REGISTRATION No. - 24940 Dated : 15-05-1959

BYE - LAWS

of

SHRI RAJKOT DISTRICT CO-OPERATIVE BANK LIMITED

“Jilla Bank Bhavan”, Kasturba Road, Rajkot -360 001.

Amended up to 13 August-2015

BYE - LAWS

of

SHRI RAJKOT DISTRICT CO-OPERATIVE BANK LIMITED

1 PRELIMINARY -(NAME AND ADDRESS) The Bank shall be called SHRI RAJKOT DISTRICT CO-OPERATIVE BANK LIMITED, and its registered Head Office shall be “Jilla Bank Bhavan”, Kasturba Road, Rajkot -360 001.

In the event of any change in situation of Registered Office, a notice of such change shall be given to the Registrar within 14 days, Names and addresses of the branches of the Bank, if and when started and changes, made in them, if any, shall also be communicated to the Registrar in writing within 14, days.

1(1) AREA OF OPERATION The area of operation of the bank will be extend to whole State of Gujarat.

2 OBJECTS: The objects of the bank are: -

2(1) To finance co-operative societies registered in the whole State of Gujarat, and

affiliated to the bank and to finance Nominal MEMBER and generally to carry on banking business.

( 2 )

2(2) To participate in the share capital of primary credit and multipurpose or other co-

operative societies registered under The Gujarat Co-operative Societies Act and

the Multi-State Co-op. Society Act under the central Government with the

approval of the Registrar Co-operative Societies.

2(3) To arrange for supervision and inspection of an affiliated co-operative societies

which has taken advances from the bank and to assess their credit.

2(4) To act as a balancing center for the surplus funds of the societies.

2(5) To assume responsibility for organising the provision of agricultural credit in all

parts of the area of operation of the Bank.

2(6) To purchase, sell, transfer, repair, reconstruction, exchange land- buildings for

the purpose of bank’s use and requirement in the area of operation of the bank.

2(7) To advance loans to members as well as nominal members of the bank upon

pledge of Gold ornaments,National Savings Certificates, Kisan Vikas

Patras,Postal-savings Certificate, Insurance Policies, Raw-Materials and Finish

Goods of Manufacturing and Trading or pledge of Governments or Trustee

securities, or Fixed deposit receipts of the bank subject to such Rules as may be

framed by the Board of Directors under the general instruction of the Reserve

Bank of India and NABARD.

2(8) To undertake liquidation work of affiliated societies indebted to the Bank on

conditions laid down by the Registrar with a view to facilitate recoveries from

such societies and to assume management of such society, the committee of

which is superseded under the co-operative societies Act and Rules and

undertake the work and administer it which the Registrar gives under his

guidance.

2(9) To under take any other business approved by the Registrar by general or

special orders which would bring about better living of their families, better

education, better business and better methods of production amongst members

and along with them amongst Nominal members and undertake any other

business approved by the Board of Directors,subject to the guideline of

NABARD/RBI rules and directions.

2(10) To work as an Insurance Agent and to undertake all kinds of Insurance business

according to Government’s policy.

( 3 )

2(11) To purchase, sell, transfer, endorse for pledge, Government Promissory Notes,

Bonds, Securities, Municipal and Port Trust Bonds, Debentures for the legitimate

investments of the surplus funds of the Bank and undertake the business under

the co-operative societies Act and Rules.

2(12) To draw, accept, endorse, negotiate and sell inland bills of exchange and other

negotiable instruments under Negotiable Instrument Act.

2(13) To establish and use the funds for the benefit of the employees of the Bank and

also to advance the Loans to the employees as per the rules framed by the

Board of Directors.

2(14) To open branches, pay offices, or savings centers in suitable centers within the

area of operation, as per NABARD’s latest guidelines, for carrying out objects of

the Bank and for transacting any specific type of business on behalf of member

societies and Nominal members and to frame rules for their conduct and working.

2(15) To receive money on current, saving, fixed or other accounts and to raise funds

for all or any of this purpose and generally to do all such acts as may be found

necessary or suitable to fulfil the aforesaid objects.

2(16) To maintain a latest library of co-operative literature and literature concerned with

banking which is necessary.

2(17) To guarantee the loans advance or credit granted to any member by Government

or any other Financial agency within such limits and such terms as may be fixed

by NABARD from time to time and to charge commission thereon.

2(18) To do such other work as will be conductive and incidental to the above objects

and generally to encourage and promote organisation and development of all

members co-operative societies within the area of operation.

2(19) To make all type of advances as per the rules and regulations of NABARD/ RBI.

( 4 )

2(20) To work as a direct servicing agent of any company, institution, Bank, as per the

guideline issued by the RBI / NABARD.

3. SHARE CAPITAL :

The Share Capital of the Bank shall be Rs.10000/- lakhs divided into

shares of the following types: -

Rs. 25,00,00,000/-“A” Class shares of Rs.1000/- each to be allotted to the State

Government and/or state Co-operative Bank.

Rs. 75,00,00,000/-“B” Class Shares of Rs.1000/- each to be allotted to Co-

operative societies registered under the Co-operative

Societies Act.

3(a) SUBSIDIARY STATE PARTNERSHIP FUND:

Bank will get the finance and maintain it for subsidiary state partnership fund in

accordance with provisions of The Gujarat Co- operative Societies Act.

4. BORROWING POWER :

The Bank may receive deposits and loans. The total amount of such liabilities

shall not exceed 12 (twelve) times to the total amount of its paid up share capital,

accumulated reserve fund and building fund minus accumulated losses, except

with the previous sanction of the Registrar and subject to such terms and

conditions and for such period as may be laid down by him from time to time. The

government securities owned by the Bank and deposited with the State Co-

operative Bank, up to an amount equal to twice the paid-up share capital of the

Bank shall be excluded in calculating liabilities, for the purpose of this bye-law.

5. ARRANGEMENT FOR FINANCE :

The Bank may arrange for Short-Term, Medium Term and Long-Term Loan,

Cash Credit or overdraft with the State Co-operative Bank, any RBI regulated

financial institution, Reserve Bank of India or NABARD or Joint Stock Bank

approved by the Registrar for the purposes, keeping in mind the interest of the

society and its members and may transfer to such Banks the gilt-edged securities

and bonds or Promissory Notes, Passed by affiliated societies when they are

required as Collateral Security with consent of the societies.

( 5 ) 6. INVESTMENTS:

The bank may invest or deposit its funds when not utilised in loans or otherwise in the manner prescribed in the Gujarat Co-operative Societies Act under section 71; but investment under section 20(e) of the Indian Trusts’ Act shall be made subject to such terms and conditions as may be laid down by the Registrar, from time to time in that behalf.

7. MEMBERSHIP:

A . Every Co-operative society registered under the Gujarat Co-operative Societies

Act, Multi Stat Co-Operative Society Act, within the area of operation of the bank shall be eligible for membership. Bank may give membership to the State Government, Central Government or any other Financing Agencies to achieve the object of the Bank.

B. But no person shall be admitted as an individual member of the Bank from the

year 1975-76.

8. AFFILIATED SOCIETY:

Every Co-operative society which is a member of the bank shall be an “Affiliated Society “.

9. NOMINAL MEMBERSHIP:

The persons or registered co-operative societies within the area of operation of the bank may be admitted as nominal members of this Bank and it includes as under: -

9(1) Creditworthy agriculturists within the area of operation who are not members of

the service co-op. society.

9(2) Creditworthy members of the stagnant or non-viable service co-op. societies of

the area of operation.

9(3) Depositors of this Bank.

9(4) Employees of this Bank & Guarantors.

9(5) Persons who intend to take loans against pledge of gold, National Savings

Certificates, Kisan Vikas Patra, Postal Savings certificates, Insurance Policies, Raw-Materials and Finish Goods of Manufacturing and Trading, consumer durables and occasional advances of such types.

( 6 )

9(6) Institution registered under Bombay Public Trust Act, 1950 or Societies

registered under societies registration Act, 1960.

9(7) Market committee established under the Gujarat Agricultural Produce Markets

Act, 1963.

9(8) Persons who intend to take Housing loans according to the policy may decided

by the Board of Directors from time to time as per the general direction of the

RBI.

9(9) Individuals, partnership firm, companies or registered Association of the

Individuals, according to the policy may decided by the Board of Directors from

time to time as per the general direction of the RBI and Government.

9(10) A group of the individuals like self help group (SHG) whether incorporated or not

and whether established or not by or under any law.

10. CERTAIN RESTRICTION FOR NOMINAL MEMBERS:

Persons admitted as nominal members shall not be eligible to hold shares of the

bank.

11. Persons admitted as nominal members shall have to pay Nominal membership

fee of Rs. 25/-. Their nominal membership will stand cancelled of the object for

which they are admitted is over.

12. Nominal member shall have neither right to vote nor participate in the

management or administration of the Bank, nor they shall have any right in the

profits of the bank.

13. APPLICATION FOR MEMBERSHIP :

Every registered co-operative society seeking admission as a member shall

submit an application in the specific form prescribed by the Board of Directors

with the resolution of the society.

ALLOTMENT OF SHARES :

13(1) The bank shall have right to refuse any application for allotment of shares either

in whole or in part without assigning any reasons for the same.

( 7 ) 14. OBLIGATION FOR MEMBERSHIP: 14(a) Every registered society, which has applied for membership shall have to pay the

full value of five shares along with the application.

14(b) Every registered society, shall pay an entrance fee of Rs.100/- with the

application of the membership.

14(c) Notwithstanding anything contained in any Bye-laws of the bank, no society shall

exercise the rights of voting to the bank until it holds the shares as prescribed in the Bye-laws No. 17.

15. CESSATION OF MEMBERSHIP:

No society shall cease to be a member until it has discharged all its liabilities to the Bank, but the society shall cease to be a member and shall not exercise the rights of the members, if: -

15(1) It is expelled or disqualified for a membership or

15(2) It is dissolved or

15(3) It has transferred all shares it held in accordance with the bye-laws or

15(4) It does not have any transaction with the Bank since last three year or

15(5) It does not provided annual balance sheet/annual report to the Bank During the

year.

15(6) Out of 5 Annual General Body Meeting it is compulsory to remain present in two meeting.

16. EXPULSION OF MEMBERSHIP: A member can be expel after following the due process of the laws as mentioned in The Gujarat Co-operative Societies Act.1961, Rules and Bye-laws.

17. SHARE HOLDING: An affiliated societies which are not borrowing from the Bank shall hold shares of

Rs.5000/- minimum and an affiliated society which borrowing from the Bank shall hold Shares at least 2.5% of maximum borrowing during the year from the Bank at the end of 31St MARCH, But the conversion finance, agri culture marketing finance, pledge credit, L. C. with Bank guarantee, general asset, cash credit and other all types of cash credit amount shall not be considered for such purpose and K.C.C. Revolving Cash Credit not be considered as per Nabard Instruction.

( 8 ) 17(1) SHARES BY APEX BANK OR GOVT.:

It should be open to the Bank to allot ‘A’ class shares to the State Co- operative

Bank and/or any other financing Agencies and the State Government for the total

nominal value not exceeding 25 % of share capital of the bank on such terms

and conditions as may be pre scribed by Government from time to time.

18. REFUND OF SHARES:

If any affiliated society should have held shares for at least one year And in the

event of the cessation of membership on any ground. The net value of the shares

hold by a member society after deduction of its dues of the Bank, if any shall be

paid to the member society within six months from the date of cessation. In the

case of Liquidation of an affiliated society, such amount shall paid to the

Liquidator of the society.

19. TRANSFER OF SHARES:

Shares held for not less than one year can, with the approval of the Board of

Directors be transferred from one member to another or to a non- member who is

eligible for admission and willing to become member and whom the Board of

Directors is willing to admit as a member but any affiliated society will not be

permitted to alienate in any way any share belonging to it or him while indebted

to the Bank.

20. SHARE TRANSFER FEE:

Transfer of shares, if approved by the Board will be registered in the register of

transfers on payment of a fee of Rs.11/- per share subject to a maximum of

rupees 500/- at a time. Transfer not so registered will not be recognised. Every

instrument of transfer shall be deposited at the office of the Bank for registration

accompanied by certificates of shares to be transferred and such other evidence

to prove transferor’s right to transfer shares and requisite transfer fee. Any

instrument of transfer, which the bank may deny to register, shall on demand be

returned to the person depositing the same and the transfer fee paid be refunded

to him.

( 9 )

21. SHARE CERTIFICATE:

As soon as the allotment is confirmed, member shall be entitled to receive the

certificates, specifying the shares held by them under the common seal of the

Bank and bearing signatures of the officers authorised by the Board of Directors

from time to time. A fee of Rs. 11/- per certificate shall be paid to the Bank for

every new certificate issued in lieu of worn out or lost certificate, in the later case

adequate indemnity or enough security shall have to be furnished to the bank by

the party entitled to such lost certificate.

22. Bank shall issue only one certificate for one or more than one share.

23. On every certificate at least two signatures are required in which the Head

administrator’s original signature shall be a must.

24. LIABILITY:

The liability of shareholders for the debts of the Bank shall be limited to the face

value of the shares held by them.

25. GENERAL MEETING:

The supreme authority of the Bank shall vest in the General Meeting consisting

of delegates from affiliated societies, The State Government, the State co-

operative Bank and other members subject to general control of the registrar co-

operative societies and provision of The Gujarat co-operative societies Act and

Rules framed there under enforce. Each affiliated society except societies in

liquidation may send to the General Meeting one of its members as its delegates,

such delegates attending the general meeting shall have one vote each under

the limitation of bylaws no. 14 (c)

26(1) NOTICE OF GENERAL MEETING:

Notice of General Meeting mentioning the place, date and time of the meeting

and business to be transacted there it, shall be dispatched by post at least 15

days before and if it is special general meeting than at least 7 days before the

date of the meeting.

( 10 )

26(2).QUORUM:

1/5 of the affiliated societies of the Bank or 25 present representatives whichever

is less shall form a quorum. If there shall be equal votes on any issue, in general

meeting, then the Chairman shall give one additional casting vote.

26(3).ADJOURNED MEETING:

If within half an hour from the time fixed for annual or special General Meeting a

quorum is not obtained, then such meeting shall be adjourned for half an hour,

and it shall be called again on the very same day and same place after half an

hour. For such an adjourned meeting quorum is not require and will carry on

business as per the agenda by the majority of the members.

26(4)(A).DEFAULTER:

If an affiliated society is a defaulter of the Bank as on 31st March, its delegate

have no right to propose, to second and to vote, in the General Meeting or in an

election or in any other matters of the Bank.

Note: Defaulters means who has not repay Bank loan in due time or not paid in

duly extended time limit for repayment of loan.

26(4)(B). Any Person who is defaulter of this bank or society which he rep resents or is

defaulter of any co-operative society of the state, whether engaged in finacial

activity or not, including specified society, shall not be eligible for contesting or

taking part in the election and con-tinuing as dirctor of the bank.

26(4)(C) No member of a society in the Central Co-operative Bank and the State Co-

operative Bank shall be eligible to be elected as a member in the committee if he

is in default for a period of twelve months in payment of dues to the society;

26(4)(D) No person elected as a member of a society in the Central Co-operative Bank

and the State Co-operative Bank shall be continued as a member if he is in

default for a period exceeding twelve months in payment of dues to the society

unless the amount in default with due interest is paid to the society;

( 11 )

26(4)(E) No member of a primary Agricultural Credit Co-operative Society shall eligible to

be elected as a member in the committee of the State Co-operative Bank or a

Central Co-operative Bank if the society is in default in payment of dues to the

Co-operative bank unless the default with due interest is paid to the Co-operative

bank.

26(4)(F) No member of a non-credit society who is a member in the committee of a

Central Co-operative Bank or the State Co-operative Bank shall be continued as

such member if the society commits default for a period exceeding 90 days in

payment of dues to the bank.

26(4)(G) The above provisions shall be in addition to and not in derogation of any others

provisions for disqualification contained in the Act, rules & Bye laws.

26(5). EFFECT OF 31ST MARCH:

Subject to the provisions of the bye law No.17 In all General meeting, only such

members as are admitted to membership on or before the 31st March shall be

allowed.

26(6). PRESIDING AUTHORITY:

In all the general meeting of the bank the Chairman or in his absence the Vice

Chairman of the Board shall preside over the General Meeting. In the absence of

both, the elected directors from the Board of Directors, present at the meeting,

any one of them shall be elected as the Chairman of the General Meeting. Thus

the Chairman shall have right to give one additional casting vote in addition to his

general vote.

27. KIND OF GENERAL MEETING:

General Meeting shall be of two kinds Annual General Meeting and Special

General Meeting.

28. ANNUAL GENERAL MEETING:

On completion of financial year as on 31st March, an Annual General Meeting

shall be convened 6 month. (up to 30th September) and following business may

be held(By-laws 28(1) to 28(12)).

( 12 ) 28(1) To accept and to discuss the Annual Report, Statement of Account and

Auditor’s Report prepared by the Board of Directors. To review the working of

Bank performed during the year and to approve the distribution of profit.

28(2) To declare dividend recommended by the board of director as per provision of

The Guj. Co-op. societies act, rules & RBI / NABARD guideline

28(3) Deleted

28(4) To take notice of all Subjects which affect the financial position of the Bank and

it’s affiliated societies and to pass resolutions with regard to them.

28(5) To consider the audit memo of the Statutory Auditor and to discuss any

business referred to the general meeting by the Registrar.

28(6) To consider amendment to By-laws.

28(7) To consider expulsion of members under bye-law No. 16

28(8) To discuss about important provisions on Bank’s Annual Service Area Plan and

programme such as D.A.P.,M.O.U..

28(9) To discuss about Bank’s Non-performing Assets, to take note about overdue

and Bad and doubtful debt; and supervise the recovery procedure.

28(10) To transact any other business that may be brought up with the permission of

the Chairman except amendments to Bye-laws and expulsion of members.

28(11) Proceedings of the General Meetings shall be recorded in a separate minute

book and shall be signed by the President of the meeting.

28(12) Notwithstanding anything contained in the Act or the rules for the time being in

force, the Bank shall be at liberty to affiliate or disaffiliate with any federal

society of its choice provided a resolution approving such affiliation or

disaffiliation with any federal society is passed in the annual general meeting

held for the purpose with three – fourth majority of total members, and subject

to the rules as may be prescribed and the guidelines issued by the Reserve

Bank of India.

( 13 ) 29. REQUISITION FOR GENERAL MEETING:

The Board of Directors may whenever if thinks fit and shall upon a requisition in

writing made by 50 affiliated societies either individually or collectively or at the

instruction of the State Co-operative Bank or the Registrar convene a special

General Meeting within one month from the date of receipt of requisition

provided that the definite resolution or resolution to be moved in the special

General Meeting are mentioned in such requisition. Such requisition, if made

by affiliated societies, shall be signed by the representative authorised by the

resolution of committee of each such society and shall be accompanied with

the certified copy of such resolution.

30(1) CONSTITUTION OF BOARD OF DIRECTORS:

The Board of Directors will be remained as under :-

Maximum 21 members will be remaining to held business and management of

the Bank.

(1) 13 Directors elected by and from the representative of the Agri. Credit

Multipurpose Service and farming Co-op. Societies of One Director from

following taluka named as under. :-

1 - Rajkot Taluka

1 - Paddhari Taluka

1 - Lodhika & Kotadasangani

1 - Gondal Taluka

1 - Jasdan and Vincchiya Taluka

1 - Jetpur Taluka

1 - Dhoraji Taluka

1 - Upleta Taluka

1 - Jamkandorna Taluka

1 - Wankaner Taluka

1 - Morbi Taluka

1 - Maliya (Mi.) Taluka

1 - Tankara Taluka

( 14 )

(2) Two Directors elected by and from the representatives of non-agricultural credit

societies and other societies Including city co-operative banks, which is providing

credit to their members as under. :

One director elected from societies of area of Rajkot Municipal Corporation, One

director elected from societies of Taluka as of Rajkot and Morbi District like

Rajkot, Paddhari, Lodhika, Kotdasangani, Gondal, Jasdan, Vinchhiya, Jetpur,

Dhoraji, Upleta, Jamkandorna and Morbi, Wankaner, Maliya (Mi.), Tankara.

(3) One Director elected by and from the representatives of sale and purchase

unions, as well as marketing and processing societies.

(4) One director elected by and from representative of the co-operative societies

other than those types mentioned in clauses 30(1)(1), 30(1)(2), 30(1)(3).

(5) One representative from the Gujarat State Co-operative Bank Ltd.

(6) One representatives from Gujarat State Government (if appointed under section

80(3) of Gujarat Co-operative societies Act) The state Government shall have a

right to nominate one director, only when the state government has subscribed in

the share capital of the bank.

(7) District Registrar remain ex-officio director in the board.

(8) (A) Managing Director / CEO may remained as member of Board of Direc

tor. (Managing Director is selected from PACS). He is excluded from

total director of the board.

(B) Bank have to co-op. of director from experienced persons in Banking,

Management, financial sector or other specified sector or person who is

related with bank mission and working.

But co-opt directors which are excess of 21 directors & should not ex

ceed more than two. Co-opted directors shall have no right to vote and

will not be eligible for being elected as any office bearer.

(9) Board election to be carried out as per election of the committee of Gujarat

specified co-operative societies elections rules-1982.

(10) The term of the elected members of the Board of Directors and its office

bearers shall be five years from the date of election:

Provided that the term of office bearers shall be two and a half years from the

date of election of Board of Directors.

30(2) QUORUM FOR BOARD:

More than half members of the Board of Directors shall form a quorum.

( 15 )

30(3) CO-OPTION (ABOUT FILLING THE VACANCIES):

Board of Directors shall fill up a casual vacancy in the Board same class or

categories of members as per Provision of the Gujarat Co-Operative Societies

(Amendment) Bill, 2015 Section 74C(2)(iii)

30(4) CHAIRMAN OF THE BOARD OF DIRECTOR:

The Board shall elect a Chairman and a Vice Chairman from amongst its

members at the first meeting of the Board of Directors after the general election.

The Chairman when present shall preside at every meeting of Board In his

absence Vice-Chairman shall preside at the meeting. In the absence of the both

the Chairman and Vice Chairman, members present shall elect a Chairman of

that meeting from them. The presiding authority is entitled to give a casting vote

in addition to his ordinary vote. In the event of the Chairman and the Vice

Chairman’s offices fall vacant due to death, resignation, disqualification or

removal from office, than such vacancies shall be filled under the rules of

“Gujarat Specified Coop. Societies Elections to Committees Rules 1982". In the

absence of the Chairman, the Vice Chairman shall perform the duties of the

Chairman, and in the absence of both the Chairman and the Vice Chairman,

Board of Directors may appoint acting Chairman and Vice-Chairman from

themselves.

30(5) VACANCIES IN BOARD OF DIRECTORS:

A Director shall be deemed to have vacated his office even before expiry of his

normal term if he cease to be a member of an affiliated society or his society fails

to hold the minimum number of shares of the Bank, as required by the Bye-law

No - 17 of the bank or if he resigns by notice or fails to attend 3 consecutive

meetings of the Board without its permission, or acquires any of disqualification

he shall be deemed to have vacated his post. If the time period of such post shall

be more than six months, then it will be filled by an election.

( 16 ) 30(6) QUALIFICATION OF DIRECTOR:

No representative of an affiliated society which have classed ‘D’ at the last

audit or against which a final order of liquidation has been passed shall not be

entitled to become a member of the Board of Directors or to be continued as

such. Then the Directors shall be deemed to have vacated his office.

30(7) No paid officer or servant of any co-operative society operating within the area

of the Bank or at any place, shall be eligible for being elected or nominated as

a Director or as a local Auditor of the Bank.

30(8) No person shall be eligible to be a candidate for Directorship on behalf of

affiliated societies unless is a member of the managing committee of an

affiliated society for at least one year prior to the date of his nomination and is

not a defaulter, and he does not have any of the disqualification as per rule

No. 32 of Gujarat Co-operative Societies Rule 1965, and provision of the bye-

laws No. 26(4) (c) to (g) If any such representative is elected in the Board of

Directors or appointed and he is continued as a Board’s Director, and during

that period any type of disqualification is found, he will loose his post

automatically.

30(9) TENURE OF CHAIRMAN / VICE CHAIRMAN:

The Chairman and the Vice-Chairman on the expiry of the term of office shall

continue in their offices until such time as a new Chairman and Vice-Chairman

shall have been elected or shall have taken over the charge of their post,

subject to the provision of the Guj.Co-op. Socitey Act-1961.

30(10) VALIDITY OF BOARD’S RESOLUTIONS:

Any acts of Board of Directors or any Board Member, shall be legal, unless any

irregularities found in formation of Board or in appointment of any person or

found any disqualification as a Director, subsequently all proceeding of such

board as a member of Board shall be legal.

( 17 )

30(11) MEETINGS:

The Board shall meet as often as it considers necessary for the transaction of business but at least once in two months. To call such meeting the notice shall be issued before five days. The proceedings of the Board shall be recorded in to minute book kept for the purpose and shall be signed by the chairman of a meeting.

30(12) CIRCULAR MEETINGS:

On unavoidable circumstances, if a meeting of the Board of Directors cannot be convened, the Chairman may circulate a resolution on any urgent matter amongst the directors of the Board and if the resolution is approved by the majority of the director of the Board, it shall be deemed to have been passed by the board and the resolution so passed shall be submitted in the next meeting of the board of directors for confirmation.

30(13) The Board of Director shall have full authority to carry on the business of the

Bank, Subject to the provisions of these Bye-laws and directions conveyed in the provisions of the Act and Rules.

31. POWERS AND DUTIES OF THE BOARD:

The powers and duties of the Board shall be as under :

31(1) To deal with the applications for membership (including nominal members)

and to allot New Shares.

31(2) To raise funds subject to these Bye-laws.

31(3) To deal with application for loans, credits, overdrafts, other advances and

guarantee.

31(4) To receive and disburse money through its Managing Directors and/or General

Manager or any other Officers of the Bank empowered in this behalf by the Board of Directors.

31(5) To appoint such paid or honorary Managing Director, General Manager and

Manager and other employees as per requirement and to fix their remuneration. The rules to be framed for recruitment-appointment and qualifications, posts and scale of pay. Board may frame rules for discipline and conduct and implement.

( 18 )

31(6) To prepare Annual Report and Annual Accounts to be submit before the annual

general meeting every year. To distribute the profit and to fix rate of dividend

and recommend for approval to Annual General Meeting.

31(7) To review of all cases of arrears, defaults, bad debts, doubtful dues and to take

legal action for recovery.

31(8) To make an arrangement for the periodical inspection of affiliated societies.

31(9) To make arrangements for the completion of the liquidation proceeding of

societies undertaken by the Bank.

31(10) To maintain provident fund account for the employees of the Bank as per

provident fund Act.

31(11) To frame and amend rules for the general administration, affairs and business

of the Bank and for the supervision of affiliated societies which taken loans

from the Bank.

31(12) To purchase, sell, transfer, repair, exchange, reconstruction the building and

land for the purpose of Bank’s use and requirements and to do Everything that

might be found by the Board of Directors from time to time to necessary and

cunductive to the business and interest of the Bank.

31(13) Bank shall conduct of all his business according to Negotiable Instrument Act,

Banking Regulation Act and Rules, and Gujarat Co-operative Societies’ Act

and Rules. The Board of Directors shall frame the rules accordingly.

31(14) The Bank shall empower their two or more Directors, Managing Director,

General Manager, Manager and Officers to sign documents of securities and

shares for to purchase, sell, transfer, endorse and pledge.

31(15) To deal with applications from Nominal Members for loans, credits, over- draft

and short term advances and to approve such application under the directions

of Reserve Bank of India and NABARD, and to frame rules for the same.

( 19 ) 31(16) Board of Directors shall appoint a Sub-Committee, if it is necessary for some

certain types of activities and to delegate to them any of its powers and duties.

The notices shall be issued before 3 days to call such committee. Proceedings

of the meeting shall be recorded in a separate minute book and it will put

before the Board for its perusal.

31(17) To frame rules to utilise funds for which they are created as per Bye-laws.

31(18) To open branches or pay offices and Deposit collection centers as per

NABARD’s latest guidelines.

31(19) To transact all other business connected to the management of the Bank.

31(20) To arrange for the administration of affiliated societies whose managing

committees are superceded and shall work according to the instruction of the

Registrar.

31(21) To fix rate of traveling allowance, daily allowance and sitting fees of Directors.

31(22) to administer the Subsidiary State Partnership Fund.

31(23) To decide financial and internal administrative matters as under. :-

(i) interest rates on deposits and loans, subject to the directives issued by the

Reserve Bank of India;

(ii) borrowing, investment, depositing its surplus funds, loaning policies

(including individual loans) and other business policies;

(iii) personnel policies including issues relating to recruitment, promotion,

staffing, training, posting and compensation to staff as per business

requirement of the society(bank);

(iv) internal checks and control systems, appointment of auditors, their

compensation and other internal administrative issues; and

(v) borrowing from any financial institution regulated by the Reserve Bank of

India, keeping in mind the interest of the society(bank) and its members.

( 20 ) 32. MISCELLANEOUS:

The instructions and directions of the R.B.I. and NABARD as may be laid down

from time to time, notwithstanding anything contained in these bye-laws the

Board of Directors may undertake and/or finance any business which would

bring about better living, better business and better methods of production

amongst the members of the Bank and members of affiliated societies in such

terms and conditions.

33. SURETY FROM EMPLOYEES:

Every paid employee of the Bank holding any Office concern the receipt or

charge of any money or securities or records of the Bank shall, before entering

on the execution of his office, furnish such security as the Board requires and

approves for rendering of full and true account of all moneys Received or paid

by him on account of the Bank.

34. DELEGATION OF POWERS:

The Board of Directors, may delegate any of its powers to the Executive

Committee, a Sub-Committee, the Chairman, the Managing Director, the

General Manager or Manager, any of the powers with special resolution of the

Board. That shall be intimated to the concerned by the seperate order. The

Board may also delegate any powers of the Managing Director and General

Manager to any of its officer.

35. INSPECTION & SUPERVISION BY APEX CO-OP. BANK:

The Board of Directors shall provide all reasonable facilities to the State Co-op.

Bank for the general supervision and inspection of the Bank so far as it

concerns the provision of credit to agriculturists for agricultural purposes and

shall furnish such periodical returns, and information as may be prescribed by

the State Co-operative Bank.

( 21 ) 36. EXECUTIVE COMMITTEE:

The Board of Director shall each year appoint an Executive Committee

consisting of not more than 9 Directors including the Chairman, the Vice-

Chairman and the Managing Directors, if appointed. Consisting one Director

nominated by the State Co-operative Bank and one Director nominated by the

State Government or the Registrar, provided that there shall be at least 4(four)

representatives from amongst those elected under clause 30(1)(1)

37. TERM OF EXECUTIVE COMMITTEE:

The members of the Executive Committee shall hold office for the term for

which they are members of the Board or till their successors are appointed.

38. MEETING OF EXECUTIVE COMMITTEE & QUORUM:

The Executive Committee shall meet as often as may be necessary but at

least once a month. Three days notice will be given to call meeting. 5(five)

Directors present shall form a quorum. The proceeding of this meeting will be

recorded in separate minute book. It will be put up for perusal to the next

Board Meeting. Any vacancy on the Executive Committee shall fill by the

Board of Directors.

39. POWERS OF THE EXECUTIVE COMMITTEE:

In addition to the power and duties delegated by the Board. The Executive

Committee shall exercise the following powers and duties subject to such

general directions as the Board may issue from time to time.

39(1) Admission of members (including Nominal Members)

39(2) allotment of shares to member.

39(3) Sanction of transfer of shares, to the members.

39(4) To consider applications of all types for loans. Proposals found positive or

permissible to be sanctioned under the powers given and other proposals to

be forwarded to the Board with necessary recommendation and to dispose

accordingly.

( 22 )

39(5) Preparation of the Annual Report of the Bank.

39(6) Investigation of cases of arrears of an affiliated societies and persons and to

take actions for their recovery.

39(7) To fix the nature and the amount of security to be given by the employees of

different category of Bank and to prescribe the documents.

39(8) To refuse allotment of shares to any person.

39(9) Generally to carry out the directions and instructions of the Board and to do all

other function which are necessary for the management of the Bank and which

have not been reserved to the Board or specifically delegated to the Chairman

or the Managing Director or the General Manager as per bye- laws.

40. APPOINTMENT OF MANAGING DIRECTOR/GENERAL

MANAGER:

The Board of Director shall appoint The Managing Director and General Manager, if Managing Director / or General Manager is appointed as a Chief Executive Officer (CEO), he should hold the requisite educational qualification, experience as per the provision of The Guj. Co-op. Soc. Act, and the guideline of Reserve Bank of India in this regard from time to time. The Managing Director, if appointed shall be ex-officio Director of the Board.

41. POWERS AND DUTIES OF THE MANAGING DIRECTOR /

GENERAL MANAGER:

The powers and duties of the Managing Director and/or the General Manager

shall be as under:

41(1) To hold the charge of records, common seal, dead stock and such other

property of the Bank.

41(2) To issue notices for calling General Meetings of the Bank and for calling

meetings of the Board of Directors, the Executive Committee and Sub-

Committees or other Committees appointed by the Board.

( 23 )

41(3) To attend all meetings and record their minutes and to see that it is

implemented.

41(4) To conduct official correspondence on behalf of the Bank according to the

Board’s instructions.

41(5) To maintain proper account of all money and other property transactions and to

make arrangement for that;

41(6) To arrange and conduct all the monetary transactions.

41(7) To arrange for the regular supervision of the affiliated borrowing societies, in

accordance with the resolutions made by the Board of Directors.

41(8) To keep supervision over the work of subordinates and to report to the Board

for action to be taken for negligency, indiscipline or misconduct of the staff as

per the discipline and conduct rules.

41(9) To purchase, sell, transfer, endorse, pledge Government and other securities

on behalf of the bank, and to collect interest thereon, in accordance with the

rules and resolutions of Board of Directors.

41(10) subject to the provision of these Bye-laws to draw, accept, endorse, negotiate

and sell bills of exchange and other negotiable instruments on behalf of the

Bank in accordance with such rules and resolutions.

41(11) To get maintained all accounts and registers prescribed by the Bank.

41(12) To perform all such function as the Board may assign if any irresponsibility

towards such assigned work, then the responsibility for that will be fixed by the

Board.

41(13) To examine loan applications and put them before the Board or the Executive

Committee, which ever is empowered for their consideration.

41(14) To arrange for the finalisation of the liabilities and assets of the affiliated

societies which are under administration of the Bank, according to the Act and

rules and instruction of the Board of Directors or executive Committee.

( 24 ) 42. INSPECTIONS OF SOCIETIES:

To arrange inspection of borrowing affiliated societies at least once in a year

as per the direction of the Board of Directors.

43. INSPECTING AUTHORITY: Inspections of the borrowing affiliated societies shall be conducted by the

Bank’s officers, specially authorised by the Board of Directors. The officers

and the employees of an affiliated societies shall afford every facility and

assistance for the inspection.

44. RULES FOR INSPECTION: The inspection and supervision of the affiliated borrowing societies shall be

made in accordance with the rules framed by the Board of Directors for the

purpose.

45. RECTIFICATION: If the Board of Directors is of opinion on bases of inspection report that the

working of an affiliated Borrowing society is unsatisfactory and requires to

rectify it may order to the society to convene a general meeting of its members

to take such steps for the removal of the defects as may be considered

necessary.

46. GUIDANCE AND SUBMISSION OF STATEMENT BY SOCIETIES:

The Board of Directors shall from time to time, draw up rules for the guidance,

periodical submission of accounts and returns of an affiliated borrowing

societies. Every affiliated Borrower society shall be bound to carry on its work

according to the rules laid down by the Board and to submit to the Bank such

statements and reports as may be prescribed.

47. OBLIGATIONS OF AFFILIATED SOCIETIES:

Every affiliated society shall be bound to act as under:

47(1) Every affiliated society which takes advances shall be bound to submit to the

Bank such statements and reports as may be prescribed or called for.

( 25 )

47(2) To obtain prior permission of the Bank before taking a loan from any other

Financing Institution or the Government.

47(3) To send a delegate to the Bank when required.

47(4) To show cash and account books to the Directors or Auditors or any Officers of

the Bank without any prior permission.

48. ACCOUNTING STATEMENTS AND DOCUMENTS:

The Board of Directors shall keep the following accounts and books namely :

48(1) Register of members in prescribed form;

48(2) Register of shares;

48(3) Share Transfer Register;

48(4) Cash Account Books;

48(5) Member’s Loan Account;

48(6) Deposit Account;

48(7) Loans Register;

48(8) Interest Account;

48(9) Expenditure Account;

48(10) Bank Account;

48(11) Branch Account;

48(12) Minute Book of the meetings of the Board of Directors, the Executive

Committee and Sub committees etc;

48(13) Minute Book of the General Meetings;

48(14) Register of income, liabilities and assets of affiliated borrowing societies;

48(15) Register of movable and immovable property of the Bank;

48(16) Co-operative Societies Act, Rules there under, Bye-laws of the Bank, Annual

Reports, Balance Sheets, Rules framed by the Board of Directors and

Government Audit Report;

48(17) Such other accounts and books as may from time to time prescribed by the

Board of Directors, Registrar, Reserve Bank of India and NABARD;

( 26 )

49. RECORDS AVAILABLE FOR INSPECTION TO MEMBERS:

A shareholder shall be entitled to inspect following records at the convenience

of the Bank but at least within seven working days from the date of demand, at

the office of the Bank, during office hours.

49(1) A copy of the Co-operative Societies Act;

49(2) A copy of the Rules under the Co-operative Societies Act;

49(3) A copy of the Bye laws of the Bank;

49(4) A copy of the various types of rules made by the Board of Directors;

49(5) Proceedings of the General Meeting including questions and answers;

49(6) Govt’s statutory audit report and Bank’s internal audit report and rectification

report;

49(7) The Annual Report and Annual Accounts of the Bank;

49(8) Register of Members;

49(9) Shareholder’s accounts so far as it relates to his own business transaction.

49(10) Proceedings shall be written up and to be sent its copy to each members,

within the month from the date of Annual General Meeting.

50. RIGHT TO GET CERTAIN COPIES OF THE RECORDS:

If a shareholder demands some copies of the records, after paying prescribed fee. The copy of such record will be given within fortnight in accordance with the provisions of Act and Rules.

51. AUTHORISATION FOR TRUE COPY:

The copies of the documents, or any entry of the record of the Bank, which required to maintain as per Co-op. Act, Rules and Bye-laws will be certified under the seal of the Bank and signed by any one of the managing director, general manager and manager.

( 27 ) 52 LOANS:

Loans shall be granted only to affiliated societies and nominal members of the

bank under bye-law no. 2 and 9. Loans include short-term loan, medium term

loan, long-term loan, cash credit, advances or overdrafts against pledge or

hypothecation of valuable Govt. or Trustees Securities,Gold

ornaments,National Savings Certificates, Kisan Vikas Patras, Postal-savings

Certificate, Insurance Policies, Raw-Materials and Finish Goods for

Manufacturing and Trading, agricultural produce, fertilisers, implements and

industrial or consumer goods.

52(1) LOANS AGAINST F.D.:

Advances may be granted against postal Deposit Certificates and fixed

deposits of the Bank, according to the directive of the Reserve Bank of India.

53. LOANS APPLICATION FORMS:

Applications for loans shall be made in such specified forms as may be

prescribed time to time by the Board of Directors.

54. RATE OF INTEREST:

The Bank shall advance loans to agricultural societies affiliated to it in order to

enable them to advance loans to their members for seasonal agricultural

operations and for agricultural purposes, at the rate may be decided by the

Board from time to time. In case of other types of Loans and advances, the

Board of Directors shall decide the rates of interest from time to time. Bank

may charge as may be decide by the board of director with maximum limit up

to 3 percent excess to ordinary rate of interest, on an account defaulted by the

borrowers from the date of such defaults.

55. EXTENSIONS:

Repayment of installments shall be decided at the time of the loan is granted.

The Board or the Executive Committee shall have power to grant extension of

limit in proper cases on written application, as per the norms prescribed by the

NABARD / RBI.

( 28 ) 56. DEFAULTS IN EXTENSION LIMIT:

If an affiliated borrower society or any borrower fails to repay interest or any

installment of principle on the date and if the Board of Directors or the

Executive Committee does not grant an extension of time, the whole loan shall

become immediately repayable irrespective of any condition on which the loan

was sanction.

57. REPAYMENT OF LOANS IN CASE OF EXPELLING:

Any sums outstanding against an affiliated society which has been expelled or

which otherwise ceases to be a members of the Bank shall become

immediately repayable, irrespective of any conditions on which the loan or cash

credit was granted.

58. LOANS TO NOMINAL MEMBERS:

Nominal members admitted under Bye-law No. 9, may be granted loans, cash

credit, advances and overdrafts subject to such rules as may be framed by the

Board of Directors from time to time, according to directive of RBI and

NABARD.

59. POWER TO RECEIVE DEPOSITS:

The Board of Directors may receive call, fixed, savings, current deposits and

other types of deposits and may fix rate of interest as per directives of RBI and

NABARD.

60. ANNUAL BALANCE SHEET:

The bank shall prepare annual Accounts as per Banking Regulation Act,

1949,ending 31st March and send a copy to the Registrar, State Co-operative

Bank, RBI, NABARD and Auditor before 30th June.

61. DISTRIBUTION OF PROFIT:

The gross profit will be derived in an annual account of previous year.

Following amount will be deducted from the gross profit as decided by the

Board of Directors except special permission obtains from the Registrar.

61(1) Interest paid and payable on loans, deposits and other borrowing.

( 29 )

61(2) Administrative expenses.

61(3) Following expenditure fully or partly;

(i) Preliminary expenses.

(ii) Discount on debentures.

(iii) Underwriting commission.

61(4) Losses on account of the sale of Securities or other assets and bad debts

account.

61(5) Depreciation on erosion assets such as the building, dead stock, other

electronic goods etc.

61(6) Provisions for specific purpose such as reserve for overdue interest, for bad

and doubtful debts, investment depreciation.

61(7) To make provision for contribution to provident fund for Bank employees, the

amount for repayment under bonus Act, to make provision for the amount for staff Gratuity Fund.

61(8) To make provisions for expected responsibility according to Income-Tax Act,

employees leave encashment, the cost for leave travel concession and Provision on retirement benefit. After above mentioned deductions, remaining amount shall be considered as a net profit.

62. DISTRIBUTION OF NET PROFIT:

62(1) Out of the net profit a sum not less than 25% of such profit shall be contributed

to statutory Reserve Fund under Co-operative Act, Section 67 and a sum not exceeding 15% of the net profit may be contributed to the Agricultural Credit Stabilization Fund and sum not less then 15 % of net profit shall be carried to the Bad debt reserve fund.

62(2) To pay dividend on paid up share capital of an affiliated societies under the

limitation of section 68 of Gujarat Co-operative Societies Act. And Rules prescribed there under from time to time, and as per the guideline of RBI / NABARD.

62(3) Deleted

62(4) To set aside ‘Dividend equilisation Fund’ not more than 2% of net profit, up to

the maximum limit of dividend, against paid up share capital, except for the purpose of paying dividend no withdrawal from such fund shall be maid without the written sanction of the Registrar.

( 30 )

63. After distribution of profit as above, remaining amount will be contributed as

under by the Board of Directors, subject to approval of general meeting.

63(1) The amount to Building Fund.

63(2) The amount to Agriculture and Rural Development Fund.

63(3) To Co-operative propaganda fund.

63(4) To staff benefit fund, according to the rules prescribed by the Board.

63(5) Deleted

64. MODE OF PAYMENT OF DIVIDEND:

Dividend not drawn within six months from the date on which it is announced in the General Meeting shall be remitted to the shareholders by Money orders or be credited to their account. If dividend is not drawn within one year from the date on which it is announced in the General Meeting all amount will be credited to Reserve Fund.

64(1) EXCESS DIVIDEND ON SHARES OF STATE GOVT.:

Any amount of dividend in excess of agreed rate on the share capital subscribed by the State Government or the State Co-operative Bank shall be utilised in accordance with the Rules framed by the Registrar, Co-operative Societies and the State Co-operative Bank.

65. RESERVE FUND:

The Reserve Fund shall consist of following:

65(1) The amount contributed from net profit as per Bye-law 62(1).

65(2) Amount contributed from profit or any other way.

65(3) Amount of shares ceased by the Bank and amount of unclaimed dividend in

due time.

65(4) Member’s entrance fee, share transfer fee and entrance fee of nominal

member.

66. AUDIT:

Statutory Auditors shall be appointed by The Board of Director as per the guide line issued by the RBI / NABARD. Auditor shall conduct the audit as per the guideline issued by the RBI / NABARD and provision of the Guj.Co-op. Socitey Act-1961.

( 31 ) 67. EMPLOYEE’S PROVIDENT FUND:

The Bank shall maintain and contribute to the employee’s provident fund for its employees according to provident fund Act, 1952.

68. COPY OF BYE-LAWS: A copy of the Bye-laws will be given to affiliated co-operative societies, on payment of prescribed fee.

69. AUTHORITY TO EXECUTE DOCUMENTS: All documents creating a charge or obligation on the Bank shall be signed by any Director and the Managing Director or General Manager and shall bear the Common Seal of the Bank.

70. AUTHORITY TO OPERATE BANK ACCOUNTS:

The Board may authorise any two of the following Officers to sign cheques and

draw drafts, hundies and issue deposit receipts and to authorise any one of

them to endorse bills of exchange, Bank post bills and sign receipts on behalf

of the Bank.

70(1) Chairman - President

70(2) Vice Chairman - Vice President

70(3) Managing Director

70(4) General Manager

70(5) Manager (Accounts)

70(6) Deputy Manager (Banking)

70(7) Accountant and Officers

70(8) Cashier

70(9) Branch Manager and Inspector

71. AUTHORITY TO OPERATE ACCOUNT IN BRANCHES:

In case of branches, where there is only one permanent officer the Board may

authorise any of the following officers to sign cheques drafts, hundies and

deposit receipts.

( 32 )

71(1) Branch Manager

71(2) Inspector

71(3) Branch Accountant and/or Cashier

72. EFFECTIVENESS OF THIS BYE-LAW:

If there is a conflict between the Bye-law of this Bank and the Bye-law of an

affiliated co-op. societies, the Bye-laws of the Bank shall prevail.

73. AMENDMENTS IN BYE-LAW:

Subject to Gujarat Co-op. Societies Act, 1961 and provision of Gujarat Co-op.

Societies Rules 1965, these bye-laws can be amended or modified or

rescinded provided that it must be intimated to every member 10 days prior to

the meetings through the agenda of the General Meeting. Amendments come

in force on approval of the Registrar.

73(1) EFFECT OF AMMENDMENTS’ NOTICE :

Amendments to these bye-laws, to the rules Governing the election of the

Directors or the Auditors, received up to the end of March shall be placed

before the next Annual General Meeting for consideration it will, however, be

within the discretion of the Board of Directors to place any such amendments

received before the Annual General Meeting.

74. VALIDITY OF RESOLUTION:

Any resolution passed by the General Meeting cannot reconsider within six

month in the General Meeting unless it is mentioned in the Agenda or

approved with the 2/3 majority of the present members or the Registrar has

passed the order for it.

75. DISPUTES:

Disputes which do not fall within the purview of arbitration under the relevant

Provisions of the Co-operative Societies Act, in regard to matters relating to

admission or the provision of agricultural credit to creditworthy agriculturists or

in regard to interpretation of any of the Bye-laws pertaining to the provision of

agricultural credit to creditworthy agriculturists shall be referred to the Registrar

whose decision shall be final.

( 33 )

76. MODE OF SERVING NOTICE:

Any written notice to be given to any member or person as per Bye-laws, the

notice issue to registered address of the Bank record will be consider as proper

mode of service.

77. DISTRIBUTION OF POWERS:

By special resolution, Board may delegate its power to the Executive

committee, or Sub-Committee, Chairman, Vice Chairman, Managing Directors,

General Manager or any Officers for to sanction expenditure, to sanction

various kind of loans, to grant extension for repayment, to regulate the rate of

interest, to sanction the application of nominal membership and to take

administrative decisions, according to Bank’s Bye-law.

* * * * * * * * * *

NOTE :

1. Proposal for amendments / additions in Bye Laws which was passed at

the Annual General Meeting of the Bank held on dated : 12/06/2014, Same proposal was forwarded to The Registrar, Co-op. Societies G.S. Gandhinagar.

2. The amendments / additions in the bye-laws has approved / disapproved

by the Registrar of Co.op.Societies G.S. Gandhinagar vide letter No. MSB/P.K.S./T-4/243/2015 dated:06-02 -2015.

3. Implementation of amended bye-laws Were enforced w.e.f. 06-02-2015.

No. 24940 of 1959 Office of the Registrar Co-operative Societies Bombay State; Poona, the 15th May 1959

CERTIFICATE OF REGISTRATION

No. 24940 of 1959 The Registrar Co-operative Societies Bombay State, Poona hereby

notifies that the Madhya Saurashtra District Central Co-operative Bank Ltd., Rajkot Dist. Madhya Saurashtra, has been registered under Section 10 of the Bombay Co-operative Societies Act, 1925 (Bombay Act, VII of 1925) as adopted and applied to the Saurashtra Region of the State of Bombay.

Sd/ A. U. Shaikh

Registrar, Co-operative Societies Bombay State, Poona

NOTIFICATION No. 24940/7

The name of the “Madhya Saurashtra District Central Co-operative Bank Ltd., Rajkot registered under the Registrar, Co-operative Societies. Bombay State Poona No. 24940 dated 16-5-1959 is changed to “Rajkot District Central Co-operative Bank Ltd., Rajkot” under Section 14 of the Bombay Co-operative Societies Act, 1925, as adopted and applied to Saurashtra region and it is so registered under Section 16 of the said Act.

Sd/ G. R. Palker Joint Registrar,

Co-operative Societies (Audit) and Financial Advisor, B. S.

POONA Poona, Dt.24-2-60

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