Insertion of new Section 19A

In the principal Act, after section 19, the following new section 19A shall be inserted, namely:- "Financial and internal Administrative matters" (1) 'Notwithstanding anything contained in this Act, rules or bye-laws made there under or any other law for the time being in force, a cooperative credit structure society shall have autonomy in all financial and internal administrative matters including the following areas:- (a) Interest rates on deposits and loans, in conformity with the guidelines of the Reserve Bank; (b) Borrowing and Investments; (c) Loan policies and individual loan decisions; (d) Personnel policy, staffing, recruitment, posting and compensation to staff; (e) Internal control systems, appointment of auditors and compensation for the audit'. (2) 'A cooperative credit structure society shall have the freedom of entry and exit at any tier without mandatory restrictions of geographical boundaries for its operation'.