Section 79 in The U.P. Co-operative Societies Employees Service Regulations, 1975
79.
(i)Every employee shall in the last fortnight of the month of June in every alternate year disclose his assets in writing to-(a)the Chairman, if the employee in question is Secretary, and(b)the Secretary, in all other cases.(ii)An employee who is in debt shall furnish to the Secretary and if the employee is the Secretary, to the Chairman of the society assigned statement of his position of debt yearly on 30th June and shall indicate in the statement the steps he said is taking to rectify his position. An employee who is in debt and fails to submit the statement or is unable to liquidate his debt within a reasonable time allowed, including extensions, if any, or applies for the protection of an insolvency court, shall be liable to disciplinary action even to the extent of removal.Explanations. - (1) For the purpose of this regulation an employee shall be deemed to be in debt if his total borrowings exclusive of those which are fully secured, exceed his salary for six months.(2)"Reasonable time" shall be a period which may be fixed by the Committee of management keeping in view the financial resources and the commitment of the employee, such period being not less than six months and not more than 24 months besides extension allowed under special circumstances to the extent of further twelve months.(3)[ The amount of refundable advance taken by employee from his Provident Fund or the amount of house building/vehicle advance taken by him from the employer society or agencies recognised for the purpose by the State Government, shall not be treated as debt for purposes of this regulation] [Substituted by Notification No. 432/XII-6-2-85-77, dated 17th May, 1983.].
