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.