In order to bring the self help cooperative societies under the amended Odisha Cooperative Act, 1962, the State Government has decided to promulgate an ordinance within fifteen days.
Talking to newsmen, Cooperation Minister Bikram Keshari Arukh said that the registered self help cooperative societies would have to change their by-laws in conformity with the new law within three months of the promulgation of the ordinance.
As many as 1,634 self help cooperative societies in the State do not come under the administrative control of the Registrar, Cooperative Societies. Out of these, 1,000 are Credit Cooperatives Societies involved in chit fund and credit transactions.
He said that the new law would help the Cooperation Department to regulate the Credit Cooperative Societies by putting an end to the Odisha Self Help Cooperative Act, 2001. Arukh said that the since the State Government had already amended the Odisha Cooperative Act-1962 as per the 97th amendment of the Constitution, another parallel law can not exist. During the three months period of the ordinance in force, all the self help cooperative orgnisations would have to conduct election and audit of account in conformity with the new law, he maintained.