Saturday, 17 October 2020

The Board of Directors has the final say in co-operative societies

An important decision was taken at the state cabinet meeting on Wednesday to give the board of directors the upper hand to approve important issues in the co-operatives as it was not possible to hold the annual general meeting of the co-operatives due to Corona.

The annual general meetings of the co-operative societies have been postponed till March 2021 due to the Corona outbreak. However, as it is not certain whether these meetings will be held or not, it has been decided to give the power of general meetings to the Board of Directors and for this, the Co-operation Act has been amended.

The Board of Directors is required to approve the decisions of the Board of Directors instead of approving the balance sheet, approval of next year's financial statements, and appointment of auditors.
Also, the term of the board of directors which is less than two and a half years. The Board of Directors is empowered to fill the vacancies in such Board of Directors by nomination from the members of the same category.

Apart from this, the organization will not be able to utilize any part of its profits till the annual general meeting. Similarly, it has been approved to amend the law and issue ordinances regarding payment of dividends to the members before Dussehra-Diwali, approval of next year's financial statements, the appointment of auditors.
The decision to implement the Central Government sponsored Atal Bhujal Yojana in 13 districts of the state was taken in the state cabinet meeting. The scheme will be implemented in 1443 villages in 73 watershed areas, 1339 gram panchayats in the district.

Increased grants to schools

A decision was taken in the cabinet meeting to give 20 percent subsidy to a total of 2165 primary, secondary, and higher secondary schools and an additional 20 percent subsidy to 2417 schools already receiving 20 percent subsidy from November 1, 2020. This will benefit a total of 43 thousand 112 teachers and non-teaching staff.

Refer from Loksatta

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