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 16a. 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.
