State Act

The Maharashtra Co-operative Societies Act, 1960

144. Power to Committee of 7[State Co-operative Agriculture and Rural Multipurpose Development Bank] to supervise on 8[Co-operative Agriculture and Rural Development Bank] and make regulations.— The committee of the 9[State Co-operative Agriculture and Rural Multipurpose Development Bank] shall have a general power of supervision over 10[Co-operative Agriculture and Rural Multipurpose Development Bank] and may, with the previous sanction of the State Government, 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 11[Co-operative Agriculture and Rural Multipurpose Development Bank] ; (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 12[State Co-operative Agriculture and Rural Multipurpose Development Bank] being accounts relating to the payment of amounts recovered by such banks on mortgages transferred to the 13[State Co-operative Agriculture and Rural Multipurpose Development Bank] ; (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 type and extent of securities 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.