Bill to reform cooperative sector introducted in LS

New Delhi, May 22 (UNI) The Constitution (One Hundred and Sixth Amendment) Bill, 2006, which seeks to ensure autonomy, democratic functioning and professional management of cooperative societies, was introduced in the Lok Sabha today.

The Bill, introduced by Agriculture Minister Sharad Pawar, provides for offences relating to cooperative societies and penalties in respect of such offences.

It also provides for the winding up of cooperative societies, independent professional audit, right of information access to the members, and empowering the state governments to obtain periodic reports of the activities and accounts of such societies.

It also specifies that the maximum number of directors of a society should not exceeding 21 members, providing for a fixed term of five years from the date of election in respect of the elected members of the board and its office bearers, and a maximum time limit of six months during which a board of directors could be kept under suspension.

UNI YJ LR BD1605