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Section 75
Audit
: (1) The audit of each financial year shall be conducted by a licensed auditor in accordance with the prevailing law within three months from the date of the end of that financial year.
(2) If it is found that no cooperative organization has been audited within the period specified in sub-section (1), the registrar or an officer authorized by the registrar may conduct the audit of such cooperative organization by a licensed auditor.
(3) When conducting an audit as per sub-section (2), the amount including the remuneration to be paid to the auditor shall be borne by the relevant cooperative organization.
(4) According to subsection (1) or (2), the audit report made by the auditor shall be submitted to the general meeting for approval.
(5) If the audit report submitted in accordance with sub-section (4) cannot be approved by the general meeting, the general meeting shall appoint another auditor subject to section 76 for re-auditing.
(6) After completing its audit, the cooperative bank shall also submit its report to Nepal Rastra Bank.
(2) If it is found that no cooperative organization has been audited within the period specified in sub-section (1), the registrar or an officer authorized by the registrar may conduct the audit of such cooperative organization by a licensed auditor.
(3) When conducting an audit as per sub-section (2), the amount including the remuneration to be paid to the auditor shall be borne by the relevant cooperative organization.
(4) According to subsection (1) or (2), the audit report made by the auditor shall be submitted to the general meeting for approval.
(5) If the audit report submitted in accordance with sub-section (4) cannot be approved by the general meeting, the general meeting shall appoint another auditor subject to section 76 for re-auditing.
(6) After completing its audit, the cooperative bank shall also submit its report to Nepal Rastra Bank.
Cooperatives Act, 2048(1992)
Preamble - 0
Chapter - 2
Section 3: Organization formation Section 4: Formation of District Subject Cooperative Association Section 5: Formation of District Co-operative Union Section 6: Formation of Provincial Thematic Cooperative Association Section 7: Formation of Provincial Cooperative Association Section 8: Formation of Central Thematic Cooperative Association Section 9: Formation of specialized cooperative association Section 10: Formation of the National Cooperative FederationSection 11: Unable to form association Section 12: Formation of cooperative banks Section 13: Not to operate cooperative society without registration Section 14: Application for registrationSection 15: To be registeredSection 16: Who can refuse to registerSection 17: Co-operative society to be an organized body Section 18: Scope of work of cooperative organization Section 19: Scope of Union and Co-operative Banks Section 20: Can be classified on the thematic basis Section 20A: बचत तथा क्रणको मुख्य कारोबार गर्ने सहकारी संस्थाको बर्गीकरण:Section 21: Able to conduct business, business, industry or project Section 22: Limitation of liability Section 23: Values, beliefs and principles of cooperatives must be followed
Chapter - 6
Section 36: General MeetingSection 37: Tasks, Duties and Powers of the Preliminary General Meeting Section 38: Functions, Duties and Powers of the Annual General Meeting Section 39: Meeting of the General Assembly Section 40: Who can instruct to convene a special general meetingSection 41: Board of DirectorsSection 42: Election of Committees Section 43: Functions, Duties and Powers of the Committee Section 44: Non-continuance in the position of director Section 45: Can remove the director from officeSection 46: Not to be involved in the decision-making process involving private interest Section 47: Dissolution of the CommitteeSection 48: Formation of Accounting Supervision CommitteeSection 49: Work, Duties and Powers of the Accounting Supervision Committee
Chapter - 8
Section 53: Capital Section 54: Functions of Co-operative Banks Section 55: Restriction on lending Section 56: Dividend should not be distributed Section 57: Not to purchase goods for commercial purposes Section 58: Accounts and records Section 59: Nepal Rastra Bank can take over the managementSection 60: Cancellation of registrationSection 61: Confidentiality must be kept Section 62: Must maintain liquid assets
Chapter - 14
Chapter - 17
Section 95: Inspecting and checking accounts Section 96: Who can investigateSection 97: Special provisions related to inspection and monitoring of organizations or associations dealing in savings and loans Section 98: Inspection and Monitoring by the MinistrySection 99: The association should inspect and monitor Section 100: Annual report to be submitted Section 101: Cooperative Savings and Credit Protection FundSection 102: Able to operate mutual protection service Section 103: Stabilization Fund
Chapter - 17A
दफा 103A: प्राधिकरणको स्थापनादफा 103B: प्राधिकरण स्वशासित र सङ्गठित संस्था हुनेःदफा 103C: प्राधिकरणको गठनःदफा 103D: अयोग्यतादफा 103E: प्राधिकरणको अध्यक्ष र विज्ञ सदस्यको नियुक्ति:दफा 103F: प्राधिकरणको अध्यक्ष र सदस्यको पद रिक्त हुनेःदफा 103G: प्राधिकरणको बैठकःदफा 103H: प्राधिकरणको काम, कर्तव्य र अधिकारःदफा 103I: प्राधिकरणको अध्यक्षको काम, कर्तव्य र अधिकारःदफा 103J: प्राधिकरणको सदस्यको कार्य विभाजनःदफा 103K: प्राधिकरणको अध्यक्ष तथा विज्ञ सदस्यको सेवा, शर्त तथा सुबिधाः दफा 103L: शपथ लिनु पर्नेःदफा 103M: प्राधिकरणको कोष: दफा 103N: प्राधिकरणको कोषको लेखापरीक्षण:दफा 103O: नियमनकारी अवसर -रेगुलेटरी अपरच्यूनिटी) को दुरूपयोग गर्न नहुनेदफा 103P: पेशागत आचरण पालना गर्नु पर्ने: दफा 103Q: कर्मचारी सम्बन्धी व्यवस्था
Chapter - 18
Section 104: An institution or association can be declared as problematic Section 105: Establishment of Management CommitteeSection 106: Work, Duties and Rights of the Management Committee Section 106A: विज्ञ टोली गठन गर्न सक्नेःSection 107: Preparation of schedule Section 108: Provisions related to payment of obligations Section 108A: बचत रकम फिर्ता सम्बन्धी विशेष व्यवस्थाःSection 109: Can delegate authority Section 110: Expenditure from the assets of the organization or association Section 111: Rights will be automatically suspended Section 112: Notice to submit claims Section 112A: दाबी पेस गर्नु पर्नेःSection 113: Audit report should be prepared Section 114: Can perform remedial actions Section 115: The management committee can send in writing Section 116: Can recommend Section 117: Report to be submitted Section 118: Service conditions of the chairman and members of the management committee Section 119: Who can request assistance Section 120: Can take expert services Section 121: Provisions related to management committee staff Section 121: Provisions related to management committee staff
Chapter - 19
Section 122: Offense deemed to have been committed Section 123: Defense of work done in good faith Section 124: Punishment Section 125: PenaltySection 126: Withholding Section 127: Double Penalty Section 128: Punishment by Nepal Rastra Bank Section 129: Can send in writing for investigation Section 130: Government of Nepal shall be the plaintiff Section 131: Case Hearing OfficerSection 131A: मिलापत्र हुन सक्नेःSection 132: Limitation of making a complaint Section 133: Who can appeal Section 134: Collection to be made
Chapter - 20
Section 135: Special provisions related to the operation of organizations Section 135A: बचत रकम फिर्ता गर्न समिति गठन गर्न सकिनेSection 136: Exercise of Voting Rights Section 137: Able to conduct social testsSection 138: Cooperative EducationSection 139: Don't give financial support Section 140: Inter-cooperative transactions can be conducted Section 141: Provisions related to taxation Section 142: Not to grant contract Section 143: Dispute resolution Section 144: Can be encouraged Section 145: Departmental action will be taken Section 146: Charges like government dues Section 147: Non-applicability of existing Acts relating to companies Section 148: There should be no hindrance to take action according to the prevailing lawSection 149: Power to make rules Section 150: Interim Provisions Section 150A: Section 151: Standards, guidelines or procedures that can be implementedSection 152: Repeal and rescue