Amendment status not verified — confirm the current text below against the official source.
(1) The Board of a State Co-operative Bank shall be superseded only with the prior approval of the Reserve Bank. (2) The Board of a Primary Agricultural Credit Society shall be superseded by the Registrar only under the following conditions :- (i) that a society incurs losses for three consecutive years ; or (ii) that serious financial irregularities or frauds have been identified; or (iii) that there are judicial directives to this effect; or (iv) there is a perpetual lack of quorum. Explanation “perpetual lack of quorum” means failure of holding three consecutive meetings for want of quorum.