chhatramani/Nepal-Legal-Text-Corpus-44laws huggingface dataset:
Cooperatives Act 2074

Chapter 14 Recovery of Debt and Due Amount

Section 81: Credit Information Centre
1) The Ministry shall, in order to maintain purity in the credit flow of a Cooperative Organisation and to receive information relating to credit flow, establish a Credit Information Centre in collaboration with stakeholders.
2) Other matters as to the Credit Information Centre shall be as prescribed.

Cooperatives Act 2074

Chapter 14 Recovery of Debt and Due Amount

Section 82: Credits Recovery Tribunal
1) There shall be a Credits Recovery Tribunal for the cooperatives sector.
2) Provisions as to the formation and operation of the Debt Recovery Tribunal shall be as prescribed.

Cooperatives Act 2074

Chapter 14 Recovery of Debt and Due Amount

Section 83: Dues to recover
If anyone fails to pay an amount to be repaid to a Cooperative Organisation, the Cooperative Organisation may recover the amount and interest accrued thereon from the person’s personal property.

Cooperatives Act 2074

Chapter 14 Recovery of Debt and Due Amount

Section 84: To be sent for freezing
1) A Cooperative Organisation may, for the purpose of sections 79 and 83, write to the concerned agency to be freezing accounts, to suspend the sale or transfer of the title of assets of any person.
2) In case of receipt of the request for freezing pursuant to sub-section (1), the concerned agency shall freeze accounts to suspend the sale or transfer of the title of assets of any person according to the laws.

Cooperatives Act 2074

Chapter 14 Recovery of Debt and Due Amount

Section 85: Preference to be accorded
In case anyone fails to pay credit or any other liability and in case the Government of Nepal has any claim on the assets of such a person, the amount shall be segregated for such government claim, and there shall be preference for the Cooperative Organisation in the remaining amount.

Cooperatives Act 2074

Chapter 14 Recovery of Debt and Due Amount

Section 86: No hindrance to take actions
There shall be no hindrance to take actions under this Act or the prevailing laws for any offence for the reason that any Cooperative Organisation has taken any legal actions against such person or Cooperative Organisation with regard to the recovery of credits.

Cooperatives Act 2074

Chapter 15 Amalgamation, Dissolution, and Revocation of Registration

Section 87: Provisions concerning Amalgamation and Division
1) Subject to this Act, two or more Cooperative Organisations may amalgamate and division with each other, or a Cooperative Organisation may be divided into two or more Cooperative Organisations based on geographical business areas.
2) While carrying out amalgamation or division pursuant to sub-Section (1), a decision shall be taken by the majority of the total number of members of the concerned Cooperative Organisation.
3) While taking a decision of amalgamation or division pursuant to sub-Section (1), the terms and conditions of amalgamation or division shall also be stated.
4) Other provisions relating to amalgamation or division shall be as prescribed.
Cooperatives Act 2074

Chapter 15 Amalgamation, Dissolution, and Revocation of Registration

Section 88: Dissolution and Revocation of Registration
1) The Board may, in regard to any Cooperative Organisation having taken a decision to dissolve such a Cooperative Organisation by the majority of the then prevailing members of the General Meeting, submit to the Registrar or the authority authorised by the Registrar for approval of the dissolution in the following circumstances:
(a) In case it is not possible to attain the objectives and functions stated in the bylaws,
(b) In case it does not serve the interests of the members.
2) In case it seems appropriate to dissolve the Cooperative Organisation while inquiring into the application submitted pursuant to sub-Section (1), the Registrar or the authority authorised by the Registrar may revoke the registration of such a Cooperative Organisation.
3) Notwithstanding anything contained in sub-Section (2), the Registrar or the authority authorised by the Registrar may revoke registration of a Cooperative Organisation in the following circumstances:
(a) In case it is inactive for a consecutive period of two years without any transaction,
(b) In case any Cooperative Organisation frequently commits any act in violation of this Act or Rules framed under this Act,
(c) In case it commits any act against its objectives referred to in the Byelaws,
(d) In case it commits an act against the values, norms and principles of cooperatives.
4) Before revoking the registration pursuant to sub-Section (2) or (3), the Registrar or the authorised representative of the Registrar shall provide a time of fifteen days to such a Cooperative Organisation for a hearing.
5) In case of revocation of registration of a Cooperative Organisation pursuant to sub-Section (2) or (3), such Cooperative Organisation shall be deemed to have been dissolved.
6) Notwithstanding anything contained sub-Section (2) or (3), the Registrar shall have to obtain approval of the Ministry before revoking registration of the Cooperative Organization which has obtained a grant amount exceeding the ceiling specified by Government of Nepal and of the Nepal Rastra Bank before revoking the registration of the Cooperative Bank.
7) In case of revocation of registration of a Cooperative Organisation pursuant to sub-Section (2) or (3), a registration certificate of such a Cooperative Organisation, Cooperative Association or Cooperative Bank shall be deemed to have been, ipso facto, void.
8) Nothing stated in this Section shall be deemed to have prejudiced the provisions relating to deregistration of the Cooperative Bank.

Cooperatives Act 2074

Chapter 15 Amalgamation, Dissolution, and Revocation of Registration

Section 89: Appointment of a Liquidator
1) In case of revocation of a Cooperative Organisation pursuant to Section 88, the Registrar or the authority authorised by the Registrar shall appoint a liquidator.
2) Notwithstanding anything contained in Sub-Section (1), the Registrar may appoint the authority authorised by the Registrar or an employee as liquidator in case of a Cooperative Organisation having the assets of the prescribed ceiling.
Cooperatives Act 2074

Chapter 15 Amalgamation, Dissolution, and Revocation of Registration

Section 90: Provisions concerning Liquidation
1) The functions, duties, powers and remuneration of the liquidator of the Cooperative Organisation, the registration of which has been revoked under this Act and other provisions as to liquidation shall be as prescribed.
2) In case of appointment of a liquidator pursuant to sub-section (2) of Section 89, the entire expenses of the liquidator shall be borne by the Government of Nepal.

Cooperatives Act 2074

Chapter 15 Amalgamation, Dissolution, and Revocation of Registration

Section 91: Utilisation of Assets after Liquidation
The utilisation of assets of any Cooperative Organisation remaining after payment of all liabilities upon the liquidation shall be as prescribed.

Cooperatives Act 2074

Chapter 16 Registrar

Section 92: Registrar
The Ministry shall designate an officer working in the capacity of a first-class officer or equivalent rank of the Civil Service as the Registrar of the Department.

Cooperatives Act 2074

Chapter 16 Registrar

Section 93: Functions, duties and powers
In addition to the functions, duties and powers referred to elsewhere in this Act, other functions, duties and powers of the Registrar shall be as prescribed.

Cooperatives Act 2074

Chapter 16 Registrar

Section 94: Delegation of Authority
The Registrar may delegate some of the authorities vested in him or her under this Act or Rules framed under this Act to any officer subordinate to him or her as may be necessary.
Cooperatives Act 2074

Chapter 17 Inspection and Monitoring

Section 95: Inspection and Checking of Accounts
1) The Registrar or the authority authorised by the Registrar may at any time inspect or cause to be inspected a Cooperative Organisation and check or cause to be checked its accounts.
2) The Nepal Rastra Bank may at any time inspect or check accounts or cause them to be inspected or checked, as well as financial transactions of a Cooperative Bank or of a Cooperative Organisation that carries out financial transactions of an amount exceeding a ceiling.
3) For the purpose of sub-section (2), the Nepal Rastra Bank may conduct inspection or supervision, having deputed any officer or expert and asking for necessary information and statements from the Cooperative Bank.
4) While inspecting or checking accounts pursuant to sub-Section (1) or (2), the concerned Cooperative Organisation shall make available the information or statement required by the Nepal Rastra Bank, the Registrar or the authority authorised by the Registrar.
5) While inspecting or checking accounts pursuant to sub-section (1) or (2), in case it is found that functioning of any Cooperative Organization is not consistent with this Act, Rules, Directives, Standards, or procedures framed under this Act, the Nepal Rastra Bank or the Registrar or the authority authorised by the Registrar may give necessary directives to the concerned Cooperative Organization and it shall be the duty of the concerned Cooperative Organization to comply with such directives.
6) While carrying out inspection and supervision of the Cooperative Bank under this Section, the Nepal Rastra Bank may exercise its power under the prevailing laws.
7) The Nepal Rastra Bank shall make available to the Department the information received upon inspection and supervision of the Cooperative Bank.
8) The Cooperative Bank shall submit the financial statements and other necessary statistics to the Nepal Rastra Bank within the time and in the format specified by the Nepal Rastra Bank.

Cooperatives Act 2074

Chapter 17 Inspection and Monitoring

Section 96: Investigation may be conducted
1) In case at least five percent members of a Cooperative Organization submit an application stating that the commercial transaction of the Cooperative Organization is not satisfactory, act is committed against interests of a member or against the objectives of the Cooperative Organization, the Registrar or the authority authorised by the Registrar may conduct or cause to be conducted an investigation of the Cooperative Organization.
2) It shall be the duty of the concerned Board to make available a statement or documents while conducting an inspection pursuant to sub-Section (1).
3) Information of the investigation conducted pursuant to sub-Section (1) or (2) shall be made available to the concerned Cooperative Organisation in writing.
Cooperatives Act 2074

Chapter 17 Inspection and Monitoring

Section 97: Special Provisions concerning Inspection and Monitoring of Organisation or Association carrying out transactions of savings and credits
1) The Organisation or Association having savings and credits as the main transaction shall follow the monitoring system as prescribed.
2) The Registrar or the authority authorised by the Registrar shall carry out inspection and monitoring of Organisations or Associations with savings and credits as the main transaction based on the prescribed monitoring system.
3) While carrying out inspection and monitoring of an organisation or Association pursuant to sub-Section (2), the Registrar or the authority authorised by the Registrar may obtain the assistance of the Nepal Rastra Bank and other agencies.
4) Other matters as to inspection and monitoring of an organisation or Association having savings and credits as the main transaction shall be as prescribed.

Cooperatives Act 2074

Chapter 17 Inspection and Monitoring

Section 98: Ministry to conduct Inspection and Monitoring
1) The Ministry may, in case it comes to know from any source that adverse effect is caused on the interests of members because of non-inspection of any Cooperative Organisation by the Registrar or the authority authorised by the Registrar or because of inspection was ineffective, carry out inspection and supervision of such a Cooperative Organisation and issue necessary directives to the concerned Cooperative Organization.
2) In case any directive referred to in sub-Section (1) is issued, it shall be the duty of the concerned Cooperative Organisation to comply with such directive.
Cooperatives Act 2074

Chapter 17 Inspection and Monitoring

Section 99: Association to conduct Inspection and Monitoring
1) The Association shall carry out inspection and monitoring of its members as prescribed, and a report thereof shall be given to the Department and the office.
2) The report referred to in sub-section (1) shall contain the following particulars:
(a) Details of the Organisation or Association having the inspection and supervision carried out,
(b) Status of compliance of this Act, or Rules and Byelaws framed under this Act in the Organisation or Association,
(c) Conditions of services and benefits being received by members,
(d) Level of participation of members,
(e) Economic and financial condition of the Organisation or Association and mobilisation of funds,
(f) Other matters as prescribed.
3) The Association may, while conducting monitoring under sub-section 2, if it finds any defaults in regard to activities of any organisation or association, give suggestion or issue direction to correct such defaults, and it shall be the duty of the Association or Organization, as the case may be, to comply with much suggestions or directing.
4) If the suggestions or directives given or issued under section (3) are not complied with 4, the recommendation shall be made to the Registrar or the authority authorised by the Registrar for the actions.
5) Matters concerning suggestions or directives given or issued pursuant to sub-section (3) shall also be mentioned in the annual report of the Association.
Cooperatives Act 2074

Chapter 17 Inspection and Monitoring

Section 100: Annual Report to be submitted
1) The Registrar shall, within three months from the date of completion of a fiscal year, submit to the Ministry an annual report relating to an inspection of Cooperative Organisations and submit the inspection report relating to Cooperative Bank to the Nepal Rastra Bank as well.
2) The office shall, within one month from the date of completion of a fiscal year, submit to the Registrar the annual report of the Organisation or Association within its business area.
3) The report referred to in sub-sections (1) and (2) shall include the following particulars:
(a) Details of Cooperative Organisations in operation,
(b) Number of the Cooperative Organisations monitored and details of financial transactions,
(c) Status of compliance of cooperative principles and of this Act and the Rules, bylaws and internal procedures framed under this Act in the Cooperative Organisations,
(d) Conditions of services and benefits being received by the members of the Cooperative Organisations,
(e) Participation ratio level of members in activities of the Cooperative Organisations,
(f) Details on the economic activities and financial condition of the Cooperative Organisations as prescribed,
(g) Condition of internal control in the Cooperative Organisations,
(h) Condition of good governance and accountability in Cooperative Organisations,
(i) Details of funds in the Cooperative Organisations,
(j) Necessary matters to be helpful in the policymaking of cooperatives,
(k) Details as to registration, liquidation and dissolution of the cooperative organisation,
(l) Details of transactions made, and businesses, industries or projects run by the Organisation or Association pursuant to Section 21,
(m) Other details as prescribed.

Cooperatives Act 2074

Chapter 17 Inspection and Monitoring

Section 101: Cooperative Savings and Credits Security Fund
1) Notwithstanding anything contained in the prevailing Nepal laws, the government of Nepal may establish a Cooperative Savings and Credits Security Fund to guarantee savings are mobilised and provide credits by the provincial government and local level in collaboration with cooperative organisations.
2) Matters relating to the operation of the Cooperative Savings and Credits Guarantee Fund shall be as prescribed.

Cooperatives Act 2074

Chapter 17 Inspection and Monitoring

Section 102: Mutual Security Services may be conducted
1) Notwithstanding anything contained in the prevailing Nepal laws, the Organization may, subject to the conditions of the policy approved by the Beema Samiti (Insurance Board), operate mutual Security services with a pre-determined maximum limit and fees to meet a certain portion of loss incurred to crops and livestock of its members according to relevant policies.
2) Provisions relating to minimum standards required for the Organisation to operate mutual security services and other arrangements relating thereto shall be as prescribed.
Cooperatives Act 2074

Chapter 17 Inspection and Monitoring

Section 103: Stabilisation Fund
1) Savings and Credits Sectoral Organisations may together desire a stabilisation fund to protect themselves from the probable risks of their operational losses.
2) The fund referred to in sub-section (1) may have the contribution of desirous Cooperative Organizations, Cooperative Organizations which are members of Savings and Credits Sectoral Central Organization, National Cooperatives Federation, National Cooperatives Bank, National Cooperatives Development Board, Nepal Rastra Bank, Ministry, other agencies of Government of Nepal and international cooperative associations.
3) The Stabilisation Fund shall be located at the Savings and Credits Sectoral Central Organisation.
4) For the operation of the Stabilisation Fund, a Governing Board shall consist of representatives from the Savings and Credits Sectoral Central Organisation, National Cooperatives Bank, National Cooperatives Federation, National Cooperatives Development Board, Nepal Rastra Bank, the Ministry of Finance, and the Department.
5) The participating organisations may deposit the amount prescribed after allotting the amount for the Reserve Fund pursuant to Section 68 in the Stabilisation Fund.
6) The Stabilisation Fund shall be deposited in an account opened in the prescribed Bank.
7) The Stabilisation Fund may be utilised for the following purposes:
(a) To maintain liquidity in the participating organisations and to land to maintenance for problematic cooperatives,
(b) To bear the expenses of the Management Committee formed pursuant to Section 105 when a participating Organisation becomes problematic,
(c) In case a participating Organisation becomes problematic and the Federation has taken over its operational responsibility pursuant to clause (d) of Section 114, to utilise in bearing liabilities of such an Organisation and to re-operate it,
(d) To bear the expenses of the Stabilisation Fund Governing Board and to utilise it in other functions as prescribed.
8) Other matters relating to the operation of the Stabilisation Fund shall be as prescribed.
Cooperatives Act 2074

Chapter 18 Problematic Organisations or Associations

Section 104: Organisation or Association may be declared problematic
1) In case any Organisation or Association is found to have the following circumstances from the inspection or checking of accounts conducted under this Act, the Registrar may recommend that the Ministry declare such Organisation or Association as a problematic Organisation or Association:
(a) Commission of any act against the interests of the members,
(b) Failure to fulfil the financial liabilities to be fulfilled by the Organisation or Association, or inability to bear the liabilities to be borne, or occurrence of a situation of inability to make payment,
(c) Failure to refund the savings of members according to the agreed terms and conditions,
(d) Operation of the Organisation or Association against this Act or the Rules and Byelaws framed under this Act,
(e) Emergence of a situation of probable insolvency of the Organisation or Association, or facing a significantly serious financial crisis,
(f) In case at least twenty-five members of an Organisation or Association submitted an application to the Registrar stating that the Organization or Association did not refund the savings amount of members within the time set to refund and it has been found from investigation that any of the circumstance situations referred to in clauses (a) to (e) has seen occurred.
2) In case the recommendation referred to in sub-section (1) is received, the Ministry may declare such an Organisation or Association as a problematic Organisation or Association.
3) Notwithstanding anything contained elsewhere in this Section, in case a Commission formed by Government of Nepal according to the prevailing laws recommends to declare any Organization or Association as problematic Organization or Association or if such a Commission has declared any Organization or Association as a problematic or based on the number of complaints filed in such a Commission and on rationality, the Ministry may declare such an Organization or Association as a problematic Organization or Association.
Cooperatives Act 2074

Chapter 18 Problematic Organisations or Associations

Section 105: Formation of Management Committee
1) In case any Organisation or Association has been declared as a problematic Organisation or Association under this Act, the Government of Nepal may form a Management Committee to manage the assets and pay the liabilities of such Organisation or Association.
2) The Management Committee referred to in sub-section (1) shall comprise the following members:
(a)
A person appointed by Government of Nepal from amongst persons who have already become a judge of the High Court or worked in an equivalent position and has served as a special class officer of the Nepal Judicial Service
Chairperson
(b)
A person nominated by Government of Nepal from amongst persons who have already served as at least a first-class officer of the Nepal Civil Service
Member
(c)
One Director representative designated by the National Cooperatives Association
Member
(d)
Two persons nominated by Government of Nepal from amongst cooperative experts
Member
(e)
A person nominated by the Government of Nepal from amongst persons who have worked for at least a period of three years in at least the ninth level of a bank or financial institution, or in the supervision sector of banks or financial institutions, upon being a Chartered Accountant
Member
(f)
An Officer of Gazetted Second-Class level designated by the Government of Nepal
Member- Secretary
3) The term of office of the chairperson and members of the Management Committee shall be two years from the date of appointment, and the Government of Nepal may extend the term of office for a period not exceeding two years.
4) Notwithstanding anything contained in sub-Section (3), in case the work performance of the chairperson and a member of the Management Committee is not satisfactory, the Government of Nepal may remove him or her from office at any time.
5) Before removing the chairperson or a member of the Management Committee pursuant to sub-section (3), a reasonable opportunity shall be given to him or her to defend himself or herself.
6) Government of Nepal shall fulfil the office of the Management Committee that has fallen vacant pursuant to sub-Section (4), subject to sub-Section (2).
7) Procedures of a meeting of the Management Committee shall be as determined by the Committee on its own.