Business of Credit Union

PRESENT ACT- CO-OPERATIVE SOCIETY ACT 81:03 Powers of the Commissioner for Co-operative: The present invent allows the Commissioner for Co-operative to need general powers of supervision. Some of these powers include holding an test into the constitution, operations and financial position of the fiat. He may aft(prenominal) holding an inquiry s block a wag to the hunting lodge to remedy the situation within triple months from the date of the notice. If the partnership does not remedy the situation the Commissioner smoke prepare the wantonness of the board and he would appoint souls to spot the affairs of the confederation. He may take stock the books, accounts, records and securities of a society. He is entitled to inspect cash in bridge player and should there be all other information he requires every officer of a society shall furnish him with such(prenominal)(prenominal) information respecting the operation and proceedings of a society. He may also can cel the alteration of any society should he think fit. If a society amends its bye-laws it cannot take way out until approved by the Commissioner. If the commissioner issues a winding up order he will sacrifice powers of a liquidator. The Commissioner has the responsibility of canvassing the accounts of the society within two months of the end of the fiscal year. If this cannot be through by the Commissioner he may authorize a person to do so.

KARON not legitimate where this fits in 49. (1) There shall be constituted a fund to be called The Supervisory and study Fund, (hereinafter called the Fund) an d every society, the accounts of which have ! been audited by the Commissioner or a person authorised by him shall when called upon to do so by the Commissioner, make annually a contribution to the Fund. (2) Until such time as a society for supervision and audit has been naturalised and registered (a) the Fund shall be held by the Commissioner and administered by him on behalf of the contribute societies; (b) the Commissioner shall fix the amount of the annual...If you want to get a broad essay, order it on our website: BestEssayCheap.com

If you want to get a full essay, visit our page: cheap essay