Agriculture and Co-operative Bank Regulations
48 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

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 (A)</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 (D)</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 (D)</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 (A)</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 (D)</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 (A)</p> Signup and view all the answers

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

<p>February 2006 (B)</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 (B)</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 (B)</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 (A)</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. (A)</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 (D)</p> Signup and view all the answers

What does the term 'State Representative' refer to?

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

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

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

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

<p>Entire state. (A)</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 (D)</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 (B)</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 (B)</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 (B)</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. (C)</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 (C)</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. (B)</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 (A)</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. (B)</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. (C)</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 (A)</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 (D)</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. (C)</p> Signup and view all the answers

Who chaired the Committee formed in December 1968?

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

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

<p>District Officers (A)</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. (A)</p> Signup and view all the answers

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

<p>Temporary and officiating roles (D)</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. (C)</p> Signup and view all the answers

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

<p>Establishment and regulation of cooperative societies. (C)</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 (B)</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 (A)</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 (C)</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 (B)</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 (D)</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 (D)</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 (D)</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 (A)</p> Signup and view all the answers

Flashcards

Winding up of Co-operative Bank

The process of liquidating a co-operative bank is done under the direction of the Reserve Bank.

Reimbursement to DIC by Liquidators

The Deposit Insurance Corporation (DIC) is reimbursed by the liquidators for any losses incurred during the winding up process.

Liquidator

The individual appointed to oversee the liquidation process of a co-operative bank.

Powers of Liquidator

The liquidator has various powers, including the ability to sell assets, collect debts, and distribute funds to creditors.

Signup and view all the flashcards

Cancellation of Registration of Co-operative Society

The process of removing a co-operative society from the official register.

Signup and view all the flashcards

Chapter XI: Agriculture and Rural Development Banks

The legal framework governing the operations of Agriculture and Rural Development Banks (ARDBs).

Signup and view all the flashcards

Application of Chapter XI to ARDBs

State and other Agriculture and Rural Development Banks (ARDBs) are subject to the regulations outlined in Chapter XI.

Signup and view all the flashcards

Trustee of ARDBs

The Trustee, a corporation sole, is responsible for managing the funds and operations of Agriculture and Rural Development Banks.

Signup and view all the flashcards

Who can the State Government appoint to assist the Registrar?

The State Government can appoint Additional Registrars, Joint Registrars, Deputy Registrars, and Assistant Registrars to help the Registrar.

Signup and view all the flashcards

Can the State Government create other positions to assist the Registrar?

The State Government can create other officer positions to assist the Registrar.

Signup and view all the flashcards

Who supervises the staff administering the Act?

The State Government and the Registrar supervise and control the employees administering the Act.

Signup and view all the flashcards

Who decides which officer reports to another?

The State Government determines which officer reports to another officer.

Signup and view all the flashcards

Can the State Government and the Registrar interfere with quasi-judicial decisions?

The State Government and the Registrar cannot interfere with the independent decisions of a quasi-judicial authority.

Signup and view all the flashcards

Can the State Government give powers of the Registrar to other officials?

The State Government can give powers of the Registrar to other appointed officials.

Signup and view all the flashcards

Who oversees the accounts of Co-operative Societies?

The Registrar of Co-operative Societies oversees the accounts of all Co-operative Societies.

Signup and view all the flashcards

What does the Registrar oversee?

The Registrar supervises and controls the accounts of every Co-operative Society.

Signup and view all the flashcards

Cooperative Society

A group of people who work together to achieve a common economic goal, often with shared ownership and democratic control.

Signup and view all the flashcards

Karnataka Cooperative Societies Act 1959

Legislation that governs the formation, operation, and regulation of cooperative societies within a specific state.

Signup and view all the flashcards

Sri B.S.Viswanathan Committee

A committee formed to review and suggest amendments to the Karnataka Cooperative Societies Act 1959, aiming to modernize and improve the functioning of cooperatives.

Signup and view all the flashcards

Tripartite Memorandum of Understanding (MoU)

An agreement between the Government of India (GOI), the Government of Karnataka, and the National Bank for Agriculture and Rural Development (NABARD) to revitalize short-term credit cooperatives.

Signup and view all the flashcards

Revival Package

Financial aid provided by GOI through NABARD to support the revival of short-term credit cooperatives in Karnataka.

Signup and view all the flashcards

Pre-condition for Financial Assistance

An essential condition for the release of financial assistance under the revival package, requiring the amendment of the Karnataka Cooperative Societies Act 1959.

Signup and view all the flashcards

Amendments to the Karnataka Cooperative Societies Act

Changes made to existing laws, often to adapt to changing circumstances or to address specific problems.

Signup and view all the flashcards

Amending a Law

A legal process to formally modify a law or document, often requiring approval from a legislative body.

Signup and view all the flashcards

Rules

The official rules and regulations established under the Karnataka Cooperative Societies Act.

Signup and view all the flashcards

Secondary Society

A cooperative society that allows other cooperative societies to become members.

Signup and view all the flashcards

State Representative

A person appointed by the State Government to represent the government in cooperative matters.

Signup and view all the flashcards

State Agriculture and Rural Development Bank

The Karnataka State Co-operative Agriculture and Rural Development Bank, Limited, established to support agriculture and rural development.

Signup and view all the flashcards

State Cooperative Bank

A cooperative society at the highest level in a state, typically involved in banking activities.

Signup and view all the flashcards

State Level Cooperative Society

A cooperative society operating across the entire State.

Signup and view all the flashcards

Tribunal

The tribunal established under the Karnataka Appellate Tribunal Act, 1976, to hear appeals regarding cooperative matters.

Signup and view all the flashcards

References to enactments or provisions of law not in force in an Area

This refers to an enactment or provision of law that is applicable to the specific area where the cooperative society is located, even if it might differ from the state-wide law.

Signup and view all the flashcards

Mysore Co-operative Societies Act Review Committee

A committee formed in 1968 to review and suggest changes to the Mysore Co-operative Societies Act based on government policies, programs, and the Department of Co-operation's experiences.

Signup and view all the flashcards

Karnataka Co-operative Societies Act Amendment (1979)

The Karnataka Co-operative Societies Act of 1959 was amended in 1979 to establish a separate audit wing headed by the Chief Auditor, replacing the previous system where the Registrar of Co-operative Societies appointed auditors.

Signup and view all the flashcards

Karnataka Co-operative Societies Act Amendment (1980)

The Karnataka Co-operative Societies Act underwent another amendment in 1980, which aimed to formally recognize the Chief Auditor and their subordinates by giving them legal status.

Signup and view all the flashcards

Section 14A of the Karnataka Co-operative Societies Act

Section 14A of the Karnataka Co-operative Societies Act, first introduced in 1975, has been a part of the Act since.

Signup and view all the flashcards

Mysore Co-operative Societies Act

The Mysore Co-operative Societies Act was replaced by the Karnataka Co-operative Societies Act in 1959.

Signup and view all the flashcards

Task Force

A group of experts appointed to study and suggest solutions to a problem, in this case, the revival of short-term cooperative credit structures in India.

Signup and view all the flashcards

NABARD (National Bank for Agriculture and Rural Development)

The organization responsible for agricultural and rural development in India, also plays a key role in the revival package for cooperative credit structures.

Signup and view all the flashcards

Amendment

The act of changing laws or regulations to improve or fix a specific aspect of a system, in this case, to help the revival of the cooperative credit structure.

Signup and view all the flashcards

Cooperative Credit Structure

A system of cooperative credit societies organized in a hierarchical structure, with primary societies at the base and apex societies at the top.

Signup and view all the flashcards

Co-operative Credit Structure Societies Elections

The process of electing members to the governing bodies of cooperative societies, the law mandates a four-stage process for this election.

Signup and view all the flashcards

Inserting a New Section

The act of inserting a new section into the existing law to incorporate specific provisions, in this case, to accommodate the changes related to the revival package.

Signup and view all the flashcards

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.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Related Documents

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.

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser