Guidelines on Accounts and Other Records D

v     Issues &  Replies

      What remedy is available if the previous managing committee/promoter does not   hand over the books of society to the new managing committee?

A.     If the old committee does not hand over the books voluntarily, the fact must be brought to the notice of the Registrar.  The Registrar will then call upon the concerned persons to hand over the files to new committee.  If they still refuse them the Registrar as per Section 80 of the MCS Act apply to the court for seizing the documents and hand them over to the new committee.

      When a Co-operative Society receive any payment from anybody ( whether he is a  member or not), the society need not affix One Rupees Revenue Stamp on the receipt issued by the society.  Is this correct?

A.     By the Central Notification issued under the Indian Stamps Act, a receipt executed by or on behalf of any co-operative society, registered or to be registered under the law for the time being in force, is exempt from payment of Stamp Duty. It is therefore not necessary to affix a revenue stamp on the receipt issued on behalf of the society.

      Can a society write-off the outstanding amounts not recoverable from its members?

A.     The society may write-off any loan and interest thereon, society charges due from the members, the expenses incurred on recovery thereon, and the accumulated loss, which are certified as irrecoverable by the Statutory Auditor. The amounts shall not be written-off unless:

(1)   The meeting of the General Body of the society has given due sanction for writing off the amounts.

(2)   The approval of the financial agency to write-off the entire amount, in cases where the society is indebted to it, is obtained.