Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in any other law for the time being in force, no Board shall be superseded or kept under suspension for a period exceeding six months. Provided that, the Board may be superseded or kept under suspension in case – (i) of persistent default ; or (ii) of negligence in the performance of its duties ; or Act of societies, etc not to be invalidated by certain defects. Supersession and suspension of Board and interim management. APCS ACT 1978 34 (iii) the Board has committed any act prejudicial to the interest of the Co-operative Society or its members ; or (iv) there is stalemate in the constitution or functions of the Board ; or (v) the authority or body as provided by the Legislature of the State, by law, under clause (2) of article 243ZK of the Constitution has failed to conduct elections in accordance with the provisions of the State Act. Provided further that, the Board of any such Co-operative shall not be superseded or kept under suspension where there is no Government shareholding or loan or financial assistance or any guarantee by the Government. Provided also, that in case of a Co-operative Society carrying on the business of banking, the provisions of the Banking Regulation Act, 1949 shall apply. (2) In case of supersession of a Board, the administrator appointed to manage the affairs of such Cooperative Society shall arrange for conduct of elections within the period specified in section 74(A) and 74(B), as the case may be and handover the management to the elected Board. (3) The conditions of service of the administrator shall be such as provided in this Act or as may be prescribed under the rules or bye- laws made thereunder. (4) The committee or the administrator so appointed shall, subject to the control of the Registrar and to such instructions as he may from time to time give, have the power to exercise all or any of the functions of the committee or of any of the office of the society and take all such action as may be required in the interest of the society. (5) If at any time during any period or extended period referred to in provisos to section 76, it appears to the Registrar that it is no longer necessary to continue to carry on the affairs of the society, as aforesaid, the Registrar may, by an order published in the Official Gazette, direct that the management shall terminate, and on such order being made, the management of the society shall be handed over to the new committee duly constituted. (6) The committee or the administrator shall, at the expiry or termination of its or his term of office, arrange for the constitution of the new committee in accordance with the bye-laws of the society. APCS ACT 1978 35 (7) All acts done or purported to be done by the committee or the administrator during the period, the affairs of the society are carried on by the committee or the administrator under this section shall be binding on the new committee. (8) The Registrar may fix the remuneration of the administrator and any expenses of management which shall be payable out of the funds of the society within such time and at such intervals as the Registrar may fix and if such remuneration or expenses are not paid within such time, and at such interval, the registrar may direct the person having the custody of the fund of the society to pay the administrator. Such remuneration and expenses on priority to any other payment (except any amount recoverable as a public demand under the Bengal Public Demands Recovery Act, 1913), and such person as far as the fund to the credit of the society allow, comply with the order of the Registrar.