the Government of Karnataka on 5 October, 2021 has issued the Karnataka Souharda Sahakari (Amendment) Act, 2021. The amendment has redefined the term ‘Souharda Cooperative Society’ to include in its scope a registered Cooperative bank doing the business of banking and which has the words ‘Souharda Co-operative Society’ in its name.
The amendment has restructured the corporate governance of the Co-operative to provide that no member shall hold more than such portion of the total share capital of the Cooperative exceeding five percent thereof as may be prescribed. No employee of the co-operative shall be promoted to the next higher post unless he successfully completes such courses prescribed for promotion.
