ABe approved by the Registrar of Cooperative Societies.
BBe amended only by a special general body meeting.
CBe consistent with the Act and Rules
DTake effect immediately upon their creation.
Answer:
C. Be consistent with the Act and Rules
Read Explanation:
Sec 13 : When amendment of bye-law came into force.
An amendment shall take effect from the date of its registration, unless a specific effective date is otherwise provided."
Sec 13 A Rule 5: Subject Matter of Byelaw
Every co-operative society shall make its bye-laws consistent with the provisions of this Act and rules and no provision in the bye-laws of a co-operative society shall be contrary to the provisions of the Act and the Rules.
RULE 5- SUBJECT MATTER OF BYELAW
Rule 5(1) Byelaws of the Society shall not be contrary to the Act and Rules and may deal with all or any of the matters specified below
A) Name and address of the Society and its Branches if any
B) Area of operation
C) Objectives
D) The manner and limit of raising the funds of the Society and the purpose of its utilization, Maximum share capital one member can
E) Terms and qualification for admission to membership, privileges, rights, duties and liabilities of members including nominal or associate members etc.
Rule 5(2): In case of Credit Societies, following should also be be included in the Byelaw
Maximum loan admissible to a member
Maximum rate of interest on loans to members
Conditions of loans granted to members and Managing committee and penalties for misappropriation.
Consequences for default for payment of any sum due
The circumstances under which a loan may recalled.
Rule 5(3):
In case of Non- Credit Societies, the mode of conducting business such as manufacture, purchase, sale, stock taking and other matters and also the matters specified in Rule 5(1)
Rule 5(4):
Society having Credit and Non Credit Functions called Composite Society. They maintain both 5(2) and 5(3).
Rule 6 Model Byelaw
The Registrar is competent to frame model bylaws of Co- operative Societies.
Such model byelaw shall be adopted by the society with modifications as may be suggested by the Society and agreed by the Registrar.