The Government of Karnataka on July 26, 2024, issued the Karnataka Co-operative Societies (Amendment) Act, 2024 to further amend the Karnataka Co-operative Societies Act, 1959.
The following has been stated namely: -
• Section 2 which states “Definitions” clause (a-1-1) has been substituted namely: -
“(a-1-1) “Assisted Society” means a co-operative society which has received the assistance from the Central Government or State Government or Zilla Panchayat / Taluka Panchayat, Gram Panchayat, City Corporations, City Municipal Council, Town Municipal Council, Town Panchayat and Corporations / Boards / Authorities established by the State Government or Central Government, in the form of Share Capital or loan or grant including the grant from the Member of Parliament and Member of State Legislature or guarantee for loan or rebate in repayment of loan or interest or any fund at concessional rate of interest or interest subsidy or incentive from State Government or Central Government or National Bank for Agriculture and Rural Development (NABARD) to the society or to the member of the society or tax rebate or concession in purchasing of site or land or obtained site or land on lease basis”
• Section 21 which states “Manner of excercising vote” the following sub-section shall be inserted namely: -
“(4) Notwithstanding anything contained in this Act or Bye-laws, in the Election of the Board of Secondary Co-operative Societies, Federal Co-operative Societies and Apex Co-operative Societies to the reserved seats, irrespective of any class of voters of the said societies, they shall be entitled to exercise their votes, in the manner as may be prescribed”
[LA Bill No. 3 of 2024]
