The sub-section (4), section 166 of the principal Act is been removed.
The members of the committee and its office bearers not only have to co-terminus of the committee after five years from the date of election but also the members shall be deemed to have vacated their offices as members of the committee, according to Maharashtra Co-operative Societies (Second Amendment) Act, 2018.
The Maharashtra Government after receiving the assent of the Governor it published in ‘‘Maharashtra Government Gazette ’’, on the 9th August 2018.
“The Governor of Maharashtra was satisfied that circumstances existed which rendered it necessary for him to take immediate action further to amend the Maharashtra Co-operative Societies Act, 1960, for the purposes hereinafter appearing; and, therefore, promulgated the Maharashtra Co-operative Societies (Second Amendment) Ordinance, 2018 on the 13th June 2018 and whereas both Houses of the State Legislature were not in session”, the official document said.
The act has amended few sections and sub-section which include, Section 73AAA (sub-section 3), section 73CB (sub-section 15) and section 166 (sub-section 4).
The public document says that under section 73CD of sub-section (15), “Where in respect of any society, the term of its committee has expired before the date of commencement of the Maharashtra Co-operative Society (Second Amendment) Act, 2018, the election to such committee shall be held by State Co-operative Election Authority within a period of six months from the date of such commencement.”
Although in respect of such a society, the committee shall continue to hold the office till such a period of six months or declaration of results of the election of such a society whichever is earlier, it said.
In case of society doing the business of banking, the requisition made or guidelines issued by the Reserve Bank of India or the National Bank shall prevail.
The amendment has extended the section 73AAA of sub-section (3) by adding a small paragraph which says that, The term of the office of the elected members of the committee and its office bearers shall be five years from the date of election and the term of the office bearers shall be co-terminus with the term of the committee (before amendment) and ‘on the expiry of the term of the committee, the members shall be deemed to have vacated their offices as members of the committee’ (amended).
However, the sub-section (4), section 166 of the principal Act is been removed, according to the document.