Section 96 in The U.P. Co-operative Societies Employees Service Regulations, 1975
96. Security.
- (i) Employees of co-operative societies shall furnish such security as may be specified by the Registrar under sub-section (1) of section 120 of the Act. It shall be recoverable in lump sum or in such instalment as may be required by the Registrar.(ii)Interest as admissible, on the savings bank account in the post office, shall be given on the amount of the security of the employee concerned.(iii)When an employee ceases to be in the service of the society or these, the security amount together with interest due shall be refunded to the employee and in the case of death, his heir, within a period of 3 months from the date of completion of audit following cessation of service or death:Provided that the society shall deduct any claim of dues outstanding against such employee.
