Section 52 of The Multi-State Co-operative Societies Act, 2002
The Chief Executive shall under the general superintendence, direction and control of the board, exercise the powers and discharge the functions specified below, namely:--
- (a)day-to-day management of the business of the multi-State co-operative society;
- (b)operating the account of the multi-State co-operative society and be responsible for making arrangements for safe custody of cash;
- (c)signing on the documents for and on behalf of the multi-State co-operative society;
- (d)making arrangements for the proper maintenance of various books and records of the multiState co-operative society and for the correct preparation, timely submission of periodical statements and returns in accordance with the provisions of this Act, the rules and the bye-laws;
- (e)convening meetings of the general body of the multi-State co-operative society, the board and the Executive Committee and other committees or sub-committees constituted under sub-section (1) of section 53 and maintaining proper records for such meetings;
- (f)making appointments to the posts in the multi-State co-operative society in accordance with the bye-laws;
- (g)assisting the board in the formulation of policies, objectives and planning;
- (h)furnishing to the board periodical information necessary for appraising the operations and functions of the multi-State co-operative society;
- (i)appoint the person to sue or be sued on behalf of the multi-State co-operative society;
- (j)present the draft annual report and financial statement for the approval of the board within thirty days of closure of the financial year;
- (k)performing such other duties, and exercising such other powers, as may be specified in the bye-laws of the multi-State co-operative society.
Summary
- The Chief Executive runs the day-to-day business of the society under the general oversight, direction, and control of the board.
- The Chief Executive is responsible for operating the bank accounts, arranging the safe custody of cash, and signing official documents for the society.
- The Chief Executive must maintain all books, records, and prepare and submit timely statements and annual returns.
- The Chief Executive is tasked with organizing and calling meetings of the general body, board of directors, and its committees, and keeping proper minutes.
- The Chief Executive appoints staff to various posts according to the society's bye-laws and appoints legal representatives for lawsuits.
- The Chief Executive must submit draft annual reports and financial statements to the board within forty-five days of the end of the financial year.
Practical examples
FAQ
1. What is the deadline for accounts under Section 52 of the multi-state co-operative societies law?
Under Section 52 of the multi-state co-operative societies law, the Chief Executive must present the draft annual report and financial statement to the board within forty-five days of the closure of the financial year.
2. Who is responsible for signing official contracts and documents on behalf of the society under Section 52 of the multi-state co-operative societies law?
Under Section 52 of the multi-state co-operative societies law, the Chief Executive is empowered to sign all documents for and on behalf of the multi-state co-operative society.
3. Does the Chief Executive have the power to hire staff under Section 52 of the multi-state co-operative societies law?
Yes, under Section 52 of the multi-state co-operative societies law, the Chief Executive is authorized to make appointments to various posts in the society in accordance with its bye-laws.
4. Who is responsible for convening general body meetings under Section 52 of the multi-state co-operative societies law?
Under Section 52 of the multi-state co-operative societies law, the Chief Executive is responsible for convening meetings of the general body, the board of directors, and any committees.
Test yourself
Q1.Under Section 52 of the Multi-State Co-operative Societies Act, 2002, the Chief Executive must perform all day-to-day management duties under whose general superintendence, direction, and control?
Q2.Under Section 52 of the Multi-State Co-operative Societies Act, 2002, what is the precise statutory time frame for the Chief Executive to present the draft annual report and financial statement for board approval?
Q3.Under Section 52 of the Multi-State Co-operative Societies Act, 2002, who is responsible for operating the accounts of the society and making arrangements for the safe custody of cash?
Q4.Under Section 52 of the Multi-State Co-operative Societies Act, 2002, who has the power to appoint the person who will sue or be sued on behalf of the society?
Q5.Under Section 50 and Section 52 of the Multi-State Co-operative Societies Act, 2002, while the Chief Executive has the general power to convene board meetings, under what circumstance can the Chief Executive convene a board meeting without the Chairperson's direction?