Lok Sabha passes Multi-State Cooperative Societies (Amendment) Bill

NEW DELHI: The Lok Sabha on Tuesday passed the Multi-State Cooperative Societies (Amendment) Bill, which seeks to strengthen cooperatives by making them transparent and introducing a system of regular elections. Piloting the bill, Union Home and Cooperation Minister Amit Shah said the provisions in the bill will initiate a new era for the sector, which has been ignored by the previous governments. He said that in this bill, a provision has been made for the Election Authority to implement electoral reforms to conduct fair elections, and the Authority will be as powerful as the Election Commission and there will be no government interference in it.

“In addition, if one-third vacancies are created in the Board, a provision has been made to hold elections again for the vacant posts. Along with this, there are also provisions for discipline in board meetings and smooth functioning of cooperative societies. He said that in order to bring transparency in the governance of the cooperative society, a provision has been made to give majority to the equity shareholders,” the statement read.