Section 8. Ins. by Act 1 of 1984, s. 41 (w.e.f. 15-2-1984)

8. Ins. by Act 1 of 1984, s. 41 (w.e.f. 15-2-1984). of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.] 8. Ins. by Act 61 of 1981, s. 61 and Sch. II (w.e.f. 1-5-1982). (rii) in section 27, for sub-section (3), the following sub-section shall be substituted, namely:— "(3) Every co-operative bank, other than a primary co-operative bank, shall submit a copy of the return which it submits to the Reserve Bank, under sub-section (1) also to the National Bank and the powers exercisable by the Reserve Bank under sub-section (2) may also be exercised by the National Bank in relation to co-operative banks, other than primary co-operative banks."; (s) for[1] [section 29], the following section shall be substituted, namely:— "29. Accounts and balance-sheet.—(1) At the expiration of each year ending with the 30th day of June[2] [or at the expiration of a period of twelve months ending with such date as the Central Government may, by notification in the Official Gazette, specify in this behalf,] every co-operative bank, in respect of all business transacted by it, shall prepare with reference to that year[1] [or the period] a balance-sheet and profit and loss account as on the last working day of the year[1] [or the period] in the Forms set out in the Third Schedule or as near thereto as circumstances admit. (2) The balance-sheet and profit and loss account shall be signed by the manager or the principal officer of the bank and where there are more than three directors of the bank, by at least three of those directors, or where there are not more than three directors, by all the directors. (3) The Central Government, after giving not less than three months' notice of its intention so to do by a notification in the Official Gazette, may from time to time by a like notification amend the Forms set out in the Third Schedule:] 3[Provided that with a view to facilitating the transition from one period of accounting to another period of accounting under this sub-section, the Central Government may, by order published in the Official Gazette, make such provisions as it considers necessary or expedient for the preparation of, or for other matters relating to, the balance-sheet or profit and loss account in respect of the concerned year or period, as the case may be.] 4* * * * * 5[(t) in section 31,— 6* * * * * (ii) for the second proviso, the following proviso shall be substituted, namely:— "Provided further that a co-operative bank, other than a primary co-operative bank shall furnish such returns also to the National Bank.";] 7* * * * * * 7* * * * * * (w) in section 35,— (i) in sub-section (1),— (a) for the words and figures "section 235 of the Companies Act, 1956 (1 of 1956)", the words "any law relating to co-operative societies for the time being in force" shall be substituted; 8[(b) the following proviso shall be inserted at the end, namely:—