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.

(a) Objects:
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.

(b) Functions:
In furtherance of above objects, the Federation may undertake any or all of the following activities:

1. To organise Conferences, Conventions, Seminars, Workshops etc. and to constitute Committees, Sub Committees, Working Groups, Study Teams etc. relating to business operations and matters of common interest to members;
   
   
2. To strive for the promotion of interests of the members and to establish contacts with the Govt. of India, State Govts., Planning Commission, Reserve Bank of India, National Bank for Agriculture & Rural Development, National Housing Bank, National Cooperative Development Corporation, State Bank of India and other Commercial Banks, Cooperative Banks, National Cooperative Union of India and other National level Federations and other institutions and give expression to the common view points of the member banks.
   
   
3. To collect statistics and to assimilate and compile them in suitable form and disseminate the knowledge and experience gathered wherefrom;
   
   
4. To arrange for the publication of periodicals, news bulletins, journals, technical guidelines and other literature and exchange of information relating to rural credit and banking useful to the member banks and others;
   
   
5. To arrange for lectures, to provide technical advice, guidance and consultancy services and to conduct studies and research on problems concerning credit, banking and other matters;
   
   
6. To purchase or acquire buildings and premises for housing its office and other movable and immovable property for the conduct of its business;
   
   
7. To appoint necessary staff for the conduct of its business;
   
   
8. To acquire membership of cooperative and other connected institutions and associations at national and international levels;
   
   
9. To promote and run center/institute for undertaking staff training and management development programme and other incidental activities including research;
   
   
10. To secure requisite facilities/assistance and financial aids from the Govt. or other sources both from within the country and outside or itself, member banks and others;
    
    
11. To subscribe to the shares of cooperatives and other institutions;
    
    
12. To administer and manage financial schemes, insurance schemes, sinking fund investments including surplus fund investments and to enter into such contracts/agency arrangements as may be necessary for that purpose;
    
    
13. To undertake such income generating activities either directly or through subsidiaries or joint ventures which are considered necessary for attainment of any or all of the above said objectives and
    
    
14. To do all such things and take necessary steps as are incidental or conducive to the attainment of any or all the above objects and in the interest of the Federation and its members.

(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:

1. To ensure compliance of the cooperative principles;
   
   
2. To make model byelaws and policies for consideration of member societies;
   
   
3. To provide specialised training, education and data based information;
   
   
4. To undertake research, evaluation and assist in preparation of perspective development plans for member societies;
   
   
5. To promote harmonious relations amongst member societies;
   
   
6. To help member societies to settle disputes among themselves;
   
   
7. To undertake business services on behalf of member societies, if specifically required by or under the resolution of general body or the board, or byelaws of a member society;
   
   
8. To provide management development services to member societies;
   
   
9. To evolve code of conduct for observance by a member society;
   
   
10. To evolve viability norms for a member society;
    
    
11. To provide legal aid and advice to a member society;
    
    
12. To assist member society in organising self-help;
    
    
13. To develop market information system, logo brand promotion, quality control and technology up-gradation.

(i) Membership
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:-

1. When subscriptions and other contributions due have not been paid for two consecutive years unless otherwise determined by the Board;
   
   
2. On the cancellation of registration of the member society;
   
   
3. On expulsion by the general body;
   
   
4. On incurring any of the disqualifications of membership.
   

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:

1. The member has defaulted payment of dues as per byelaws of the Federation for a continuous period of two years;
   
   
2. Any activity of the member society found to be conflicting with the interest or activities of the Federation.
   
   
3. Provided that the membership shall not be terminated unless the member concerned has been given a reasonable opportunity of making representation in the matter.

Every member of the Federation shall have the following rights:

1. Right to receive notice of general body meetings as per the byelaws of the Federation;
   
   
2. Right to attend and take active part in the proceedings of the general body meetings;
   
   
3. One vote in the general body meetings of the Federation by the authorised delegate;
   
   
4. Take part in elections and contest for any post as per the provisions of the Act, rules and byelaws of the Federation;
   
   
5. Inspect membership register, books of accounts or any other record and obtain certified copies of resolutions or documents on a payment of fee as may be prescribed by the Federation from time to time;
   
   

1. Every member shall pay membership subscriptions and other contributions to the Federation promptly;
   
   
2. Every member shall comply with the code of conduct for observance by the member societies;
   
   
3. Every member shall comply with the decisions taken by the General Body/Board involving actions by members;
   
   
4. Members shall actively involve and participate in the programmes and activities of the Federation;
   
   
5. Members shall provide required data, information and other inputs required by the Federation for its smooth and effective working;
   
   

The Federation shall receive funds from any or all the following sources:

1. Admission fee;
   
   
2. Annual membership subscription as per norms approved by the Board from time to time;
   
   
3. Additional contributions as per norms approved by the Board from time to time;
   
   
4. Loans and deposits;
   
   
5. Grant-in-aid;
   
   
6. Commission, rent, consultancy and other fees from members and others;
   
   
7. Income from the sale of publications, subscriptions to Journal etc;
   
   
8. Donations;
   
   
9. Profits from such income generating activities as envisaged under Byelaw No.3 (b) (xiii);
   
   
10. Reserves and surpluses.

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.

1. The General Body of the Federation shall consist of all its members;
   
   
2. Each member society shall be represented by one delegate elected/nominated to the General Body;  
   
   
3. Such delegate of the society shall be the Chairman/President or the Chief Executive of the society or a member of the Board of such member society, if such member is authorised by the Board of the nominating society.  Where there is no Board, such society shall be represented through its administrator by whatever name called;
   
   
4. The delegate shall continue to be member of the General Body of the Federation for a period of 5 years or till their successors are elected/nominated or as specified in the nomination by the concerned member society;
   
   
5. The procedure for election/selection of delegates on the General Body shall be in accordance with the election/selection regulations framed by the Board of the member society under the provisions of the Act and rules framed thereunder;
   
   
6. The delegate of a member society which has not been a member of the Federation for at least 30 days before the date of the General Body Meeting may attend the General Body Meeting but shall not be eligible either to exercise the right to vote, participate in the election or to contest election for any post;
   
   
7. Delegates from defaulting member societies shall not be entitled to exercise the right to vote or to seek election to any office; 
   
   
8. The delegates of defaulting society, if holding any office of the Federation shall forfeit their right to hold such office with effect from the date on which the society becomes defaulter under these byelaws provided due notice has been given to the defaulting society and it has failed to pay its dues within 30 days after the receipt of notice.

1. The final authority of the Federation shall vest in the General Body;
   
   
2. The Board of the Federation under a resolution shall within six months after the close of the corresponding year call the Annual General Meeting for the purpose of:
   
   
   1. Consideration of the audited statements of accounts;
      
      
   2. Consideration of the audit report and the annual report;
      
      
   3. Consideration of audit compliance report;
      
      
   4. Disposal of net profits;
      
      
   5. Approval for appointment of auditors and fixation of remuneration;
      
      
   6. Review of operational deficit, if any;
      
      
   7. Creation of specific reserves and other funds;
      
      
   8. Approval of the annual budget;
      
      
   9. Review of actual utilisation of reserves and other funds;
      
      
   10. Approval of the long term perspective plan and the annual operational plan;
       
       
   11. Review of annual report and accounts of subsidiary institutions, if any;
       
       
   12. Expulsion of members;
       
       
   13. Listing of employees who are relatives of members of the Board or of the Chief Executive;
       
       
   14. Amendment of byelaws, if any;
       
       
   15. Formulation of code of conduct for the members of the Board and officers;
       
       
   16. Election and removal of members of the Board, if any;
       
       
   17. Consider the statement showing details of loans or goods on credit, if any given to any director or to the spouse of the director or his/her son or daughter during the preceding year or outstanding against any of them;
       
       
   18. Any other matter laid before it by the Board.

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.

1. The quorum for the General Meeting shall be one third of the number of delegates of the General Body;
   
   
2. No business shall be transacted at any General Meeting unless there is a quorum at the time when the business of the meeting is due to commence;
   
   
3. If within half an hour from the time appointed for the meeting the quorum is not formed, the meeting shall stand adjourned and the adjourned meeting would be held either after half an hour on the same day or on such date, time and place as may be decided by the Chairman or the member presiding over the meeting but within 7 days from the date of adjourning the meeting, at which the quorum will not be required;
   
   
4. If at any time during the meeting sufficient members are not present to form the quorum, the Chairman or the member presiding over the meeting on his own, or on his attention being drawn to this fact, shall adjourn the meeting and the business that remains to be transacted at this meeting, if any, shall be disposed off in the usual manner at the adjourned meeting;
   
   
5. No business shall be transacted at any adjourned meeting other than the business on the agenda of the adjourned meeting;
   
   
6. The adjourned meeting will transact the regular business even without the quorum being present at the meeting;
   
   

(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:

1. 20 Directors to be elected by the General Body;
   
   
2. One Director nominated by the Central Govt. as per the provisions of Section 48 of Multi State Cooperative Societies Act 2002.  A person nominated under this Section shall hold the office during the pleasure of the Govt.
   
   
3. 2 Directors co-opted by the Board;
   
   
4. Managing Director shall be the ex-officio member of the Board;
   
   

(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.

1. To admit members;
   
   
2. To elect Chairman and Vice-Chairman/Chairmen of the Federation;
   
   
3. To authorise convening of Meetings of the General Body;
   
   
4. To interpret the organisational objectives and set up specific goals to be achieved towards these objectives;
   
   
5. To make periodic appraisal of objectives;
   
   
6. To appoint, suspend or remove the Chief Executive and such other employee of the Federation as may be prescribed;
   
   
7. To make provisions for regulating the appointments in the Federation and the scales of pay, allowances and other conditions of service, including disciplinary action against such employees;
   
   
8. To place the annual report, annual financial statements, annual plan and budget for the approval of the General Body;
   
   
9. To consider audit and compliance report and place the same before the General Body;
   
   
10. To acquire or dispose off immovable property;
    
    
11. To review the membership in other cooperatives;
    
    
12. To approve annual and supplementary budget;
    
    
13. To recommend to the General Body distribution of profits;
    
    
14. To raise funds;
    
    
15. To sanction loans to the members;
    
    
16. To approve the panel of auditors for placing in the General Body;
    
    
17. To appoint such Committees, Sub-Committees or Standing Committees as may be necessary and delegate to them such powers as may be appropriate;
    
    
18. To frame regulations for the election of delegates to the General Body, Members to the Board of Management and for the conduct of Meetings of the General Body and the Board of Management as per the provisions of the Act;
    
    
19. To take such other measures or to do such other acts as may be prescribed or required under this act or the byelaws or as may be delegated by the General Body.

(a) The Board shall constitute an Executive Committee.

1. The Executive Committee shall consist of the Chairman, 4 Vice Chairmen, Managing Director and 5 Board members elected by the Board;
   
   
2. The meetings of the Executive Committee shall be convened by the Managing Director;
   
   
3. The Executive Committee shall meet whenever necessary;
   
   
4. Ordinarily 7 days notice shall be given for the meeting of the Executive Committee;
   
   
5. The quorum for a meeting of the Executive Committee shall be 4.

(a) The Federation shall have an Administrative Committee.

1. The Administrative Committee shall consist of the Chairman, 4 Vice Chairmen and the Managing Director;
   
   
2. The Administrative Committee shall meet whenever necessary;
   
   
3. The quorum for a meeting of Administrative Committee shall be 3;
   
   
4. Ordinarily 7 days notice shall be given for the meeting of the Administrative Committee;
   
   

(b) The Administrative Committee shall have the following powers and duties:

1. Exercise all such powers as provided for in the Staff Regulations of employees of the Federation;
   
   
2. Exercise such powers and functions as may be delegated by the Board from time to time;
   
   

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)

(2) NORTH
(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)

(4) SOUTH
(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:

1. To assist the Board in the formulation of policies, objectives and planning;
   
   
2. To implement the policies and plans duly approved by the General Body or the Board and furnish to the Board periodical information necessary for appraising the activities and progress of achievement towards implementations of the policies and programmes;
   
   
3. To summon meetings of various committees including the General Body under the instructions of the Chairman;
   
   
4. To maintain proper records of the Federation;
   
   
5. To manage the funds of the Federation, cause proper accounts to be maintained and audited;
   
   
6. To attend to all correspondence of the Federation;
   
   
7. To be responsible for collection and safety of the funds;
   
   
8. To execute the policies/programmes and business of the Federation and take such action as is necessary to give effect to the resolutions of the General Body, Board or any other committee constituted under byelaws;
   
   
9. To sign all deposit receipts of the Federation with banks;
   
   
10. To endorse and transfer promissory notes and other securities and to endorse, sign, encash cheques and negotiate instruments on behalf of the Federation;
    
    
11. To be the officer of the Federation to sue or to be sued on behalf of the Federation and sign all books and arrangements in favour of the Federation;
    
    
12. To appoint such personnel in the Federation as may be approved by the Board;
    
    
13. To determine powers, functions and responsibilities of the employees of the Federation of all categories;
    
    
14. To maintain a list of members correct and up-to-date;
    
    
15. To exercise administrative control in respect of all officers and staff, including granting of leave, granting of annual increments and other matters relating to the service conditions of the employees;
    
    
16. To delegate powers to other officers of the Federation;
    
    
17. To sanction contingent expenditure in so far as the amount involved is upto Rs.10,000/-;
    
    
18. To sign on behalf of the Federation and conduct its correspondence;
    
    
19. To present the draft annual report and financial statements for the approval of the Board within thirty days from the close of the financial year;
    
    
20. To record proceedings of meetings and have duly signed;
    
    
21. To perform all duties entrusted to him and to exercise such other powers as may be delegated to him by the Board, Executive Committee and Chairman from time to time.

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.

1.     Subject to the provisions of the Act and the Rules made thereunder, the Federation shall, out of its surplus of income over expenditure in any year,
1. Transfer not less than twenty-five percent to the Reserve Fund.
   
   
2. Contribute one percent to the Cooperative Education Fund maintained by the NCUI, New Delhi.
   
   
3. Transfer an amount not less than 10% to the Reserve Fund for meeting unforeseen losses.
   
   
2.    The balance of the surplus may be utilised for all or any of the following purposes:
   
   
1. Constitution of/or contribution to any special funds including education fund.
   
   
2. Donation or contribution of amounts not exceeding 5% of the surplus for any purpose connected with the development of cooperative movement or charitable purposes defined in Section 2 of the Charitable Endowments Act, 1890.
   
   
3. Payment of ex-gratia amount to the employees of the Federation as decided in the Annual General Meeting.
   
   
4. Contribution to the ‘Development Fund’ which is the Corpus Fund maintained by the Federation.
   
   
3.   The undistributed surplus shall be added to the General Reserve Fund of the Federation.
   
   

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.