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State of Odisha - Section

Section 45 in The Orissa Co-operative Societies Rules, 1965

45. [ Co-operative Education Fund. [Substituted by Orissa Gazette Extraordinary No. 500, dated 23.4.1997.]

(1)Every society shall remit the sum as specified by the Government under Sub-Section (3) of Section 56 of the Act to the State Co-operative Union towards its contribution to the Co-operative Education Fund within three months from the date of the closure of the Cooperative year. In case a Society has contributed 4 per cent of the net profit and the State Government have specified a sum in excess of the said percentage, every society shall remit the excess sum to the State Co-operative Union within three months from the date of receipt of audit report by the Society.
(2)For the purpose of administration of the Co-operative Education Fund, there shall be a Committee consisting of the following five members:
(a) President of the State Co-operative Union ... Chairman
(b) One nominee of the Registrar ... Member
(c) One representative of an Apex Society ... Member
(d) One representative of the Central Co-operative Bank ... Member
(e) Secretary of the State Co-operative Union ... Member-Secretary
(3)Subject to such direction as the State Government may give from time to time, the funds may be utilised for any or all of the following purposes, namely :
(a)education of members, office bearers, employees of the Societies, in Co-operative principle and practice;
(b)development of new type of Societies;
(c)improvement of Cooperative Societies;
(d)development of Co-operative movement in general;
(e)Co-operative publicity;
(f)publication of books and journals relating to Co-operative movement;
(g)conduct of research, case studies and evaluation in field of Cooperative movement, and
(h)award of prize for rendering meritorious service to the cause of Co-operative movement in the State.
(4)The funds shall be audited or cause to be audited by the Auditor-General annually within a period of six months from the close of each Cooperative year and copies of the audit report shall be furnished to the Committee constituted under the Sub-rule (2), the Committee of the State Co-operative Union, Registrar and the State Government;]