Audit report of Multi state cooperative society

(l) A person shall not be Qualifications and Disqualifications of Auditors for appointment as an auditor of a Multi State Cooperative Society unless he is a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of 1949).(2) None of the following persons shall be qualified for appointment as auditor of a multi state cooperative society(a) a body corporate;

Multi state cooperative society in India are types of associations that take care of its members. These are the associations that are helpful in avoiding the layers of middle level men in any products. The first and foremost effect of this organization is to provide cheap credit to the farmer and protect them from the exploitation. The money lenders are the people who suck all the energy of the farmers and leave them in the darkness of poverty.

(1) Contributory provident fund established by Multi State Cooperative Society in the subject to the provisions of the Employees Provided Fund and Miscellaneous to be Provisions Act, 1952 (19 of 1952), a Multi state cooperative society having such number or class of employees as may be prescribed, may establish a contributory provident fund for the benefit of its employees to which shall be credited all contributions made by the employees and the society in accordance with the bye-laws of the society.

(l) A special notice shall be required for a Provision as to resolutions for appointing or removing auditors of multi state society at an annual general meeting appointing as auditor a person other than a retiring auditor, or providing expressly that a retiring auditor shall not be re-appointed.(2) On receipt of notice of such a resolution, the credit cooperative society shall forthwith send a copy thereof to the retiring auditor.

(1) Every appointment and remuneration of auditors for Multi State Cooperative Society shall cause to be audited by an auditor referred to in sub-section (2), its accounts at least once in each year.

No multi state cooperative society shall make a contribution, either in money or in kind, whether directly or indirectly, to an institution which has an object of furtherance of the interest of a political party. You can contribute to a traditional or Both IRA whether or not you participate in another retirement plan through your employer or business. However, you might not be able to deduct all of your traditional IRA contributions if you or your spouse participates in another retirement plan at work.

l) Restriction on loans made by multi state cooperative society other than a co-operative bank, shall not make a loan to a member on the security of his share or on the security of a non-member.

Conversion of Producer Company into MSCS The Companies (Amendment of Multi State Cooperative Society) Act 2002 vides notification no. S.O. 135 (E) inserted part IX – A of the Companies Act, 1956 (hereinafter referred to as “the Act”) and introduced the concept of Producer Company[1].