Section 124 in West Bengal Co-operative Societies Rules, 2011
124. Co-operative Education Fund.
(1) Every co-operative society shall, after the close of each co-operative year contribute five per centof its net profit subject to a maximum of rupees fifteen thousand to the co-operative Education Fund. Such contribution shall be remitted to the West Bengal State Co-operative Bank Limited or to the Central co-operative Bank of the area concerned within three months from the date of receipt of the audited accounts. The Central Co-operative Bank on receipt of the amount shall transfer the same to the West Bengal State Co-operative Bank Limited within a period of thirty days from the date of the receiptProvided that the societies under Co-operative Credit Structure Entity may contribute as per this sub-rule to the Co-operative Education Fund but they shall have no compulsion in the matter as provided under sub-section (9) of section 134C.(2)(i)The fund shall be administered by the Co-operative Education Fund Committee to be set up by the State Government, with the following persons, namely :(a)Chairman of the State Co-operative Union Chairman;(b)Four representatives of Agricultural Societies, namely, two from societies dispensing short-term credit, one from societies dispensing Long-term credit, and one from Marketing Societies to be nominated by the State Government Members;(c)Three representatives of non-agricultural societies, namely, one from non-agricultural credit societies and two from non-agricultural non-credit societies, to be nominated by the State GovernmentMembers;(d)One nominee of the Registrar Member;(e)One nominee of the Federal Co-operatives Member.(ii)The Executive Officer of the West Bengal State Co-operative Union, and in the absence of such Executive Officer, the Senior Co-operative Education Officer of the said Union shall be the Secretary of the committee.(iii)The members of the committee shall hold office for a period of three years from the date of their appointment.(iv)A casual vacancy in the membership of the committee shall be filled up by the nominating authority, as early as possible for the remaining period of the term.(3)Subject to such direction, if any, as the State Government may give from time to time, the fund may be utilized for any of the following purposes, namely :(a)education of members, office bearers, employees and general public in Co-operative principles and practice;(b)development of new types of Co-operative societies;(c)improvement of Co-operative societies;(d)development of Co-operative movement in general;(e)Co-operative publicity;(f)publication of the books and journals relating to Co-operative, movement;(g)conduct of research, case studies and evaluation in the field of Co-operative movement;(h)award of prize or honorarium for rendering meritorious service to the cause of the Co-operative movement of the state.(4)The fund shall be audited by the Director of Co-operative Audit or by an Audit Officer authorized by him in this behalf by an order in writing, annually within a period of six months from the close of each co-operative year, and the copies Of the audit report shall be submitted to the committee and to the State Government,
