Cooperatives

Q.  Which of the following is/are true regarding Cooperative Societies?

1) The superintendence, direction and conduct of elections to a co-operative society shall be done by the State Election Commission only.
2) The audit report of the accounts of an apex co-operative society shall be laid before the state legislature.

- Published on 13 Jul 16

a. Only 1
b. Only 2
c. Both 1 and 2
d. Neither 1 nor 2

ANSWER: Only 2
 
  • The superintendence, direction and control of the preparation of electoral rolls and the conduct of elections to a co-operative society shall vest in such body, as may be provided by the state legislature.
  • Every co-operative society shall be audited by an auditor or auditing firm, appointed by the general body of the co-operative society. But, such an auditor or auditing firm shall be appointed from a panel approved by the State Government or a body authorised by the State Government on this behalf.
  • The accounts of every co-operative society shall be audited within six months of the close of the financial year.

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