperative bank, cooperative land development bank or central cooperative bank; or (ii) in any of the securities specified in section 20 of the Indian Trust Act, 1882 (2 of 1882); or (iii) in the shares or securities of any other multi-state cooperative society or any cooperative society.
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