Reintroduction of M 20 bond for Managing Committee members
TEXT OF LETTER SENT TO COOPERATION MINISTER AND COOPERATION COMMISSIONER. February 26, 2019 Hon. Minister of Cooperation, Govt of Maharashtra, Mantralaya, Munbai. Sub : Reintroduction of M 20 bond for Managing Committee members Dear Sir, The M-20 Bond was an undertaking given by each Managing Committee Member within 45 days of his assuming the Office of the Society. It said, “I shall be jointly and severally responsible for all decisions taken by the Managing Committee during its term relating to the business of the Society and shall be jointly and severally responsible for all acts and omissions detrimental to the interest of the Society…” By implication, any person who signed Society Documents without signing an M-20 bond on assuming the Office of the Society was liable for prosecution for serious crimes including fraud, cheating, misrepresentation and forgery. On 6th Sept 2012 the then Government of...