Amendment status not verified — confirm the current text below against the official source.
Under Sec-91 Under 5ec-97 Under Sec-105 Under Sec-I 18( I) (6) The term of members of tile ar!:>itralion council sholl be three years and they sholl hold their office at the pleasure of the Government. (7) The decision of the arbitration council shalf be taken on the basis of majority. (8) The Registrar or arbitrolion council will decide the dispute referred within a period of one hundred and (wenty five i"ys anu it' (,,,, '.hpute ;s not decided within the aforesaid period. (he ,'{t:g;strcr (j{ 'J/ bitration council, as the case may be. on a written appiic:JtHJn {rom rllt: parties to the reference and on being satisfied that there were sufficient reasons (or delay, may extend the period upto further period of one hundred and twenty five days, within which the dispute shall be decided. (9) The Registrar may withdrm'/ any reference transferred under clause (b) of sub-section (I) and decide it himself or refer the same to another arbitration council for decision. (10) The Registrar or arbitration council to wham a dispute is referred for decision under this section may. pending the decision of the dispute. make such interlocutory orders as may be deemed necessary in the interest of justice. " "Any person who has acquired property an occupancy right in a co- operative housing society thraugh the instrument of power of attorney or agreement for sale shall have the opportunity to became member of the concerned co-operative housing society where the property exists by getting the property converted from leasehold to freehold and on paying the transfer fee to the concerned co-operative housing society along with dues, including the dues of the apex or financial institution. if any : Provided that a power of attorney holder or purchaser of property through agreement of sale and purchase in a co-operative housing society shall get the said property converted from lease hold to free hold within a period of three hundred and sixty days at the commencement of this Act and all subsequent sales and purchases of such property after the commencement of this Act, the property shall be converted from lease hold to free hold within three hundred and sixty days, failure to do so sholl be deemed to be an offence under section I 18 : Provided further that any such person can have access to the paid services provided by the committee, namely the use of community hall. swimming pool or any other common facilities available to the members or the use of common parking spaces provided by the co-operative housing society only in the event of his becoming member as aforesaid and the transfer fee for becoming member sholl be ten thousand rupees or as may be revised by the Registrar from time to time." "Notwithstanding anything to the contrary contained in this Act. the Registrar shall make an order for winding up of a co-operative bank. if so required by the Reserve Bonk." "Arbitration council" "( I) It shall be on offence under this Act. if- (a) the committee. an officer. employee or any member of the co-operative society wilfully makes a false return or furnishes false information relating to the affairs of the co-operative s,?ciety under this Act; (b) the committee. its officers or employees falSify or tamper with the records of the co-operative society: (c) the committee fails to ho!:1 annual general body meeting under sub- section (I) of section 3 I or fails to send returns to the Registrar after the meeting under section 32: [83] •