State Act

THE KARNATAKA CO-OPERATIVE SOCIETIES ACT, 1959.

1[98. Power to 2[Board]2 of 3[State Agriculture and Rural Development Bank]3 to supervise 3[Agriculture and Rural Development Bank]3 and make regulations.- The 2[Board]2 of the 3[State Agriculture and Rural Development Bank]3 shall have a general power of supervision over 3[Agriculture and Rural Development Bank]3 and may, with the previous sanction of the State Government, by notification in the official Gazette make regulations, not inconsistent with this Act or the rules made thereunder, for all or any of the following matters, namely:— (a) for the inspection of the account books and proceedings of 1[Agriculture and Rural Development Bank]1 ; (b) for the submission of returns and reports by such banks in respect of their transactions; (c) for the periodical settlement of accounts between such banks and the 1[State Agriculture and Rural Development Bank]1 being accounts relating to the payment of the amounts recovered by such banks on mortgages transferred to the 1[State Agriculture and Rural Development Bank]1 ; (d) for the form in which applications to such banks for loans shall be made and for the valuation of properties offered as security for such loans; (e) for the investment of moneys realised from the mortgagors; (f) the conditions of service of employees of such banks; (g) the programme and policy to be followed by such banks for making loans; (h) the types and extent of security to be obtained by such banks for advancing loans; (i) generally, for the purpose of safeguarding the interest of the parties, furtherance of activities of such banks, and carrying out the purposes of this Chapter.]1