Amendment status not verified — confirm the current text below against the official source.
Under Sec-71(1) [82] "arbitration councii" means a group of three individuals constituted by the Government for the settlement of disputes under section 71 in accordance with the provisions of this Act; "and" "ninty days" "ninty days" "persistently makes default" "fails to initiate action for recovery or fails to recover any dues ofa federal co- operative society or any financial institution after the finality of award and issue of recovery certificate or after such recovery fails to pay the recovery amount to the federal G)-operative society or the financial institution" "five hundred and fifty days" "Provided further that the supersession ofthe committee ofa co-operative society shall be made only where the Government has equity of fifty one percentum or more." "ninty days" "shall" "(a) decide the dispute himself, or (b) refer it for disposal to arbitration council. (2) The Government shall constitute as many arbitration councils as may be necessary each consisting of three members incfuding a Chairman. to decide disputes under this section. (3) (a) For selecting persons for appointment as members of the arbitration council, the Government shall constitute a selection committee as often as may be reqUired which shall consist of the follOWing namely- (i) PrinCipal Secretary to the Government - Chairman (ii) Secretary. Law and judicial - Member (iii) Registrar Co-operative Societies - Member Secretary (b) The selectian committee shall finalise within a period of thirty days from the date on which the reference is made to it. (c) The selection committee shall recommend a panel of names for every vacancy referred to it. (d) All decisions of the selection committee shall be by majority. (4) The Government shall appoint the member of the arbiU,,'ion council from the names recommended by the selection committee. (5) The method. manner of selection. appointment of members of the arbitration council. designation of one of the members as Chairperson of such council. their qualifications, terms and conditions of appointment and fee payable to them shall be prescribed by the Government from time to time. II.