Composition of consumer co operative societies

The changing e nvironment in which cooperatives operate 1. Developments over the past 30 years which may warrant reconsidering the contents and structure of Recommendation No.

Consumer Protection Act, A corporate Auditor has a statutory standard form of contract. If he fails to perform his contractual obligation he is liable to his employer, i.

Contractual liability arises also on account of lack of proper care and due diligence. Of course a corporate auditor in such cases is liable under the statute itself. In a suit for negligence it would be up to the plaintiff to prove that the professional had some duty to him and a breach of such duty has resulted in an injury.

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In this case Lord Justice Lindley said "An auditor however is not bound to do more than exercising reasonable care and skill in making enquires and investigations. What is reasonable care in any particular case must depend on the circumstances of that case".

This decision became the precedent in several other subsequent cases. Lord Justice Lopes, in the same case stated "In determining whether any misfeasance or breach of duty has been committed, it is essential to consider what the duties of an auditor are?

An auditor is not bound to be detective or, as was said, to approach his work with suspicion or with a foregone conclusion that there is something wrong.

Business vehicles

He is watch dog not a blood hound. He is justified in believing true servants of the company in whom confidence is placed by the company. Auditors must not be made liable for not tracing out ingenious and carefully laid schemes of fraud when there is nothing to arouse their suspicion.

However the legal standards of reasonable care have been critically examined in recent times more particularly in the decision of the House of Lords in Fomento Sterling Area Ltd. Selsdon Fountain Pen Co.

Address of Union of Consumer Co-Operative Societies

Lord Dening said "the vital task of an auditor is to take care to see that errors are not made, be they errors of computation, or errors of omission or commission or down right untruth.

It is part of his duty to use reasonable care to see that none have been omitted which ought to be included. Auditor has civil liability for misfeasance. Several sections of the Companies Act attach such liability on the Auditor.

Under Sec of the Indian Penal code, whosoever issues or signs any certificate required by law to be given or signed or relating to any fact which such certificate by law is admissible by evidence, knowing or believing that such certificate is false in any material point shall be punishable in the same manner as if he gives a false evidence.

The physician in primarily responsible to his client and secondarily to other members of the family for the injury from the negligence of his duty of care and issue of certificate.

It is for this reason that the issue gets its importance in such litigation in several countries. In it was held in Derry V.

J.S. Arneja vs National Co-Operative Consumers on 18 February,

Peek[ 14 App. Cas ] that to make an Auditor liable to third parties the following four grounds must be satisfied: A the statement made by the Auditor was untrue in fact; B the Auditor making it, knew that it is untrue or he was negligent to find out the truth; C the statement was made with an intent that the identified third party should act on it with sound belief; and D the identified third party suffered loss by placing reliance on it.

In India the issue came before the court in CIT v.Types of cooperative societies in India are listed and explained. State Consumer Co-operative Federation at the State level and National Co-operative Consumer Federation at the National level.

2. Producers Co-operatives: They are formed by small producers who plan to obtain inputs (raw materials. Protecting the Customers: Consumer Protection Measures in Sri Lanka 20 Educating Customers: Financial Awareness /Literacy Campaigns 21 GDP Composition 6 Figure Trend in Poverty Headcount Index 6 Figure Distribution of Poverty across Provinces 7 MPCSs Multi-purpose Co-operative Societies.

The Current tax structure on housing societies Currently the housing societies are covered under the provision of Service Tax. All apartment owners whose contribution exceeds per member & total turnover of society exceeds 10 lacs are required to be registered under Service Tax & pay the same. large scale enterprises, co-operative societies and agricultural boards are shown in Table The same loans ar e structured according to maturities in Table The appellant is a farmers' special co-operative company, registered under the Co-Operative Societies Act 29 of It conducts large-scale operations in the dairy industry.

Part of its activities is to collect milk from a large number of. ADVERTISEMENTS: Some of the main characteristics of consumers co-operative stores are as follows: These are known as consumer co-operative stores. These are owned and managed by the consumers themselves in order to eliminate middlemen and to obtain their requirements at reasonable prices.

They are also termed as consumer .