Provided further that where any such society fails to comply with the above provisions within the period specified therein, the Registrar shall de- register such society forthwith.

Autonomy in all financial and internal administrative matters.- Notwithstanding anything contained in this Act, a Short Term Co-operative Credit Structure Society shall have autonomy in all financial and internal administrative matters including the following areas:-

1. (i) Interest rates on deposits and loans: Provided that in the case of the State Co-operative Bank the interest rates shall be in conformity with the guidelines issued by the Reserve Bank;

1. (11) borrowing and investments;
   • (iii) loan policies and decisions on individual loan;
   • (iv) personnel policies, staffing, recruitment, posting and compensation to staff; and . (v) intemal control systems, appointment of auditors from the panel of auditors or chartered accountants approved by the Registrar and.levy of fees for the audit.