Section 44A in The Gujarat Co-Operative Societies Act, 1961
44A. [ Power of Committee of co-operative credit structure. [Inserted by Gujarat 1 of 2008, Section 7 (w.e.f. 8.10.2007).]
- Notwithstanding anything contained in this Act or the rules or the bye-laws made thereunder, the committee of every society in a co-operative credit structure shall have freedom to decide its financial and internal administrative matters, especially :(i)interest rates on deposits and loans, subject to the directives issued by the Reserve Bank of India;(ii)borrowing, investment, depositing its surplus funds, loaning policies (including individual loans) and other business policies;(iii)personnel policies including issues relating to recruitment, promotion, staffing, training, posting and compensation to staff as per business requirement of the society;(iv)internal checks and control systems, appointment of auditors, their compensation and other internal administrative issues; and(v)borrowing from any financial institution regulated by the Reserve Bank of India, keeping in mind the interest of the society and its members.]
