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NCT Delhi - Section

Section 74 in The Delhi Co-operative Societies Rules, 2007

74. Contribution towards co-operative education fund.

(1)Every co-operative society shall credit a sum calculated at the rate of two percent of its net profit every year subject to a maximum of fifteen thousand rupees as contribution to the Co-operative Education Fund maintained by the Registrar. The Co-operative Education Fund shall be administered by a committee constituted by Government for this purpose consisting of following members, namely: -
1 Registrar: Chairperson ;
2 Joint Registrar : Member ;
3 President or General Secretary, Delhi State CooperativeUnion: Member ;
4 Chief Executive Officer, Delhi State Cooperative Union : Member ;
5 Principle Delhi State Cooperative Training Center : Member ;
6 President or Secretary, Delhi Cooperative Urban BanksFederation Ltd. : Member ;
7 Managing Director or General Manager, Delhi StateCo-operative. Bank Ltd. Member ;
8 Chairman or General Manager of Delhi Cooperative HousingFinance Corporation : Member ;
9 Three representatives from different kind of co-operativesocieties contributing Education Fund regularly : Member ;
The term of the committee shall be three years. The five members shall constitute the quoram in a meeting of the committee. The Co-operative Education fund shall be kept with State Bank of India. The Co-operative Education Fund payable by the co-operative societies shall be a charge on the fund of the co-operative society.
(2)Contribution received in Co-operative Education Fund shall be utilized under the following Heads, namely:-
(a)Grants-in Aid to Delhi State Co-operative Union and Delhi State Co-operative. Training Centre for undertaking co-operative education and training programme and other cooperative development activities;
(b)Administrative expenditure on the maintenance of office of the Co-operative Education Fund, salary of staff, maintenance and purchase of vehicle, conveyance charges, overtime allowance, honorarium to the officers and official meeting expenses etc;
(c)Remuneration of election officers for conducting election of co-operative societies where funds are not available and conducting of general body meeting of societies which are not providing funds due to financial constraint;
(d)Interstate or International study tours;
(e)Co-operative development activities which includes organisation and participation in exhibition preparation of study reports and making contributions to state and national level events conferences, seminars, workshop and training programmes :
Provided that audited report of Co-operative Education Fund shall be displayed on the website of the Registrar, Co-operative Societies every year.
(3)The committee shall fix an amount for incurring expenditure on day- to-day expenses and shall also authorize any officer in this regard.