The name of the Federation shall be the National Co-operative Agriculture & Rural Development Banks’ Federation Limited having its registered office in the city of Mumbai, Maharashtra.
The registered address and principal place of business of the Federation shall be 701, 7th Floor, A-Wing, BSEL Tech Park, Opp. Vashi Railway Station, Vashi, Navi Mumbai (400703). Any change in the registered office shall be notified to the Central Registrar within a period of 15 days of such change and also published in local newspaper and shall be made by an amendment in the byelaws after following the procedures laid down in Section 11 of the Multi State Cooperative Societies Act 2002.
The Federation shall have a common seal. The common seal shall be kept in the safe custody of the officer authorised by the Board and shall be used on the authority of a resolution of the Board constituted under the byelaws of the Federation.
The area of operation of the Federation shall extend to the whole of India.
The Federation is a body corporate which sues or be sued in its name.
The principal object of the Federation is to promote interests of all its members to attain their organisational objectives and business goals and to promote mutual understanding amongst members by providing a common forum for discussing technical and practical problems relating to their business operations and to devise ways and means for solving such problems, based on self help and mutual aid in accordance with cooperative principles.
In furtherance of above objects, the Federation may undertake any or all of the following activities:
(c) In addition to the above, the Federation shall also undertake the following functions to facilitate the voluntary formation and democratic functioning of member societies and self-help and mutual aid:
The Federation shall have following categories of members:
(a) Ordinary Members
Membership of the Federation shall be open to all State Cooperative Land Development/Agricultural Development/Agriculture & Rural Development Banks and to a State Cooperative Bank, which in the absence of a duly constituted State Cooperative Land Development/Agricultural Development/Agriculture & Rural Development Bank is carrying on the functions of the said Land Development/Agricultural Development/Agriculture & Rural Development Bank.
(b) Nominal or Associate Member
The Federation may, in the interest of promotion of its business or objects, admit a person as nominal member or associate member on payment of Rs.1000 only.
They will not be allowed to have any interest in the management of the Federation including right to vote, contest election as director of the board or participate in the general body meetings of the Federation.
(ii) Procedure for obtaining Membership
The application for membership of the Federation shall be submitted to the Managing Director of the Federation by a person authorised by the competent authority of the member society eligible for membership as per Byelaw No.4(i) in the prescribed form accompanied by an attested copy of the byelaws of the member society, an attested copy of the resolution passed by the competent authority of member society seeking membership and authorising the person for submitting the application, a copy each of the latest annual report and audit report and bank draft towards admission fee of Rs.1000/- and membership subscription as per the norms approved by the Board for the time being in force.
(iii) The application for membership
of the Federation found complete in all respects shall be
disposed off within a period of 4 months from the date of
receipt of the application by the Federation. The
same shall be communicated to the applicant within 15 days
of the decision by registered post/courier.
(i) If the annual membership subscription and
contributions are not paid, the defaulting member shall not
exercise the rights of membership till the arrears of such
subscription and contributions are paid and
(ii) Not attending three consecutive general
meetings and such absence not condoned by two third
majority of the members attending the meeting.
The membership of the member society may cease in case of:-
Any member of the Federation may withdraw from membership of the Federation only after three years of membership by giving at least a three months notice and duly approved by the Board of the Federation.
Membership of the Federation may be terminated by a resolution of the general body passed by two third majority present and voting if:
Every member of the Federation shall have the following rights:
The Federation shall receive funds from any or all the following sources:
The Federation shall be eligible to receive deposits and loans from members and others upto 10 times of the subscribed share capital plus accumulated reserves minus accumulated losses if any.
The amendment of these byelaws shall only be passed by a resolution of the meeting of the General Body in which a quorum is present by a vote of not less than two thirds of the members present thereat and not less than 15 clear days notice for considering such amendment has been previously given.
Managing Director, at any time, on the direction of the Board shall call a Special General Meeting and shall also call such meetings within one month after the receipt of a requisition in writing from the Central Registrar or from not less than one fifth of the total number of members of the Federation.
(a) Annual General Meetings of the Federation shall be called by giving not less than 14 days notice in writing to all the members of the Federation.
(b) Special General Meeting of the Federation may be called by giving not less than 7 days notice in writing to all the members of the Federation.
(c) The notice of the Annual General Meeting shall be accompanied by a copy each of the audited balance sheet, profit & loss account together with the auditors report relating to the preceding year and the report of the Board thereon.
(i) All resolutions which are put to vote at the General Body Meeting shall be decided by a majority of the members present and voting unless otherwise required under the Act, Rules or these Byelaws;
(ii) The members present shall vote on each resolution in the order of those in favour, those against and those who abstain which shall be counted, recorded and announced by the person who chairs the meeting;
(iii) In the event of equality of votes, the chairperson of the meeting shall have a second casting vote;
The Board of Management of the Federation shall consist of:
(i) Managing Director shall convene the meetings of the Board at the instance of the Chairman;
(ii) The Board shall meet at least once in every quarter;
(iii) The meetings shall normally be held at any place within the area of operation of the Federation.
(iv) The meetings of the Board shall be presided over by the Chairman or in his absence by one of the Vice Chairmen or in the absence of both Chairman and any of the Vice Chairmen; the Directors present in the meeting shall elect a Chairman for the meeting from among themselves;
(v) 14 days notice shall ordinarily be necessary for the meeting of the Board;
(vi) The quorum for the meeting of the Board shall be one third of its total strength or 5 members whichever is less;
An elected member of the Board who has acted adversely to
the interest of the Federation may, on the basis of the
report of the Central Registrar or otherwise, be removed
from the Board upon a resolution of the General Body passed
at its meeting by a majority of not less than two third of
the members present and voting at the meeting.
Provided that the member concerned shall not be removed unless he has been given a reasonable opportunity of making a representation in the matter.
(i) The term of the office of the elected members of the Board shall be 5 years from the date of election;
(ii) The term of office of the members of the Board who are nominees of the Govt. or institutions shall be as indicated from time to time by the Govt. or the concerned institutions. However, their term will be co-terminus with the term of the elected Directors/Board and the Govt./concerned institutions shall make fresh nominations for the new Board;
(iii) The elected members of the Board shall be eligible for re-election.
All matters before the Board of Management shall be decided by a majority of votes. In urgent matters, the views of the Board of Management may also be obtained by circulation and decision taken on the basis of majority views so received. Such decisions shall have the same authority as any other decision of the Board of Management. This should be placed before the next meeting.
(a) The Board shall constitute an Executive Committee.
(a) The Federation shall have an Administrative Committee.
(b) The Administrative Committee shall have the following powers and duties:
The Board may form other Committees or Sub Committees, fix quorum for such Committees/Sub Committees and entrust such specific items of work as it deems necessary provided that such Committees/Sub Committees other than Executive Committee shall not exceed 3 at any given point of time.
The services of the Board of Management, Executive Committee and Administrative Committee other than the Managing Director shall be gratuitous and no travelling allowance or halting allowance shall be paid from the funds of the Federation.
(i) The members of the Board of Management shall elect from among themselves a Chairman/Chair person and 4 Vice Chairmen/Vice Chair persons who shall be non official representatives of the member banks;
(ii) The 4 Vice Chairmen/Vice Chair persons shall represent the 4 regions in the country as below:
(1) EAST & NORTH EAST
(Consisting of members from Bihar, West Bengal, Orissa, Chattisgarh, Andaman & Nicobar and North Eastern States)
(Consisting of members from Jammu & Kashmir, Himachal Pradesh, Punjab, Haryana, Uttar Pradesh and Delhi
(3) CENTRAL & WESTERN
(Consisting of members from Madhya Pradesh, Maharashtra, Goa, Gujarat and Rajasthan)
(Consisting of members from Andhra Pradesh, Karnataka, Tamil Nadu, Kerala and Pondicherry)
(iii) The Chairman and in his absence one of the Vice Chairmen shall preside over the meeting of the General Body and the Board.
(iv) The term of office of the Chairman and Vice Chairmen shall be co-terminus with the term of the elected members of the Board unless Chairman or Vice Chairman ceases to be a Director earlier. In case of any vacancy within this period, the Board shall fill up the vacancy through re-election for the remaining term of the Board;
(v) No member of a Board shall be eligible to be elected as the Chairman or Vice Chairman if such member is a Minister in the Central Govt. or a State Govt;
(vi) No member of a Board shall be eligible to be reelected as the Chairman or Vice Chairman if he has held the office during 2 consecutive terms whether full or part provided that a member who has ceased to hold the office of the Chairman or Vice Chairman for one full term shall again be eligible for election to the office as such.
The Chairman shall have the following powers and functions:
(i) He shall preside over the meeting of the General Body, Board of Management and Executive Committee;
(ii) The Chairman shall sign the proceedings of all the meetings presided over by him;
(iii) In the event of equality of votes on a resolution, the Chairman shall have an additional casting vote in the meeting;
(iv) The Chairman may delegate any of his powers and functions to any of the Vice-Chairmen/Managing Director;
(v) The Chairman may take decisions as of an urgent and emergent nature affecting the policy and functioning of the Federation on behalf of the Board of Management, Executive Committee or any other committees. The matter will be placed before the next meeting of the concerned committee for ratification.
The Managing Director shall be the Chief Executive of the Federation and shall be a full time employee and shall be appointed by the Board and shall aid and assist the Board in its functions. He shall be member of all the Committees, Sub Committees and Sub Groups of the Board as may be constituted.
Subject to overall control and general supervision of the Board, the Managing Director shall have the following powers, functions and responsibilities:
The Federation shall maintain one or more current, savings or deposits accounts with the Commercial Banks and/or the Co-operative Banks as may be decided by the Board of Management.
The Managing Director and/or with any other officer authorised by the Chairman shall have power for and on behalf of the Federation to operate the accounts with banks, to sign, endorse and negotiate or otherwise deal in Govt. and other securities standing in the name of the Federation and to sign all receipts and all accounts and other documents concerned with the business of the Federation.
The funds of the Federation shall be invested or deposited in any or more of the following modes:
a) In the State Co-operative Banks, State Cooperative Agriculture and Rural Development Banks; or
b) In the State Bank of India and its subsidiaries;
c) In any Scheduled Cooperative Bank or Commercial Bank;
d) In any of the Securities specified in Section 20 of the Indian Trusts Act, 1982; or
e) In the shares or securities of any other National Co-operative Societies; or
f) In any Post Office Savings Banks; or
g) In any savings schemes launched by the Central or the State Govt; or
h) In the shares, securities or assets of a subsidiary institution or any other institutions and
i) In such other mode as may be prescribed in the rules.
The Registered Office of the Federation shall keep a copy of its Bye-laws open to inspection free of charge at all reasonable times.
The proceedings of any meeting of the General Body, Board of Management, Executive Committee and Administrative Committee shall be recorded in the Minutes Book duly signed by the Chairman of the meeting, and shall be communicated by the Managing Director to the members of the body concerned as early as possible after such meetings.
The accounts of the Federation shall be audited by an auditor appointed from the panel of auditors approved by the Central Registrar or from a panel of auditors, if any, prepared by the Federation at least once in each year and the remuneration of auditors shall be fixed by the Central Registrar or the Federation as the case may be.
Any amount due by the Federation but not claimed within the period of limitation allowed by the Indian Limitation Act shall be credited to the General Reserve Fund of the Federation.
If any amount or property belonging to the Federation is either stolen or otherwise lost or all other dues or any other loss sustained by the Federation and found irrecoverable and are certified as bad debts by the auditors, it shall be competent to the General Body to write off such amount against the Bad and Doubtful Debts Reserve Account of the Federation.
(i) All the disputes shall be referred to Arbitration in accordance with the provisions of the Multi State Cooperative Societies Act and Rules;
(ii) The limitation period of disputes shall be as per the provisions of the Act.
* No act of the General Body or the Board shall be deemed invalid by reason of any defect in the election of a member thereof or by reason of any vacancy therein not having been filled in;
* The Federation shall have service rules for regulating the service conditions of its employees as formulated and amended by the Board from time to time.
* The Federation shall maintain a Contributory Provident Fund for the benefit of its employees in accordance with the provisions of Employees Provident Fund and Miscellaneous Provisions Act, 1962.
* All matters not specifically provided in these byelaws shall be decided in accordance with the Act and Rules.
* In the event of conflict between the bye-laws of the Federation and the member banks, the bye-laws of the Federation shall prevail.