BY FIDELIS UGBOMEH |
The Lagos State House of Assembly has adopted a report of its Committee on Commerce, Industry and Cooperative on the amendment of the Cooperative Society Bill -2020.
The report was adopted during a plenary in Lagos after chairman of the committee Hon. Bisi Yusuf read the report at the floor of the House.
At the plenary presided over by the Deputy Speaker Hon.Wasiu Eshilokun who represented the speaker Rt. Hon. Muashiru Obasa members took their turns to commend the committee for a job well done.
They however enjoined the committee to strengthen some aspects of the report which recommended that the seven electoral officers drawn from members of the cooperative society should be allowed to vote when there is a tie in an election.
The majority leader, Hon.Sanai Agunbiade argued that it will be wrong to allow an electoral umpire to vote in an election otherwise he or she will be biased.
He also harped on the issue of who has the right to go to court to seek for an account to be frozen saying, it is either the panel or the director of the cooperative in the event of default and not the duo as portrayed in the report.
Agunbiade spoke on the reduction of fine imposed on an auditor from N1 million to N50,000 if he or she fails to turn in the auditor’s report within a specific period of time.
According to him, the N1million fine is meant to serve as a deterrent to others, adding that if reduced, some people may abuse it because the penalty or fine payable is low.