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2024:KER:80385 W.P.(C) No.21368/2024 & connected cases (2C) The Registrar shall conduct audit, inspection and verification of records in the subsidiary institutions, as may be prescribed.

(2D) Any share capital contribution or financial assistance to the subsidiary institutions from the society/bank shall be allotted with the prior approval of the Registrar based on the resolution passed by the general body of the society/bank concerned. (2E) Transferring funds or leasing of assets of the society to its subsidiary institutions shall be made with the prior approval of the Government based on the resolution passed by the general body of the society/bank.

32. The amendments made by the Act 9 of 2024 provide that the share capital contribution or financial assistance to the subsidiary institutions shall be met from the balance net profit of the Society and that any further investment in subsidiary institutions from the Society/Bank other than share capital shall be released as loans as per the norms as may be specified by the Registrar. Sub-section (2B) provides that any Society which had availed financial assistance from Government, shall include nominees of Government of Kerala in the Board of Directors of the subsidiary institutions as may be prescribed. The Registrar 2024:KER:80385 W.P.(C) No.21368/2024 & connected cases has been granted power to conduct audit, inspection and verification of records in the subsidiary institutions, as per sub- section (2C). As per sub-section (2D), any share capital contribution or financial assistance to the subsidiary institutions can be made only with the prior approval of the Registrar and based on the resolution passed by the General body of the Society. Transferring funds or leasing of assets of a Society to its subsidiary institutions can be made only with the prior approval of the Government and based on the resolution passed by the General body, in view of sub-section (2E).