Multi-State Co-Operative Societies Act, 2002

Section - 70 - Appointment and remuneration of auditors

CHAPTER VIII

AUDIT, INQUIRY, INSPECTION AND SURCHARGE

Appointment and remuneration of auditors.

70. (1) Every multi-State co-operative society, shall cause to be audited by an auditor referred to in sub-section (2), its accounts at least once in each year.

(2) Every multi-State co-operative society shall, at each annual general meeting, appoint an auditor or auditors to hold office from the conclusion of that meeting until the conclusion of the next annual general meeting and shall, within seven days of the appointment, give intimation thereof to every auditor so appointed:

[Provided that such auditors or auditing firm shall be appointed from a panel approved by the Central Registrar:

Provided further that in case of multi-State co-operative banks, multi-State credit societies with deposits of above five hundred crore rupees and multi-State non-credit societies with turnover of above five hundred crore rupees, the auditor shall be appointed from a panel of auditors approved for audit of such societies by the Central Registrar.]

(3) Every auditor appointed under sub-section (1) shall, within thirty days of the receipt from the multi-State co-operative society of the intimation of his appointment, inform the Central Registrar in writing that he has accepted, or refused to accept, the appointment.

[(3A) An auditor appointed under sub-section (2) shall submit the audit of accounts report to the multi-State co-operative society, within six months from the date of closing of the financial year, to which such accounts relate.]

(4) A retiring auditor shall be re-appointed unless-

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