Gujarat Co-operative Societies Act, 1961
(1) (a) It shall be an offence if a committee fails to comply with the provisions of any of the clauses (a) to (g) of section 115F. (b) It shall be an offence if a committee fails to ensure that a report under clause (a) of section 115F is true. (c) It shall be an offence if a committee fails to ensure that report under clause (g) of section 115F is true. (2) Where an offence under this section has been committed by a committee of a bank, every person who, at the time the offence was committed, was a member of such committee, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section shall render any such person liable to any punishment as provided in this section if he proves that the offence was committed without his knowledge of that he exercised all due diligence to prevent the commission of such offence. (3) Every committee member who is deemed to be guilty of an offence under sub-section (1), read with sub-section (2) shall, on conviction, be punished,— (a) If it is an offence under clause (a) of sub-section (1) for failure to comply with the provisions of— (i) clause (s) of section 115F with fine which may extend to twenty thousand rupees; (ii) clause (b) of section 115F with imprisonment for a term which may extend to six months or with fine which may extend to one lakh rupees or with both; (iii) clause (c) of section 115F with imprisonment for a term which may extend to one year or with fine which may extend to one lakh rupees or with both; (iv) clause (d) of section 115F with imprisonment for a term which may extend to one year or with fine which may extend to one lakh rupees or with both; (v) clause (e) of section 115F with imprisonment for a term which may extend to one year or with fine which may extend to one lakh rupees or with both; (vi) clause (f) of section 115F with imprisonment for a term which may extend to two year or with fine which may extend to one two rupees or with both; (vii) clause (g) of section 115F with imprisonment for a term which may extend to one year or with fine which may extend to one lakh rupees or with both; (b) If it is an offence under clause (b) of sub-section (1), with imprisonment for a term which may extend to two years or with fine which may extend to two lakh rupees or with both. (c) If it is an offence under clause (c) of sub-section (1), with imprisonment for a term which may extend to two years or with fine which may extend to two lakh rupees or with both. (4) Whoever after having been convicted of an offence under clause (a) of sub-section (1) for failure to comply with the provisions of clause (a) of section 115F is again convicted there under shall, on every such conviction, be punished with fine which may extend to fifty thousand rupees. (5) Whoever after having been convicted of an offence under clause (a) of sub-section (1) for failure to comply with the provisions of clause (a) of section 115F is continues to commit such offence shall be punished for each day after the fist, during which he continues so to offend, with fine which may extend to one thousand rupees.