Govt approves tabling of MSCS Bill in parliament
The government today approved the introduction of the Multi-State Cooperative Societies (Amendment) Bill, which is aimed at improving the accountability of cooperatives, in Parliament.
New Delhi: The government today approved the
introduction of the Multi-State Cooperative Societies
(Amendment) Bill, which is aimed at improving the
accountability of cooperatives, in Parliament.
"These amendments are intended to enhance the public
faith in the cooperatives and to ensure better accountability
of the management towards its members and the law of the
land," an official release said.
The amendments will clearly define active members and
bringing changes to prevent inordinate delays in admitting new
members of the society, it added.
The decision was taken at a meeting of union cabinet held
The Multi-State Cooperative Societies (MSCS) bill also
bring in changes to rope in experts on the board of societies.
"It is proposed to provide that the co-opted directors
should have experience in the field of banking, management,
finance or specialisation in any field relating to the objects
and activities undertaken by the MSCS," the release said.
After the introduction of the new bill, the Directors of
the cooperative societies will also be required to disclose
the interest of their relatives in the affairs of the society.
The proposed amendments also include provisions for
filing of applications, documents, inspections, payment of
fees, charges and issuance of certificates of registration and
maintenance of documents by Central Registrar in electronic
It also provides for cancellation of registration if
obtained by mis-representation of facts, submission of false
or misleading information, suppression of material facts or
The bill also proposed to make arrangements for reserving
seat for the SC/ST and women on the society`s board.