The Chhattisgarh Cooperative Societies (Recovery of Losses) Act, 2007
The Chhattisgarh Cooperative Societies (Recovery of Losses) Act, 2007
This act is a state law in Chhattisgarh that empowers the state government to handle financial losses suffered by cooperative societies when the government has provided financial support to those societies. It allows the government to recover funds like share capital, loans, grants, or guarantees given to a cooperative society if that society suffers a loss that cannot be written off by its own accounting rules. The act sets out a recovery procedure and gives a person who receives an unfavourable order the right to appeal within thirty days to the state government. Its purpose is to ensure that public funds entrusted to cooperative enterprises are not wasted and to hold these societies accountable for not managing funds properly. By creating a clear legal mechanism for the state to collect money back, the law helps protect public resources and maintains the financial stability of the cooperative sector in Chhattisgarh.
- 0. Preamble
- 2. Definitions
- 3. Act not in derogation of any other law
- 4. Procedure for making good, losses cause to un-aided Co-operative Society
- 5. Recovery of money.
- 7. Service of Notice.
- 8. Registrar and other officers etc. to be public servants.
- 9. Indemnity for acts done in good faith.
- 12. Power to make Rules.
Some statutory text is still being prepared for this language version.
PDF: pending for this language.