Section 12A in The Orissa Co-operative Societies Rules, 1965
12A. [ Acquisition and disposal of property. [Inserted by Orissa Gazette Extraordinary No 500, dated 23.4.1997.]
(1)A society shall, in the interest of its members, creditors, depositors and its employees, acquire and dispose of property through -(a)a resolution of the Managing Committee passed by the majority members of the Committee in respect of movable property;(b)a resolution of the General Body passed by a majority of its members in respect of immovable property subject to approval of Registrar.(2)The Registrar while approving the proposal referred to under Clause (b) of Sub-rule (1), shall consult with the Financing Bank to which the society is indebted and consider the opinion received from such Bank:Provided that where no opinion is received from such bank within a period of fifteen days from the date of reference by the Registrar, it shall be deemed that such Bank has agreed to the action proposed to be taken by the General Body of the Society.(3)Notwithstanding anything contained in this rule the approval of the Registrar shall not be required in case -(i)the acquisition or disposal of such property is the business carried on by the Society in pursuance of the object for which the Society is organised; and(ii)the property is acquired in a public auction in satisfaction of its dues.]
