Section 48: Formation of Accounts Supervision Committee

Estimated reading: 1 minute 80 views

1) In order to strengthen the internal control system in a Cooperative Organization, the General Meeting shall form through election an Accounts Supervision Committee comprising one convener and two members having met the prescribed qualifications.

2) More than one member of the same family shall not stand as a candidate or get elected at the same tenure as a director convener or member of the Accounts Supervision Committee of the same Cooperative Organization.

Tagged:
cooperatives act
nepal law

Related Laws

Section 34: Cancellation of License
Section 31: Additional remuneration to be paid
Section 107: Minimum remuneration fixation committee
Section 13: Provision relating to probation period
Section 17: Cooperative Organisation to be a Corporate Entity
Section 152: Majority decision to prevail
Section 33: Can open a liaison office
Section 32: Can open a branch office
Section 95: Powers, functions and duties of inspector
Section 21: Transaction, Business, Industries, or Project may be operated
Section 20: Cooperation to be extended
Section 176: Special powers of the Ministry
Section 19B: Power to request details
Section 136: Exercise of Voting Right
Section 86: Provisions relating to transport labours
Section 21: Action not be initiated on the ground of breach of secrecy
Section 97: Prohibition to act
Section 163: International Aid and Relation
Section 98: To Regulate, Inspect and Monitor
Section 87: Provisions concerning Amalgamation and Division
Section 83: Direction may be issued
Section 52: Contribution for provident fund
Section 95: Cancellation of License
Section 22: Audit
Section 27: To be considered ineligible
Section 71: Duties of the responsible person
Section 78: Special provisions relating to occupational safety and health
Section 85: Audit Committee of Insurer
Section 81: Credit Information Centre
Section 32: Fixation of working hours
Section 61: Confidentiality to be maintained
Section 7: Prohibition on discrimination in remuneration for equal work
Section 154: Formation of Expert Groups
Chapter-2 Establishment of Authority and Its Functions, Duties and Power
Section 121: Right to strike for settlement of collective disputes
Section 158: Not being held accountable for actions done with good intentions
Section 37: May order capital reduction
Section 173: Increment of insurance amount
Section 127: Double Fine to be imposed
Section 103: Stabilisation Fund
Section 3: Establishment of the Authority
Section 8: Right relating to trade union
Section 61: Type of Insurance Business
Section 54: Functions of Cooperative Bank
Section 66: Liability of labours to rest on the main employer
Section 106: Functions, duties and powers of Management Committee
Section 37: Entitlement to festival expense
Section 135: Opportunity to be given to submit clarification
Section 33: May become members
Section 137: Revocation (Cancellation) of License of the Insurer
Section 9: Not to misuse banking resources, means and assets
Section 22: Provisions relating to Delivery of Notice
Section 99: Foreign Insurance Company shall inform to the Authority
Section 104: Organisation or Association may be declared problematic
Section 82: Special provisions relating to treatment of occupational disease
Section 90: Provisions relating to enterprise which is incorporated in foreign country and operates business in Nepal
Section 110: To be borne from Assets of Organisation or Association
Section 163: Power of the Department or Office to decide
Section 124: Right to lock-outs
Section 8: Qualification and Disqualification of Chairperson and Member
Section 118: Settlement through mediation
Section 121: Priorities on the Payment of Liabilities in Case of Liquidation of the Insurance company
Section 93: Provisions relating to Office and inspectors
Section 143: Special Provision Related with The Insured
Section 25: Adjudication proceedings and disposal of the case not be affected
Section 56: No Distribution of Dividend
Section 43: Restriction on Distribution of Dividend
Section 51: Discontinue to hold the office of Director
Section 148: Payment of benefits
Section 94: Delegation of Authority
Section 14B: Not to carry out banking transactions in an illegal manner
Section 89: Appointment of a Liquidator
Section 57: Social security scheme to be applicable
Section 15: To be Registered
Section 81: To engage in easier work
Section 108: Internal management may be made
Section 67: Prohibition on collecting fee from labour
Section 147: Authority to Hear Case and Execution of The Decision
Section 70: Cooperative Promotion Fund
Section 126: Apparent loss or damage
Section 46: Birth registration certificate to be submitted
Section 17: Time and limitation for the Lodgement of First Information Report
Section 52: Meetings of Board of Directors
Section 2: Definitions
Section 150: To issue the certificate of experience
Section 150: Special provisions relating to regulation, monitoring and supervision
Section 55: Accidental insurance to be made
Section 50: Disqualifications of Directors
Section 88: Provisions relating to domestic labours
Section 44: Sick leave
Section 16: Trainees may be engaged in work
Section 39: Remuneration for reserve period
Section 142: Employment may be terminated on the ground of incompetence
Section 51: Leave not as a matter of right
Section 5: Functions, Duties and Power of the Authority
Section 11: No Association may be Formed
Section 47: Remuneration need not be paid
Section 28: To be governed as per the prevailing laws
Section 31: Application to be submitted to acquire membership
Section 152: Repeal and Saving
Section 90: Work should not be done without a license
Section 115: The Authority may give directions to merge or to be amalgamated
Section 59: Nepal Rastra Bank may take over Management
Section 18: Engagement in work as trainee labour
Section 151: Standards, Directives or Procedures may be framed and submit
Section 9: Right to remedy
Section 123: Settlement of Insurance Claim
Section 160: Delegation of Authority
Section 30: Membership of Organisation
Section 69: Duties of employer towards labour
Section 8: Formation of Central Sectoral Cooperative Association
Section 99: Power of the Office to give direction
Section 58: Labours may be employed through supplier
Section 77: Contract to be made
Section 66: Insurance Not to Be Done
Section 76: Incorporation of Insurance Company for Micro Business Only
Section 161: Contact with the Government of Nepal
Section 54: Medical insurance to be made
Section 92: Registrar
Section 67: Find of a Cooperative Organisation
Section 113: Insurance Business May Be Transferred
Section 114: Remedial Actions may be taken
Section 20: Not to restrain from working elsewhere
Section 59: Technical or Management Service Agreement
Section 116: Insurer Many Acquire Another Insurer
Section 162: Right to make complaint
Section 2: Definitions
Section 16: Meeting of the Board
Section 105: Formation of Management Committee
Section 70: The Insurance Appraisal
Section 158: High Court to perform functions of Labour Court
Section 145: Limitation for Complaint
Section 20: Fund of the Insurance Authority
Section 20: Classification may be made on Sectoral Basis
Section 42: Election of Board
Section 141: Provisions concerning tax
Section 159: Submission of Report to Government of Nepal
Section 97: To render necessary assistance
Section 22: Liabilities to be limited
Section 104: Office of member of the Council to be vacant
Section 28: Working hours
Section 19: Proceedings may be initiated by detaining into the custody
Section 7: Formation of Provincial Cooperative Association
Section 139: Security of employment
Section 82: Credits Recovery Tribunal
Section 122: Offences deemed to be committed
Section 85: Preference to be accorded
Section 9: Formation of Specialised Cooperative Association
Section 105: Official to be Suspended
Section 149: Power to frame Rules
Section 83: Dues to recover
Section 41: Board of Directors
Section 33: Arrangement for transportation to be made
Section 1: Short title and commencement
Section 138: Punishment may be remitted
Section 145: Retrenchment may be made
Section 172: Entitlement to remuneration and other benefits
Section 149: Labours to get first priority
Section 111: Formation of labour relation committee
Section 4:
Section 103: Special Administration/Management Team
Section 123: Saving of actions taken in good faith
Section 21: Provisions relating to social security
Section 5: Not to make unauthorised withdrawals or payments
Section 42: Assets to be maintained more than liabilities
Section 32: Restriction on membership
Section 82: Provisions related to re-insurance contracts
Section 63: Insurance Policy
Section 126: Employment contract not to be violated
Section 153: Powers of Labour Court
Section 92: Qualifications of Insurance Mediators
Section 73: Details to be made available
Section 140: Inter-government transactions may be carried out
Section 17: Provisions relating to labour to be applicable
Section 130: Government of Nepal to be a plaintiff
Section 170: Implementing Guidelines and Procedures
Section 18: Government to be the plaintiff
Section 77: Ineligibility for Appointing Auditor
Section 129: Complaint Regarding Loss or Damage
Section 36: General Meeting
Section 23: Values, norms and principles of cooperative to be complied with
Section 142: Contract not to be concluded
Section 15: Non-abuse of regulatory opportunity
Section 100: Regulation Fee
Section 167: Pursuant to this Act
Section 42: Substitute leave
Section 7: Not to avail or provide loans in an unauthorised manner
Section 120: Appointment of a Liquidator
Section 14: Continuity of existence of the employment relationship despite change in ownership
Section 142: Don’t work in the Insurance Business
Section 34: Entitlement of labours to remuneration
Section 27: Power to Refuse Prior Approval
Section 181: To frame and implement directives and procedures
Section 19A: Special investigation team may be formed
Section 166: Decisions to be executed
Section 90: Provisions concerning Liquidation
Section 92: Deemed to be unfair labour practice
Section 91: License to Insurance Mediators
Section 161: Appeal to the Supreme Court
Section 23: Notice to be published
Section 76: Appointment of an Auditor
Section 121: Provisions concerning Employees of Management Committee
Section 9: Tenure of Chairperson and Members
Section 150: Insured Insurance Protections Fund
Section 148: Request for Details
Section 95: Inspection and Checking of Accounts
Section 130: Insurance Mediation
Section 155: Power to demand bank guarantee or deposit
Section 133: Appeal may be filed
Section 6: Formation of Provincial Sectoral Cooperative Association
Section 69: Secured Capital Redemption Fund
Section 13: Functions Duties and Powers of the Chairperson
Section 174: Delegation of authority
Section 134: Due Amount to be recovered
Section 53: Functions, Duties and Powers of the Board
Section 72: Records to be maintained
Section 98: Report to be submitted
Section 2: Definitions
Section 63: Provisions concerning sale and withdrawal of shares
Section 137: Period for taking decision
Section 14: Application to be Submitted for Registration
Section 3: Not to open an account or demand cash payment in an unauthorised manner
Section 128: Nepal Rastra Bank may punish
Section 79: Debts to be recovered
Preamble
Section 169: Procedure relating to service of notice
Section 151: Insurance Development Fund
Section 34: Termination of membership
Section 47: Formation of Board of Directors
Section 14: Not to Carry Out and Cause to Carry Out Irregular Economic and Financial Transactions
Section 180: This Act not to apply
Section 47: Dissolution of Board
Section 1: Short title and commencement
Section 23: Foreign citizen to obtain work permit to work in Nepal
Section 156: Establishment of Insurance Institutions
Section 87: Special provisions relating to tourism labours
Section 43: Home leave
Section 88: Dissolution and Revocation of Registration
Section 109: Transfer may be made
Section 128: Prohibition on filing of case against loss
Section 2: Definitions
Section 128: Complaint Relating to Payment of Claim
Section 172: Repeal and Saving
Section 11: Prohibition on employment without entering into employment contract
Section 78: Claim of Micro-Insurance
Section 27: Bylaws to be framed
Section 65: Loans or Grants may be obtained
Section 159: To forward the matter to the body having jurisdiction
Section 91: Utilisation of Assets after Liquidation
Section 132: Details to be Provided
Section 94: Powers, functions and duties of the Office
Section 61: Obligations of labour supplier
Section 39: Meeting General Meeting
Section 43: Functions, duties and powers of Board
Section 27: Remuneration, conditions of service, benefits of and other provisions relating to foreign labours
Section 29: Granting License
Section 16: Registration may be Denied
Section 78: Exemptions, Facilities and Discounts
Section 68: Possession of Property Prohibited
Section 26: Functions of National Cooperatives Federation
Section 48: Mourning leave
Section 134: Power to suspend
Section 4: Formation of District Sectoral Cooperative Association
Section 136: Suspension of License or Ban of Insurance Business
Section 118: Conditions Relating to Liquidation of Insurer
Section 76: To stop work in the case of immediate danger
Section 118: Terms and conditions of services of chairperson and members of Management Committee
Section 124: Payment of Re-insurance Claim
Section 12: Formation of Cooperative Bank
Section 134: Power of The Authority
Section 41: Claim Payable Fund and Reserve Fund
Section 45: Directors may be removed from Office
Section 122: Insolvency of the Branch Office of Foreign Insurance Company Situated in Nepal
Section 24: Restriction on Insurance Business without license
Section 149: No Obstruction for Punishment
Section 14: Information to be provided to the Authority
Section 140: Termination of time-based and work-based employment
Section 114: Application may be made to the Office
Section 89: Provisions relating to seasonal enterprises
Section 155: Insurance Information Centre
Section 66: Security of Government of Nepal may be obtained
Section 60: De-registration
Section 144: Punishment for those who oppose obstacles
Section 71: Allocation of Savings
Section 23: Audit Committee
Section 101: Insurer Deemed to be Problematic
Section 112: Notice to be given for submission of liabilities
Section 110: Recommendation for Improving Financial Condition of the Insurer
Section 68: Formulation of safety and health Policy
Section 45: Maternity leave
Section 79: To give information
Section 182: Powers to frame rules
Section 139: Procedures of Taking Actions
Section 112: Final Report to be Submitted
Section 122: Arbitral award and collective agreement to be binding
Section 70: Duties of employer towards non-labour
Section 162: Coordinate with Public Bodies
Section 123: Special provisions relating to the submission of collective claims, demands
Section 93: Responsibilities of Insurance Intermediaries
Section 80: Arrangements for control of infectious diseases to be made
Section 164: The Government of Nepal may Issue Directives
Section 84: Preparation of Financial Statements
Section 58: Functions, Duties and Power of Chief Executive
Section 64: Insurance Premium
Section 18: Working Area of Cooperative Organisation
Section 64: Obligations of the main employer
Section 160: Procedures of the cases
Section 60: Able to create a whistleblowing policy
Section 56: Management of Insurance Company
Section 11: Not to stop credit facility in the way to loss working project of borrower
Section 74: Obtained Approval While Selling Assets
Section 96: Investigation may be conducted
Section 85: Special provisions relating to construction labours
Section 119: Power of The Authority to Initiate the liquidation Process
Section 21: Accounting of Income and Expenditure
Section 71: Provisions concerning Other Funds
Section 52: Limit of Personal Saving
Section 98: Ministry to conduct Inspection and Monitoring
Section 36: Entitlement to annual increment in remuneration (grade)
Section 54: Committee or sub-committee may be formed
Section 141: Punishment
Section 103: Functions, duties and powers of the Council
Section 48: Term of Office of the Director
Section 5: Formation of District Cooperative Association
Section 49: Qualifications of Directors
Section 102: Measures For the Reformation of Problematic Insurer
Section 117: To hold negotiations on collective claims, demands
Section 114: Insurer May Merge or be Amalgamated
Section 133: Annual Report Submit
Preamble
Section 86: No hindrance to take actions
Section 177: Labour coordination committee
Section 44: Directors not to continue to hold the office
Section 107: Inventory to be prepared
Section 167: Power of the Office to have execution of decisions
Section 153: Not to Make Insurance Transactions with Anyone Except Insurer
Section 11: Oath to be taken
Section 137: Social Audits may cause to be conducted
Section 51: Reference interest rate may be determined
Section 183: Repeal and saving
Section 24: Work permit may be issued
Section 179: This Act to prevail
Section 106: Fixation of minimum remuneration
Section 86: Appointment of Auditor of Insurer
Section 73: Investment in Subsidiary Company
Schedule
Section 129: Collective bargaining or agreement to be made in good faith
Section 170: Fixation of basic remuneration
Section 72: Duties of manufacturers, importers and suppliers
Section 62: Revocation, suspension of license or fine
Section 68: Reserve Fund
Section 117: Report to be submitted
Section 79: Micro-Insurance Regulation Fees
Section 157: Case may be compromised
Section 84: To be sent for freezing
Section 57: Prohibition of Purchase of Goods with Commercial Objectives
Section 126: To freeze transactions, accounts and assets
Section 117: Liquidation of Insurance Company
Section 15: Punishment
Section 1: Short title and commencement
Section 97: Special Provisions concerning Inspection and Monitoring of Organisation or Association carrying out transactions of savings and credits
Section 24: Issuance of order for creating encumbrances over the assets of a foreign individual
Section 55: Delegation of Powers
Section 6: Not to obtain or make payment by way of abuse or unauthorised use of electronic means
Section 24: Objective of Organisation or Association
Section 80: Provisions concerning Blacklist
Section 96: Obligations of inspector or employee
Section 165: Provide Expert Services
Section 166: Issue Orders and Directives
Section 55: Prohibition on Disbursing Credit
Section 44: Allotment of Shares
Section 53: To receive gratuity
Section 157: Collection of Statistics
Section 119: Cooperative may be sought
Section 154: Proceeding against contempt of court
Section 143: Employment may be terminated on the ground of health
Section 38: Prohibition on deduction of remuneration
Section 63: Payment of remuneration and other benefits
Section 26: Waiver in the Claim of Punishment may be Happen
Section 14A: Not to carry out Dhukuti transactions
Section 105: Provisions relating to meetings of the Council
Section 31: Refusal for Prior Approval and License
Preamble
Section 115: Decision to be made by the Office
Section 25: Language of the contract
Section 62: Insurance Contract
Section 62: Liquid Assets to be maintained
Section 88: Right to give order with respect to Audit of Insurer
Section 124: Punishment
Section 26: Remuneration may be repatriated in convertible foreign currency
Section 59: License to be obtained
Section 108: Provisions concerning Payment of Liabilities
Section 130: Observance of discipline and duties
Section 6: Formation of the Board
Section 144: Encouragement may be given
Section 94: Renewal of License of Insurance Intermediaries
Section 39: Compulsory Reserve Fund
Section 40: Catastrophic Fund
Section 6: Prohibition on discrimination
Section 108: Provisions After the Achievement of Improvement in Condition of the Insurer
Section 141: Employment may be terminated voluntarily
Section 40: Directives may be given to call an Extraordinary General Meeting
Section 65: To make inspection, supervision and monitoring
Section 102: Mutual Security Services may be conducted
Section 80: Reinsurance Required
Section 165: Appeal
Section 113: Audit Report to be prepared
Section 93: Functions, duties and powers
Section 65: Group Insurance Fund
Section 105A: State Government may constitute a State Labour Advisory Council
Section 148: No Hindrance to take actions according to prevailing laws
Section 36: Paid Up Capital of the Insurer
Section 113: Submission of individual claims
Section 19: Working Area of Association and Cooperative Bank
Section 41: Public leave
Section 147: Compulsory retirement
Section 46: Not to be involved in the decision-making process having conflict of personal interest
Section 146: Government of Nepal to be Plaintiff
Section 133: Provisions relating to misconduct may be made in the bye-law
Section 135: Authority May Give Direction to Withold Payment of Insurance or Revoke the Insurance Policy
Section 168: Power to Frame Rules
Section 131: Misconduct and punishment
Section 145: Departmental actions may be taken
Section 50: Transaction of Savings and Credits to be made concentrating on Member
Section 10: Types of employment
Section 10: Formation of Federation of National Cooperatives
Section 16: Punishment to the Persons Creating Hindrance
Section 164: Decision may be made by the Labour Court
Section 139: Financial Assistance to be provided
Section 58: Books and Accounts
Section 49: Functions, duties and powers of Accounts Supervision Committee
Section 111: Other Provisions Regarding Special Management of The Insurer
Section 29: Regulation may be framed
Section 171: Special provisions relating to managers and managerial level labours
Section 8: Not to misuse credit
Section 67: Restrictions on undertaking business in partnership or acquire assets in ownership
Section 13: Not to Derive Excess, Low or False Valuation or Prepare False Financials
Section 168: Power to impose punishment in the event of non-execution of judgment, compromise or agreement
Section 12: Vacancy in the office of Chairperson or Member
Section 72: Accepting risk based on the property itself
Section 140: Offence
Section 132: Prohibition of sexual harassment
Section 57: Appointment of the Executive Director
Section 104: Functions, Duties and Powers of Special Administration Team
Section 175: Saving of acts done in good faith
Section 135: Special Provisions concerning operation of Association
Section 109: Authority may be delegated
Section 119: Settlement of dispute through arbitration
Section 15: Continuity of existence of employment relationship during the period held in reserve
Section 146: Recovery to be made as government due
Section 40: Weekly leave
Section 132: Statutory Limitation to file a complaint
Section75: Saving from action
Section 89: Recommending Action
Section 102: Formation of Central Labour Advisory Council
Section 144: Notice to be given
Section 147: Prevailing law relating to companies not to apply
Section 28: Internal Procedures may be framed
Section 46: Restriction on sold, mortgaged, or transferred
Section 178: Transitional provisions
Section 116: Recommendation may be made
Section 12: Employment relationship to be established
Section 3: To remain as minimum standards
Section 22: Restriction on employment of foreigners
Section 120: Expert Service may be sought
Section 49: Accumulation of leave
Section 38: Functions, Duties and Powers of Annual General Meeting
Section 5: Prohibition on employment of children
Section 127: Remuneration for strike or lock-out period
Section 151: Formation of Labour Court
Section 171: Act Implementation Measurement
Section 4: Prohibition on employing in forced labour
Section 101: Cooperative Savings and Credits Security Fund
Section 83: Accounts to be maintained accurately
Section 77: Direction to stop the work
Section 87: Audit of Insurer
Section 12A: Not to make any Fraudulent Activities to Bank and Financial Institutions and Cooperatives
Section 28: Application to be made
Section 115: Management Committee may write to take action
Section 12: Not to Make Loss by Making Alteration in Account or Ledger or by Committing Forgery or Fraud
Section 81: Re-Insurance Business
Section 100: Labour audit to be made
Section 138: Cooperative Education
Section 129: To refer for investigation
Section 120: Power to form labour arbitration tribunal
Section 100: Annual Report to be submitted
Section 101: Making application in convenient Office
Section 107: Preparation of New Financial Statements
Section 60: Submission of details by licensee
Section 35: Facilities not to be entitled to
Section 131: Operation and Management of Insurance in Province
Section 136: Authority imposing punishment
Section 110: To be deputed as representative
Section 116: Collective claim may be submitted
Section 91: To observe fair labour practice
Section 125: Picketing or assembly may be made
Section 35: Payment of remuneration
Section 125: Settlement of Small Amount Claim
Section 150A: Instructions On Prevention of Money Laundering Must Be Followed
Section 84: Provisions relating to tea-estate labours
Section 146: Resumption of operation
Section 64: Provisions Concerning Withdrawal of Amount and Operation of Accounts
Section 23A: Standards to be Followed
Section 69: Activities restricted to be carried on by Insurance Company
Section 74: To form safety and health committee
Section 35: List to be Published
Section169: Enact and Enforce Regulations
Section 109: Provisions to be made in Case improvement Not Achieved in the Condition of the Insurer
Section 143: Settlement of Disputes
Section 73: Duties of labour
Section 138: Fineable
Section 106: Notice of the Work
Section 29: Not to compel to work overtime
Section 29: Amendment to Bylaws and Internal Procedures
Section 156: Power to order payment of interest
Section 10: Not to acquire assets or open account by borrower who has over dues
Section 19: Part-time employment
Section 111: Authority to be suspended ipso facto
Section 50: Computation of year
Section 112: Performance evaluation of labours by enterprise
Section 3: Formation of Organisation
Section 152: Complaint Hearing
Section 30: Provisions relating to overtime
Section 45: Prospectus and Issue of Shares
Section 26: Prior approval required
Section 131: Authority to adjudicate a case
Section 75: Micro Insurance is Required
Section 38: Insurance Fund
Section 127: Person Entitled to Get Payment
Section 37: Functions, Duties and Powers of Preliminary General Meeting
Section 13: No Operation of Cooperative Organisation without Registration
See More

Discover Nepal's laws effortlessly. Our user-friendly platform simplifies legal understanding and accessibility, serving individuals throughout the country.

Important Links

Laws Documentation
About Us
Contact Us
FAQ
Blog

Legal Links

Privacy Policy
Terms & Conditions