Section 148 in Tamil Nadu Co-operative Societies Rules, 1988
148. Security to be furnished by paid employees of societies.
(1)No society shall appoint any person as its paid employee in any category of service unless such person furnishes security to the extent and in the form specified by the Registrar.(2)No society shall retain in service any paid employee if he does not furnish security within a period of three months from the date of order of the Registrar specifying the extent and the form of security under sub-rule (1).(3)Security deposits received by a society from its employee shall not form part of the assets of the society and shall be invested separately in the financing bank or a co-operative bank approved by the Registrar in this behalf by general or special order.(4)Notwithstanding anything contained in sub-rule (3), every society shall have a lien on the security deposits received from its employees and shall adjust the security deposits of an employee towards stock deficits, etc., caused by such employee or towards any other dues from him to the society:Provided that no adjustment under this sub-rule shall be made unless such employee has been given an opportunity of making his representations.
