Section 123 in Mizoram Cooperative Societies Act, 2006
123. Essential duties and functions of a management committee of co-operative bank.
- It shall be the duties and functions of management committee of a co-operative bank to ensure that:(a)information containing the details of loans taken from co-operative bank by each committee member, members of the family and companies with which such member is associated in any manner, is furnished regularly and periodically once in three months to the Registrar or his subordinate officers specified if any, and the same information is also placed before the management committee and annual general body meetings;(b)the defects and deficiency, if any, in the working of co operative bank and financial irregularities disclosed in the course of audit, inspection or inquiry of the co-operative bank are rectified or remedied as the case may be at the earliest possible(c)appropriate action to recover loans and advances given by the co-operative bank to members and non-member borrowers are taken within six months from the date when the repayment of loan has become due, failing which a no confidence motion shall lie against all members of present management committee;(d)no financial loss is caused to the co-operative bank and debts due to the co-operative bank are fully recovered without showing any leniency or negligence;(e)appropriate civil and criminal proceedings against persons who has misappropriated funds of the bank are initiated timely;(f)the provisions of Banking Regulation Act,1949 as applicable to co-operative societies are complied with and contravention of any provisions of the said Act, of 1949 so observed shall be reported to the Registrar immediately.
