S C Jamir, Governor of Odisha has given assent to Odisha State Cooperative (Amendment) Bill 2013 and Odisha Self-Help Cooperative (Repeal) Bill 2013.
Governor cleared both the Bills which were passed by Odisha Legislative Assembly (OLA) during its recently concluded session.
Repealing Odisha Self-Help Co-operative Act, 2001, Odisha Government had promulgated an Ordinance, which ended on October 1 and now with Governors assent, the Bill turns into an Act.
With this new Act coming into effect, all the 1634 self help cooperatives will go for amendment in their Articles of Associations and reconstitute Board of Directors, said an official.
If they fail to do so, these cooperative organisations will be taken over by the Registrar of Cooperative Societies of Odisha to amend such changes in the organisations as per the provisions of the Odisha Cooperative Societies Act, 1962, which has been recently amended in conformity with the 97th amendment of the Constitution.
With the Governor’s ascent the State Government can now take up audit of these cooperatives and examine their Books of Accounts, said an official.
Of the 1634 Cooperative societies there are about 1000 such Credit Cooperative Societies, which are involved in chit fund activities, said an official.
By virtue of the new act, the government would have provisions of restraining these organisations from duping the hapless investors.