Amendment status not verified — confirm the current text below against the official source.
Amendment in Section - 41 of the Act VI, 1935- Sub-section (1), (2), (3) and (4) of Section 41 of the said Act shall be substituted by the following, namely:- “(1) In the opinion of the Registrar, the Board of any Registered Society, the State Government has contributed to the share capital therein, or loan or financial aid has been provided by the State Government or loan has been provided on Government guarantee, (i) is persistently making defaults or 17 बहार गजट (असाधारण), 22 मई 2013 (ii) is negligent in the performance of its duties imposed on it by this Act, the Rules or the Bye-laws, or (iii) has conducted against the interest of the Co-operative Society or its members or (iv) there is stalemate in the constitution or functioning of the Board, he may, after giving opportunity to the Board/Managing Committee to state its objection, if any, by order with reasons in writing, supersede the Board of the Co-operative Society for a period not exceeding six months and order that all or any of its members may be disqualified from being elected to the Board of the Co-operative Society for a period to be specified in the order not exceeding five years. Registrar shall record every order passed under this Section in writing and inform the concerned Co-operative Society through registered post. The Board shall thereupon cease to function; Provided that in case of Co-operative Society carrying on the business of banking, provisions of Banking Regulation Act, 1949 shall also apply; Provided further that in case of Co-operative Society carrying the business of banking the maximum period of supersession shall be of one year; Provided further also that the dissolution of the Board of the Co-operative Society having banking operation shall be done in consultation with the Reserve Bank of India. (2) where the Registrar while proceeding to take action under sub-section (1) is of opinion that suspension of the Board is necessary in the interest of the Registered Society, he may suspend the Board which shall thereupon cease to function and make such arrangement as he thinks proper for the management of the affairs of the Registered Society till the proceedings under sub-section (1) are completed; Provided that if the Board so suspended is not superseded it shall be reinstated after six months and the period during which it has remained suspended shall count towards its term. (3) When any Co-operative Society is under supersession under sub-section (1), the Registrar shall appoint an Administrator to conduct the affairs of the Society. The Administrator appointed under sub-section (1), shall take necessary action for the holding of fresh election of the Board of the Co-operative Society within the specified period as under sub-section (1) and shall hand over the management to the newly elected Board; Provided that the Registrar shall have the power to change the administrator during the period of supersession. (4) The Administrator appointed under sub-section (3) shall get remuneration, as may be fixed by the Registrar, as he deems fit to carry on the business of the Co- operative Society. The remuneration so fixed shall be payable from the accounts of Co-operative Society; Provided that the Administrator appointed under sub-section (3) shall work under the service condition laid down by the Registrar and shall perform all the duties and carry on responsibilities assigned to the Board under this Act, Rules and the Bye-laws.