THE MADHYA PRADESH CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 2012
No. 12 of 2013
(Published in M.P. Rajpatra (Asadharan) dated 5-2-2013 Pages 92(14-24)
[Received the assent of the Governor on the 4th February, 2013; assent first published in the “Madhya Pradesh Gazette (Extra-ordinary)”, dated the 5th February, 2013.]
An Act further to amend the Madhya Pradesh Co-operative Societies Act, 1960.
Be it enacted by the Madhya Pradesh Legislature in the Sixty-third Year of the Republic of India as follows:—
1. Short title and commencement.—(1) This Act may be called the Madhya Pradesh Co-operative Societies (Amendment) Act, 2012.
(2) It shall come into force on 13th February, 2013.
2. Substitution of long title.—For the long title of the Madhya Pradesh Co-operative Societies Act, 1960 (No 17 of 1961), (hereinafter referred to as the principal Act), the following long title shall be substituted, namely:—
“An Act to organise, develop and to promote voluntary formation, autonomous functioning and professional management of Co-operatives as democratic instruments and people’s institution based on self help and mutual aid and for curbing exploitation and ensuring socio-economic development of people with particular emphasis on weaker sections of society.”.
3. Amendment of Section 2.—In Section 2 of the principal Act,—
(i) after clause (b-i), the following clause shall be inserted, namely:—
(b-ii) “Authority” means the Madhya Pradesh State Co-operative Election Authority constituted under sub-section (1) of Section 57-C;”;
(ii) for clause (d), the following clause shall be substituted, namely:—
“(d) “Board of Directors” means the governing body or Board of Management of a Co-operative Society by whatever name called constituted under Section 48, to which the direction and control of the management of the affairs of a society is entrusted to;”;
(iii) after clause (r), the following clause shall be inserted, namely:—
“(r-i) “multi-State Co-operative society” means a society with objects not confined to one State and registered or deemed to be registered under any law for the time being in force relating to such co-operatives;”;
(iv) for clause (x), the following clause shall be substituted, namely:—
“(x) “Registrar” means the Registrar for Co-operative societies appointed under Section 3 of this Act and the Central Registrar appointed by the Central Government in relation to the multi-State Co-operative societies;”;
(v) in clause (y-i), for the word “Registrar”, the words “State Co-operative Election Authority” shall be substituted;
(vi) after clause (aa), the following clause shall be inserted, namely:—
“(aaa) “State level Co-operative society” means a Co-operative society having its area of operation extending to the whole of a State and registered or deemed to be registered under this Act.”.
4. Substitution of Section 9A.—For Section 9-A of the Principal Act, the following Section shall be substituted, namely:—
“9-A. Saving of existing Co-operatives.—(1) Notwithstanding anything contained in this Act, the Co-operatives registered under Madhya Pradesh Swayatta Sahakarita Adhiniyam, 1999 (repealed Act), shall be deemed to have registered under the corresponding provisions of this Act and bye-laws framed thereof so far as the same are not inconsistent with the express provision of this Act shall continue in force until altered or rescinded.
(2) Every Co-operative society registered under this Act shall, within a period of six months from the date of coming into force of the Madhya Pradesh Co-operative Societies (Amendment) Act, 2012, delete or amend such bye-laws, as are inconsistent with the provision of this amending Act and make such further bye-laws as may be necessary having regard to the provisions of this amending Act.”,
5. Amendment of Section 48.—ln Section 48 of the Principal Act,—
(i) in sub-section (3), for clauses (a) and (b), the following clauses shall be substituted, namely:—
“(a) If the society has individual members belonging to Scheduled Castes or Scheduled Tribes category, one seat shall be reserved for a member from the category that has more members than the other.
(b) Two seals shall be reserved for women on the Board of Directors of every Co-operative society which has women as individual members.”;
(ii) for sub-section (5), the following sub-section shall be substituted, namely:-
“(5) There shall be a President/Chairman and two Vice Presidents/Vice Chairmen of the Board of Directors for every society.”;
(iii) sub-section (S-A) shall be omitted;
(iv) after sub-section (6), the following sub-section shall be inserted, namely:—
“(7) In a resource society, no person who is a non-borrowing member shall be qualified for election as member of the committee, delegate or representative nor shall he be entitled to vote in any election of the committee, delegate or representative of the society:
Provided that the provisions of this sub-section shall apply to the society from the date it commences its lending operations:
Provided further that the provisions of this sub-section shall not apply to the society in so far as its first provisional committee is concerned:
Provided also that the provisions of this sub-section shall not apply to a depositor member of the Primary Agricultural Credit Co-operative Society.
Explanation.—A non-borrowing member shall be one who has never borrowed from such a Bank or a society in which he is a member.”;
(v) for sub-section (8), the following sub-sections shall be substituted, namely:—
“(8) Notwithstanding anything contained in this Act and the rules made thereunder any bye-laws of a society, total number of members in the Board of Directors of a Society, excluding Government nominees appointed under sub-section (1) of Section 52 and ex officio members shall not exceed fifteen:
Provided that such Government nominees appointed under sub-section (1) of Section 52 and ex officio members shall not have the right to vote in any election of the Co-operative society in their capacity as such member or to be eligible to be elected as office bearers of the Board of Directors.
(9) A person having experience in the field of banking, management, finance or specialisation in any other field relating to the objects and activities undertaken by the Co-operative society shall be co-opted as member of the Board of Directors of such society:
Provided that the number of such co-opted members shall not exceed two in addition to fifteen directors specified in sub-section (8):
Provided further that such-co-opted members shall not have the right to vote in any election of the Co-operative society in their capacity as such member or to be eligible to be elected as office bearers of the Board of Directors:
Provided also that all the professional directors of the committee shall continue to avail all the legal rights conferred on them by the Act until the completion of their tenure.
(10) The Board of Directors may fill casual vacancy by nomination out of the same class of members in respect of which casual vacancy has arisen if the term of office of the Board of Directors is less than half of its original term.
(11) Every Co-operative society shall ensure participation of members in the management of the Co-operative society. The minimum requirement of attending the meetings and the minimum level of services which shall be utilised by the members shall be such as may be prescribed in the bye-laws of the society.”.
6. Amendment of Section 48-A.—In Section 48-A of the Principal Act, for sub-section (5), the following sub-section shall be substituted, namely:—
“(5) No person shall be eligible to be elected to any specified office in a society, and shall cease to hold his office as such, if he has held specified elected office in the society for two consecutive terms or for a continuous period of ten years, whichever is less:
Provided that a person shall not be re-elected to such specified offices till a period equal to one full term has expired.
Explanation.—For the purpose of this sub-section, if any person holding a specified office mentioned in this sub-section resigns from or is elected to such office at any time during any term, he shall on his resignation or assumption of office be deemed to have completed his term of office, as the case may be.”.
7. Amendment of Section 48-B.—In Section 48-B of the Principal Act, sub-section (2) shall be omitted.
8. Amendment of Section 49.—In Section 49 of the Principal Act,—
(i) for sub-section (1), the following sub-section shall be substituted, namely:—
“(1) Every Co-operative society shall convene the annual general body meeting within a period of six months of the close of the financial year for the following purposes of—
(a) approval of the programme of the activities of the society prepared by the Board of Directors for the ensuing year;
(b) election, if fallen due, of the members of the Board of Directors.
Explanation.—Election of the Board of Directors shall be deemed to have fallen due, if the term of the Board of Directors comes to an end;
(c) consideration of the audit report, if received and the annual report;
(d) disposal of the net profit;
(e) consideration of any other matter which may be brought forward in accordance with bye-laws;
(f) presenting the budget for the next co-operative year;
(g) examining the reasons of operational deficit in the financial year; and
(h) appointment of an auditor to audit the accounts:
Provided that in respect of a society where an order of liquidation has been issued under Section 69, annual general meeting shall not be necessary to be called.”;
(ii) sub-section (1-A) shall be omitted;
(iii) in sub-section (7-A), for clause (i), the following clause shall be substituted, namely:—
“(i) The term of Board of Directors and office bearers shall be five years from the date on which first meeting of the Board of Directors is held:
Provided that where a Board of Directors superseded, suspended or removed under the Act is reinstated as a result of any order of any court or authority, the period during which the Board of Directors remained under supersession, suspension, out of office, as the case may be, shall be excluded in computing the period of the term aforesaid. “:
(iv) sub-sections (7-AA), (7-AAA) and (8) shall be omitted.
9. Omission of Section 52-B.—Section 52-B of the principal Act shall be omitted.
10. Substitution of Section 53.—For Section 53 of the principal Act, the following section shall be substituted, namely:—
“53. Supersession of Board of Directors.—(1) If in the opinion of the Registrar, the Board of Directors of any society,—
(a) is in persistent default; or
(b) is negligent in the performance of the duties imposed on it by or under this Act or bye-laws of the society or by any lawful order passed by the Registrar or is unwilling to perform such duties; or
(c) commits acts which are prejudicial to the interests of the society or its members; or
(d) violates the provisions of this Act or the Rules made thereunder or bye-laws of the society, or
(e) there is stalemate in the constitution or functions of the Board of Directors of a Society; or
(f) the Authority has failed to conduct elections within the prescribed time limit,
the Registrar may, by order in writing, remove the Board of Directors and appoint an administrator to manage the affairs of the society for a specified period which shall not exceed six months and in case of a Co-operative Bank one year:
Provided that the Board of Directors of any such Co-operative society shall not be superseded or kept under suspension where there is no Government shareholding or loan or financial assistance or any guarantee by the Government:
Provided further in case of a Co-operative Bank, the order of supersession shall not be passed without previous consultation with the Reserve Bank:
Provided also that if no communication containing the views of the Reserve Bank, on action proposed is received within thirty days of the receipt by that Bank of the request soliciting consultation, it shall be presumed that the Reserve Bank agrees with the proposed action and the Registrar shall be free to pass such order as may be deemed fit.
(2) No order under sub-section (1) shall be passed unless a list of allegations, documents and witnesses in support of charges levelled against it, has been provided and the Board of Directors has been given a reasonable opportunity of showing cause against the proposed order and representation, if any, made by it, is considered.
(3) The administrator so appointed, shall subject to the control of the Registrar and to such instructions as he may, from time to time, give, have power to exercise all or any of the powers and to discharge all or any of the functions of the Board of Directors or of any officer of the society and to take all such actions, as may be required in the interest of the society.
(4) The Registrar may fix the remuneration payable to the administrator so appointed. The amount of such remuneration and other costs, if any, incurred in the management of the society shall be payable from its funds.
(5) The administrator so appointed shall manage the affairs of the society and shall arrange the conduct of election under the direction of the Authority within the period specified in clause (f) of sub-section (1) of Section 53.
(6) Before taking action under sub-section (1) in respect of a financing bank or in respect of a society indebted to a financing Bank, the Registrar shall consult, in the former case, the Madhya Pradesh State Co-operative Bank Limited and in the later case, the financing bank concerned, regarding such action. If the Madhya Pradesh State Co-operative Bank Limited or the financing bank, as the case may be, fails to communicate its views within thirty days of the receipt by such bank of the request soliciting consultation, it shall be presumed that the Madhya Pradesh State Co-operative Bank limited or the financing bank concerned, as the case may be, agreed with the proposed action.
(7) Notwithstanding anything contained in Section 48, 49 and 50, if there is a difference of opinion between the general body of society and the person or persons appointed under sub-section (1) in respect of any matter, it shall be referred to the Registrar for decision and his decision thereon shall be final:
Provided that if the Registrar fails to take any decision within three months of the general body meeting, the decision of the general body of the society shall prevail.
(8) Nothing in this section shall be deemed to affect the power of the Registrar to direct the winding up of the society.
(9) During the period between the issuance of notice and the passing of an order removing the Board of Directors, the Board of Directors may be required by the Registrar to function under the supervision, and with the approval of such authority as the Registrar may specify in this behalf and no order made or resolution passed or any other act performed by the Board of Directors shall be effectual unless it is approved by such specified authority:
Provided where the Registrar, while proceeding to take action under sub-section (2), is of the opinion that the supersession of the Board of
Directors during the period of proceeding is necessary in the interest of the society he may suspend the Board of Directors, which shall there-upon cease to function and make such arrangement as he thinks fit, of the affairs of the society till the proceedings are completed and order issued under sub-section (1):
Provided further that the period of suspension shall not exceed six months and on the expiry of said period the suspension of the Board of Directors shall stand revoked:
Provided further that, if the Board of Directors so suspended, is not superseded after undergoing the proceeding mentioned above, it shall be re-instated and the period during which it has remained suspended shall not count towards its term:
Provided also that no order of suspension shall be made unless the Board of Directors of the society has been given a reasonable opportunity of being heard.
(10) Notwithstanding anything contained in this Act, the Registrar shall, in case of Central Co-operative Banks, Urban Co-operative Banks, Urban Credit Co-operative Societies and Primary Co-operative Land Development Banks, if the recovery continuously in three co-operative years is less than 60 percent of the demand or if the overdues exceed 40 percent, pass an order for removal of the Board of Directors or the Managing Board of Directors by whatever name it is called and for appointment of an administrator therefor for such period or periods not exceeding one year and in case of an Urban Credit Co-operative Society six months in aggregate, as may be specified by the Registrar and on such appointment, the provisions of sub-sections (3), (4) and (5) shall apply thereto as if an order was passed under sub-section (1):
Provided that in case of a Co-operative Bank the order of removal shall not be passed without previous consultation with the Reserve Bank:
Provided further that if no communication containing the views of the Reserve Bank, on action proposed is received within thirty days of the receipt by that Bank of the request soliciting consultation, it shall be presumed that the Reserve Bank agrees with the proposed action and the Registrar shall be free to pass such order as may be deemed fit:
Provided also that no such order shall be made unless the Board of Directors has been given a reasonable opportunity of showing cause against the proposed order and representation, if any, made by it is considered.
(11) When a Board of Directors of a society has been superseded under sub-section (1) of any member of the Board of Directors, notwithstanding anything contained in this Act or Rules made thereunder or bye-laws of the society, shall not be eligible for contesting the election as a member of the Board of Directors nor shall he be eligible for cooption or nomination in any society for a period of seven years:
Provided that nothing in this sub-section shall apply to a member of the Board of Directors of a society who was not a party of such a decision of the Board of Directors which let to the supersession of it.
(12) Notwithstanding anything contained in this Act or Rules made thereunder or bye-laws of society, if the Board of Directors of society ceases to function due to order of any court in the absence of prescribed quorum, the Registrar may appoint an administrator temporarily till the court order is vacated or the new elections are held and the Board of Directors takes charge:
Provided that if the society ceases to function due to absence of quorum as prescribed, the administrator so appointed by the Registrar, shall conduct election under direction of the Authority to elect Board of Directors of the society within a period of six months from the date of appointment of such administrator and ensure that the Board of Directors takes charge:
Provided further that in case of a Co-operative Bank, no administrator shall be appointed by the Registrar without prior consultation with the Reserve Bank:
Provided also that if no communication containing the views of the Reserve Bank, on action proposed is received within thirty days of the receipt by that bank of the request soliciting consultation, it shall be presumed that the Reserve Bank agrees with the proposed action and the Registrar shall be free to pass such order as may be deemed fit.
(13) (a) Notwithstanding anything contained in this Act, in the case of any Co-operative Bank, if so required by the Reserve Bank, in the public interest or for preventing the affairs of the Co-operative Banks being conducted in a manner detrimental to the interest of the depositors or for securing the proper management of the Co-operative Bank, an order shall be made by the Registrar for the removal of the Board of Directors or managing body (by whatever name it is called) and for the appointment of an administrator, to manage the affairs of the Co-operative Bank, for such period or periods, not exceeding one year in the aggregate, as may from time to time be specified by the Reserve Bank, and the administrator so appointed shall continue to remain in office even after the expiry of his term of office till the date immediately preceeding the day of holding the first meeting of the new committee.
(b) On such appointment of an administrator, the provision of sub-section (3) shall also be applicable on him.
(c) No appeal, revision or review shall lie or be permissible against an order as is referred to in clause (a) made on the requisition of the Reserve Bank and such order shall not be liable to be called in question by any manner.”.
11. Amendment of Section 53-A.—In Section 53-A of the principal Act, in sub-section (1),—
(i) clause (ii) shall be omitted;
(ii) sub-clause (b) below clause (iv) shall be omitted.
12. Amendment of Section 56.—In Section 56 of the principal Act, for sub-section (2), the following sub-section shall be substituted, namely:—
“(2) Every society shall fix specific responsibility on the officer or employee of the society to maintain such records, registers, books of accounts and the society shall file returns within six-months of the close of every financial year to the Registrar including the following matters, namely:—
(i) annual report of its activities;
(ii) its audited statement of accounts;
(iii) plan for surplus disposal as approved by the general body of the Co-operative society;
(iv) list of amendments to the bye-laws to the Co-operative society, if any;
(v) declaration regarding date of holding of its general body meeting and conduct of elections when due; and
(vi) any other information required by the Registrar in pursuance to the provisions of the Act.”.
13. Insertion of Chapter VA.—After Chapter V of the principal Act, the following Chapter shall be inserted, namely :-
“CHAPTER-VA
Conduct of Elections to Co-operative Societies
57 -B. Election of the Board of Directors.—(1) The election of members of the Board of Directors shall be conducted before the expiry of the term of Board of Directors so as to ensure that the newly elected members of the Board of Directors assume office immediately on the expiry of the terms of members of the outgoing Board of Directors.
(2) The superintendence, direction and control of the preparation of electoral rolls for, and the conduct of, all elections of co-operative society shall vest in the State Co-operative Ejection Authority under the provision of this Act and Rules made thereunder.
57-C. State Co-operative Election Authority.—(1) The State Government shall, by notification, in the Gazette, appoint a person as the Madhya Pradesh State Co-operative Election Authority, hereinafter called the Authority.
(2) The Authority shall be appointed by the State Government on recommendation of a screening committee consisting of—
(i) Chief Secretary who shall be the Chairperson of the Committee;
(ii) Principal Secretary, Law and Legislative Affairs Department as a Member;
(iii) Principal Secretary, Co-operation Department as a Member Secretary.
(3) (a) Only such a person who has served in a post not below the rank of Secretary to State Government shall be eligible for appoint as the Authority.
(b) The person so appointed as Authority shall hold office for a term of five years from the date on which he enters upon his office and shall not be eligible for reappointment:
Provided that no person shall hold the office of Authority after he has attained the age of sixty-five years.
(4) (a) The person appointed as Authority may, at any time, by writing under his hand addressed to the State Government, resign his office.
(b) The person so appointed as Authority shall be removed from his office by order of the State Government on the ground of proven misconduct or incompetence or if the person,—
(i) is adjudged an insolvent; or
(ii) has been convicted of an offence, which in the opinion of the Government, involves moral turpitude; or
(iii) engages during his term of office in any paid employment outside the duties of his office; or
(iv) is, in the opinion of the Government, unfit to continue in office by reason of infirmity of mind or body; or
(v) has acquired such financial or other interest as is likely to affect prejudicially his function as the Authority.
(5) If any vacancy occurs in the office of Authority by death, resignation, expiry of the term of appointment, or for any other cause, whatsoever, such a vacancy shall be filled by appointment of a person qualified for appointment under this section.
(6) The headquarters of the Authority shall be at Bhopal.
(7) Salary, allowances and terms and conditions of service of the person appointed as Authority shall be such as prescribed by the State Government.
(8) The State Government shall provide the Authority with such officer and staff as may be necessary for the performance of his functions.
(9) For the purpose of this Chapter the Joint Registrar Co-operative Societies at divisional level and Deputy/Assistant Registrar Co-operative Societies at district level shall act as Divisional Co-ordinator and District Co-ordinator respectively and shall discharge such duties for the conduct of election as entrusted to them by the Authority.
57-D. Functions of Authority.—(1) The Authority shall conduct elections of all Co-operative Societies registered under the Act in such manner as may be prescribed.
(2) The outgoing committee of every Co-operative society specified in sub-section (2) of Section 48 shall send a written request in such manner as may be prescribed to the Authority to conduct the election of its committee four months prior to the expiry of the term of the existing committee.
(3) On receipt of the request under sub-section (2), the Authority shall ensure that the election is conducted before the expiry of the term of existing committee:
Provided that if the committee does not send the written request within the prescribed time, the Authority shall conduct the election suo moto.
(4) It shall be the duty of the committee of a society to ensure that all information, books and records, which the Authority may require for the purpose of election, are kept updated and made available in time to the Authority or a person authorised by it for the purpose.
(5) The committee of the society shall also ensure that all assistance to the Authority is provided as may be required for conduct of the election.
(6) The Authority shall appoint a Returning Officer in the prescribed manner to conduct election to the committee of a society.
57-E. Election expenditure.—All expenses for holding elections of the committee of a Co-operative society shall be borne by the concerned society. The society shall have to deposit the process fee as may be prescribed in the account of the Authority alongwith a written request for conduct of the election:
Provided that if any society does not deposit the process fee, the Authority shall have the power to recover the same as Government dues.
57-F. Power to issue directions.—The Authority may issue such directions as may be considered necessary for conducting free, fair and impartial elections to any society or its committee or members. The directions issued in this behalf shall be binding.”.
14. Amendment of Section 58.—In Section 58 of the principal Act, for sub-section (1) the following sub-section shall be substituted, namely:—
“(1) (a) Every Co-operative society shall cause the accounts to be audited by an auditor or auditing firm appointed by the general body of the Co-operative society from a panel approved by the Registrar and pay the audit fee as may be prescribed:
Provided that in case of a liquidated society, the liquidator is authorised to appoint an auditor or auditing firm from a panel approved by the Registrar.
(b) The minimum qualifications and experience of the auditor and auditing firm which is eligible for auditing accounts of the Co-operative societies shall be such as may be prescribed by the Registrar.
(c) The accounts of every Co-operative society shall be audited within six months of the close of the financial year to which such accounts relate.
(d) The audit report of the accounts of an apex Co-operative society shall be laid on the table of the Legislative Assembly.
(e) The statement of accounts and audit report shall be submitted to the Registrar. If the Registrar finds that there is any discrepancy or financial irregularity or embezzlement, the Registrar may take appropriate action according to the relevant provisions of the Act, or may return for rectification or may order for special audit of the accounts.”.
15. Substitution of Section 69-B.—For Section 69-B of the principal Act, the following Section shall be substituted, namely:—
“69-B. Repayment of Deposit Insurance and Credit Guarantee Corporation in case of insured Bank.-Where a Co-operative Bank, being an insured bank within the meaning of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (No. 47 of 1961) is wound up, or taken into liquidation, and the Deposit Insurance and Credit Guarantee Corporation has become liable to the depositors of the insured bank under sub-section (1) of Section 16 of that Act, the Deposit Insurance and Credit Guarantee Corporation shall be repaid in the circumstances, to the extent and in the manner provided in Section 21 of that Act.”.
16. Amendment of Section 70.—In Section 70 of the principal Act, in sub-section (1), for the proviso, the following proviso shall be substituted, namely:—
“Provided that in respect of a Co-operative Bank, an order, for the winding up of the bank and the appointment of liquidator thereof may by the Registrar with the previous sanction in writing or on the requisition of the Reserve Bank, shall not be called in question in any Co-operative Court, .
17. Amendment of Section 74.—In Section 74 of the principal Act, in clause (k) for full stop, the semi-colon shall be substituted and thereafter the word “or” shall be inserted and thereafter, the following clauses shall be inserted, namely:—
“(l) any person wilfully or without any reasonable excuse disobeying any summons, requisition or lawful written order issued under the provisions of the Act; or
(m) any employer who without sufficient cause, fails to pay to a Co-operative society the amount deducted by him from its employee within a period of fourteen days from the date on which such deduction is made; or
(n) whoever, before, during or after the election of members of the Board of Directors or office bearers adopts any corrupt practice.”.
18. Amendment of Section 75.—In Section 75 of the principal Act, in clause (k) for full stop, the semi-colon shall be substituted and thereafter the word “or” shall be inserted and thereafter, the following clauses shall be inserted, namely:—
“(l) with fine not exceeding Rs. 25,000, provided that he is convicted of an offence referred to in Sec. 74 (1); or
(m) with fine not exceeding Rs. 25,000, provided that he is convicted of an offence referred to in Sec. 74 (m); or
(n) with fine not exceeding Rs. 50,000, provided that he is convicted of an offence referred to in Sec, 74 (n).”.
19. Amendment of Section 80.—In Section 80 of the principal Act, for the word and figures “Section 78”, the word, figures and letter “Sections 78 and 80-A” shall be substituted and for the words “Joint Registrar or the Deputy Registrar” the words “or Joint Registrar” shall be substituted.
20. Amendment of Section 86.—In Section 86 of the principal Act, for sub-section (1), the following sub-section shall be substituted, namely :-
“(1) Every notice or order issued or made under this Act, the Rules or bye-laws may be served on any person by properly addressing it to the last known place of residence or business of such person by registered post or by a public notice:
Provided that a notice relating to a meeting of the Board of Directors shall be issued by registered post and/or hand delivery after obtaining acknowledgement or the receipt thereof.”. |
