GUWAHATI, Dec 13 � The State Assembly today passed The Assam Co-operative Societies (Amendment) Bill, 2012 and The Assam Fire Service (Amendment) Bill, 2012.
Cooperative Minister Siddeque Ahmed later told reporters that with this amendment in the Co-operative Societies Act, the terms of the co-operative societies would, from now on, be five years instead of the present three years.
This will also facilitate waiving of around Rs 176,84, 84,000 extended as short-term loans (Short-term Loan Credit Structure) to the Gaon Panchayat Samabay Samitis (GPSS) and Large Area Multipurpose Co-operative Societies of the hill areas. Ninety per cent of this amount is received from the Central Government as its share, that is Rs 168 crore and the size of the ten per cent State�s share here is Rs 19,62,66,000, the Minister said.
Now on the co-operative societies will be functioning independently and the interference of the State Government in their affairs will be limited to holding elections, annual general meetings and conducting audit etc.
The co-operative societies will be formed voluntarily. They will be autonomous and their registration will become compulsory with the time limit of one month from the date of application.
The co-operative societies will now on be democratically controlled and professionally managed, the Minister said.