Vidhi Codex

section 71

Employees Provident Fund.

The Maharashtra Co-operative Societies Act 1960
Corporate1960178 of 165 sections available26 chapters
Read full ActSections

Chapter VI PROPERTY AND FUNDS OF SOCIETIES

Statutory text
  1. (1) Any society may establish for its employees a provident fund, into which shall be paid the contributions made but its employees and by the society. Such provident fund shall not be used in the business of the society, nor shall it form part of the assets of the society; but shall be invested under the provisions of, the last preceding section, and shall be administered in the manner prescribed.
  2. (2) Notwithstanding anything contained in the foregoing subsection, a provident fund established by a society to which the Employees' Provident Funds Act, 1952 is applicable, shall be governed by that Act. 71-A. Funds not to be utilised for certain proceedings filed or taken by or against officers in personal capacities.—
  3. (1) No expenditure from the funds of a society shall be incurred for the purpose of defraying the costs of any proceedings filed or taken by or against any officer of the society in his personal capacity under sections 78, 96 or 144-T. If any question arises whether any expenditure can be so incurred or not, such question shall be referred to and decided by the Registrar, and his decision shall be final.
  4. (2) If any person incurs expenditure in violation of sub-section (1), the Registrar shall direct the person to repay the amount to the society within one month and where such person fails to repay the amount as directed, such amount shall, on a certificate issued by the Registrar, be recoverable as arrears of land revenue.
  5. (3) The person against whom action is taken by the Registrar under sub-section (2) shall be disqualified to continue to be the officer of any society or to be officer of any society at any next election including any next by-election held immediately after the expiration of a period of one month during which such person has failed to pay the amount referred to in sub-section (2).

Study data processing for this section.

Some statutory text is still being prepared for this language version.

PDF: pending for this language.