Agriculture and Co-operative Bank Regulations
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Questions and Answers

What is one of the responsibilities of the Liquidator during the winding up of a co-operative bank?

  • To reimburse the Deposit Insurance Corporation (correct)
  • To issue new debentures
  • To manage day-to-day operations
  • To guarantee the interest on loans

    • What does the term 'Trustee to be a corporation sole' imply in the context of Agriculture and Rural Development Banks?

  • The Trustee can delegate powers to the Liquidator
  • The Trustee must operate as a distinct legal entity (correct)
  • The Trustee does not have financial responsibilities
  • The Trustee can be replaced by any bank officer

    • Which of the following powers is NOT typically held by Agriculture and Rural Development Banks?

  • The power to approve all agricultural projects (correct)
  • The power to advance loans
  • The power to hold lands
  • The power to execute leases

    • What is a key feature of the debentures issued by Agriculture and Rural Development Banks?

    <p>They are secured by properties of the banks</p> Signup and view all the answers

    When can the Right of Agriculture and Rural Development Bank to purchase mortgaged property be exercised?

    <p>Only after default on loan payments</p> Signup and view all the answers

    What does the cancellation of registration of a co-operative society typically signify?

    <p>The society is disbanded and ceases to exist</p> Signup and view all the answers

    What was the primary aim of the committee appointed by Bank Ltd., Bijapur?

    <p>To suggest amendments to the Karnataka Cooperative Societies Act 1959</p> Signup and view all the answers

    What is the role of the Deputy Commissioner in the recovery process outlined for Agriculture and Rural Development Banks?

    <p>To make recoveries during a specified period</p> Signup and view all the answers

    Which aspect is NOT part of the powers granted to the Liquidator?

    <p>To approve new banking policies</p> Signup and view all the answers

    When was the report submitted by the committee to the Government?

    <p>February 2006</p> Signup and view all the answers

    What significant event took place on 25.03.2008 concerning the Karnataka Cooperative Societies Act?

    <p>A tripartite MoU was signed with GoI &amp; NABARD</p> Signup and view all the answers

    Which term defines the types of communities specified in the Karnataka Constitution (Scheduled Castes) Order, 1950?

    <p>Scheduled Castes and Scheduled Tribes</p> Signup and view all the answers

    What was a key condition under the MoU signed regarding the Karnataka Cooperative Societies Act?

    <p>Amendments must give more power to cooperative societies</p> Signup and view all the answers

    What is a secondary society as defined in the content?

    <p>A co-operative society whose membership is open to another co-operative society.</p> Signup and view all the answers

    Who chaired the task force appointed by the Government of India for the cooperative credit structure?

    <p>Dr. A.Vaidyanathan</p> Signup and view all the answers

    What does the term 'State Representative' refer to?

    <p>A person appointed under section 2A.</p> Signup and view all the answers

    What was one of the roles of the committee from Bank Ltd., Bijapur during their travels?

    <p>To interact with cooperative societies and cooperators</p> Signup and view all the answers

    Which entity is described as an apex society engaged in banking activities?

    <p>State Cooperative Bank</p> Signup and view all the answers

    What was a major outcome of the task force's activities regarding the cooperative credit structure?

    <p>Formulating a revival package for cooperative credit structure</p> Signup and view all the answers

    What is one of the objectives for amending the Karnataka Cooperative Societies Act as noted in the recommendations?

    <p>To enhance the transparency and accountability of cooperative societies</p> Signup and view all the answers

    What is the operational reach of a State Level Cooperative Society?

    <p>Entire state.</p> Signup and view all the answers

    What roles can the State Government appoint to assist the Registrar of Co-operative Societies?

    <p>Additional Registrars, Joint Registrars, and other designated officers</p> Signup and view all the answers

    Which of the following best defines the term 'Tribunal' within the context provided?

    <p>An administrative body established under a specific Act</p> Signup and view all the answers

    To which act does a reference to 'Registrar of Co-operative Societies' belong?

    <p>The Act that governs Co-operative Societies</p> Signup and view all the answers

    Under what condition can the State Government interfere with quasi-judicial functions?

    <p>The Government cannot interfere at all</p> Signup and view all the answers

    What was the primary purpose of constituting the Committee in December 1968?

    <p>To evaluate the amendments to the Mysore Cooperative Societies Act.</p> Signup and view all the answers

    Which powers can be conferred upon Additional Registrars by the State Government?

    <p>All or any of the powers of the Registrar under the Act</p> Signup and view all the answers

    What does a reference to an enactment or provision of law imply when it's not in force in any area of Karnataka?

    <p>It corresponds to the relevant enactment or provision in force in that area.</p> Signup and view all the answers

    Who oversees the administration of the Act, except for audit-related matters?

    <p>State Government and the Registrar</p> Signup and view all the answers

    What was a significant change introduced by the Amending Act 3 of 1980?

    <p>A separate audit wing was created to conduct audits independently.</p> Signup and view all the answers

    Which amendment allowed for the introduction of Section 14A in the Karnataka Co-operative Societies Act?

    <p>Amendment Act of 1975.</p> Signup and view all the answers

    What happens to the accounts of every Co-operative society according to the Act?

    <p>They are subject to the supervision and control of the Registrar</p> Signup and view all the answers

    What limitations are placed on the powers of the State Government regarding officer appointment?

    <p>The government must adhere to the designated hierarchical structure</p> Signup and view all the answers

    Why was the Karnataka Co-operative Societies (Amendment) Ordinance 1979 issued?

    <p>To address the urgent need for statutory recognition of the Chief Auditor.</p> Signup and view all the answers

    Who chaired the Committee formed in December 1968?

    <p>The Deputy Minister for Co-operation.</p> Signup and view all the answers

    What designation does not appear among those commonly appointed by the State Government?

    <p>District Officers</p> Signup and view all the answers

    What was recognized as necessary after the detailed consideration by the Committee?

    <p>To amend the Mysore Co-operative Societies Act with modifications.</p> Signup and view all the answers

    What type of appointments can the State Government make under the Act?

    <p>Temporary and officiating roles</p> Signup and view all the answers

    How long had the audit wing been functioning effectively by the time the amendment was proposed?

    <p>More than two years.</p> Signup and view all the answers

    What does the Karnataka Co-operative Societies Act primarily address?

    <p>Establishment and regulation of cooperative societies.</p> Signup and view all the answers

    What is the primary purpose of the proposed new section 97A in the Karnataka Co-operative Societies Act, 1959?

    <p>To prevent adverse effects on PCARD Banks</p> Signup and view all the answers

    In how many stages are elections proposed to be held for Co-operative Credit Structure Societies?

    <p>Four stages</p> Signup and view all the answers

    Who chaired the task force appointed by the Government of India to suggest measures for the revival of short-term cooperative credit structure?

    <p>Prof. A. Vaidyanathan</p> Signup and view all the answers

    What was the reaction of the Government of Karnataka regarding the revival package proposed by the GOI?

    <p>They accepted the revival package and signed a MoU</p> Signup and view all the answers

    What does the tripartite Memorandum of Understanding (MoU) envisage?

    <p>More powers to cooperative societies with some powers for RBI/NABARD</p> Signup and view all the answers

    When was the report submitted by the task force to the Government of India?

    <p>04.02.2005</p> Signup and view all the answers

    What is a pre-condition under the MoU for the release of financial assistance?

    <p>Amendment to the Karnataka Cooperative Societies Act 1959</p> Signup and view all the answers

    What aspect of the cooperative structure was the focus of the critical study conducted by the task force?

    <p>Short-term cooperative credit structure</p> Signup and view all the answers

    Study Notes

    Karnataka Cooperative Societies Act, 1959

    • Act of 1959: This act governs the formation, functioning, and management of co-operative societies in Karnataka.
    • Chapters: The Act is organized into several chapters covering various aspects of co-operative societies, including preliminary provisions, authorities, registration, membership, management, state aid, properties, audit, inquiries, and dispute settlements.
    • Authorities and Tribunals: Specifies roles for various authorities and a tribunal related to co-operative society registration and oversight.
    • Registration: Details the process of registering co-operative societies, including eligibility criteria, types of liability, application procedures, and the issuance of registration certificates.
    • Management and Governance: Outlines the management structure of cooperative societies, including governing bodies (board), membership, and decision-making processes.
    • Financial Aspects & Assets: Details how co-operative societies handle money, manage assets, and regulate financial transactions.
    • State Aid and Partnerships: Discusses provisions related to state support for co-operative activities; either directly or indirectly.
    • Dispute Resolution: Establishes procedures for handling disputes among members or between members and the society or other organizations involved.
    • Amendments: The Act contains provisions for amendments; in order to adapt to changing requirements and conditions. Each amendment has its own Act number. Example: Act 16 of 1967.
    • Winding Up and Dissolution: Procedure for winding-up or dissolving co-operative societies if needed
    • **Agriculture and Rural Development Banks:**Specific chapter dealing with these co-operatives; regarding certain provisions.

    Key Figures

    • Registrar: An officer appointed by the state government to oversee co-operative societies.
    • Director of Co-operative Audit: An officer responsible for auditing co-operative society accounts.
    • Additional Registrars, Joint Registrars, Deputy Registrars, and Assistant Registrars: These personnel support the Registrar in their work.
    • State Representatives: State government representatives tasked with supporting the Registrar's activities.

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    Karnataka Co-operative Societies Act, 1959 PDF

    Description

    Test your knowledge on the responsibilities of liquidators and the roles of banks in agriculture and rural development. Explore key features, powers, and historical events related to co-operative banks. This quiz covers important regulations and terms relevant to the banking sector.

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