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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Co-operative Act: New Director Eligibility Rules, Disqualifications, and Compliance Requirements Under Section 43</h1> The Multi-State Co-operative Societies (Amendment) Act, 2023 modifies section 43 of the principal Act. It introduces new eligibility criteria for directors, including disqualification for those previously involved with insolvent companies or disqualified under section 41. A new sub-section (1A) disallows members from being elected as directors if they were part of a board that was superseded, for five years post-supersession, with a hearing opportunity provided. Amendments to sub-section (2) require co-operatives to support election processes, contribute to specified funds, file annual returns timely, and conduct audits within six months of the financial year's end, with a hearing opportunity before action.
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