I would like to form a credit & thrift society in Bihar, whether it is possible to continue those founder member till the society life as governing member bcz lack of knowledge among all members are not capable to do so,
I am a banking professional and would like to serve people with low cost banking facilities so that they are economically empowered and become self-dependent. Pls guide me how to exercise it.
I C Naik
I am pleased to learn that you are thinking of taking a plunge in to organizing low cost banking facilities towards economic empowerment and self dependence for less privileged citizens. My blessings in abundance.
Cooperative societies registered in Bihar are regulated by pre-independence enactment the Bihar cooperative societies Act 1935. As you may be aware “The Parliament, with a view to enhance public faith in the co-operative institutions and to insulate them to avoidable political or bureaucratic interference brought in Constitutional (97th Amendment) Act, 2011, which received the assent of the President on 12.01.2012, notified in the Gazette of India on 13.01.2012 and came into force on 15.02.2012.”[ Supreme Court of India Thalappalam Ser.Coop.Bank Ltd.& … vs State Of Kerala & Ors. on 7 October, 2013]
As a consequence to 97th Constitutional Amendment, the States amended their respective Cooperative Society Law. Bihar State enacted [Bihar Act 6, 2013] BIHAR CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 2013
Section 4(4) of this enactment comprehensively amended Section 14 of the Bihar cooperative societies Act 1935 including its sub-section 9. The amended sub-section 9 (relevant part extracted below) is self contained, needing no interpretation:
“(9) Notwithstanding anything contained in any provision of rules or the Bye-laws of any Co-operative Society the term of office of elected members of the Board and its Office-bearers shall be five years from the date of election and the term of Office-bearers shall be co-terminus with the term of the Board:”
The only way founders can retain management seats is to provide such services that members keep electing the founders unopposed every 5 years.