Committee of co-operative bank to ensure certain things

A Committee of co-operative bank shall ensure that—

1. (a) the information is furnished every month to the Registrar in such form as may be prescribed, regarding the loans taken from the bank by each Committee member, members of the family and companies with which he is associated, in any manner;
2. (b) the bank is registered as an insured bank under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 or any other law for the time being in force in the Union territory;
3. (c) the defects in the working of the bank are rectified and financial irregularities disclosed in the course of audit of the bank or otherwise remedied;
4. (d) the action to recover loans given by the bank is taken within one year from the date when repayment of the same has become due;
5. (e) no financial loss is caused to the bank and any debt due to the bank which is not recovered within a period of one year from the date when it has become due shall be recovered;
6. (f) civil and criminal proceedings against a person who, in the opinion of the Committee, has misappropriated any fund of the bank are initiated;
7. (g) the provisions of sections 18 and 24 of the Banking Regulation Act, 1949, as applicable to co-operative societies and section 63 of this Regulation are complied with, and, if in its opinion any of the said provisions are contravened, such contravention shall forthwith be reported to the