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State of Uttarakhand - Section

Section 118 in Uttarakhand Co-Operative Societies Act, 2003

118. Board of reconstruction.

- When central/Apex co-operative societies are continuously in loss and where loses are so much that they have eaten the entire share capital and caused deficiency in assets to the extent that the same exceed liabilities, before winding up, such societies their cases can be referred by the Registrar to the board of reconstruction for examining if such societies can be revived by infusing capital & Technological support or by any other manner. The board or reconstruction will be composed of the following members-
(1) Managing Director of Uttarkhand Stateco-operative Bank -Chairman
(2) One nominee of Directorate of Institutionalfinance not below Dy. Director - Member
(3) One representative of Audit Department notbelow the rank of class I officer - Member
(4) One representative of Lead Bank not belowthe rank of Asstt. General Manager - Member
(5) One representative of State Govt.co-operation Department not below the rank of Deputy Secretary - Member
(6) One representative of State financeDepartment not below the rank of Dy. Secretary - member
(7) Deputy or Assistant Registrar, co-operativesocieties at the head quarter of Registrar, co-operativesocieties to be nominated by Registrar, co-operative societies as -member-Secretary.
The board will consider cases referred to it and send its duly considered recommendations in detail to the State Govt. through Registrar, co-operative societies whether the society should be wounded up or its affairs could be reorganized or reconstructed. In the latter course full package containing recommendations about infusion of capital, technology, managerial and other support from Government and other institutions will be proposed by the Board and send to Government for decision. Action will follow after Government decision at the level of Registrar, co-operative societies.For revival of primary co-operative societies, which are incurring losses continuously, the Registrar will make a district level reconstruction committee and ensure. The revival of such societies in accordance with the decisions of the said committee.