Section 144-22A of MCS ACT 1960 : Functions and powers of the Regulatory Board

Section 144-22A : Functions and powers of the Regulatory Board

(1)Subject to the provisions of the Act and the rules made thereunder, the Regulatory Board shall have power to frame regulations for the following matters, namely :—

     (a)the maximum amount of deposit that can be collected from an individual member by a society ;

     (b)the maximum and minimum rates of interest for deposits and secured and unsecured loans ;

     (c)the upper limit up to which loan could be granted to an individual member and all his connected accounts ;

     (d)the maximum limit to be maintained by the non-agricultural co­operative credit society by way of cash reserve ;

     (e)the rate of contribution to be made by non-agricultural co­ operative credit society to the Stabilization and Liquidity Support Fund and its periodicity which may be annual or otherwise ;

     (f)the criteria for a society to be eligible to receive support for the refund of deposit from the Stabilization and Liquidity Support Fund ;

     (g)the maximum limit of expenditure permitted to be incurred by non-agricultural co-operative credit society, on its administrative and establishment expenses.

(2)The Regulatory Board shall have power to issue guidelines for the following matters :—

    (a)the classification of non-performing asset ;

    (b)the minimum educational qualification and training for being eligible to be appointed as Chief Executive Officer and other officers and staff of society ;

    (c)the eligibility criteria for a society which may contribute to the Stabilization and Liquidity Support Fund ;

    (d)the recognition of one or more companies or societies to function as asset reconstruction company or otherwise in accordance with law for the time being in force ;

    (e)general guidelines on those matters which the Regulatory Board may deem fit and require to issue from time to time in the interest of the non-agricultural co-operative credit societies.

(3)The State Government may, by notification in the Official Gazette, confer any other functions and powers on the Regulatory Board, as it may deem fit from time to time.