Section 118: Directives and guidelines by Registrar

118. Directives and guidelines by Registrar (1) The Registrar may give directives to societies— (a) for the proper implementation of the provisions of this Act; (b) in respect of— (i) prudential standards to be observed by co-operative societies to ensure the safety and soundness of their funds; (ii) the management and investment of their funds; (iii) the calculation and management of doubtful and delinquent loans; (iv) self-insurance arrangements; (v) anti-money laundering and combating the financing of terrorism; and (c) as to the manner and form in which information required by him has to be submitted. (2) (a) The Registrar may issue guidelines, on any matter related to this Act, including guidelines on the rules of societies. C49 – 59 [Issue 10] Co-Operatives Act (b) The guidelines set out in the Fifth Schedule shall apply to a society. (3) Any person who fails to comply with a directive of the Registrar under this section shall commit an offence and shall, on conviction, be liable to a fine not exceeding 100,000 rupees.