Amendment status not verified — confirm the current text below against the official source.
Winding up orders:- (1) If the Registrar, **[after audit under section 95 or] an inquiry held under ***[section 98], an inspection has been made under section 97 or 99 or on receipt of an application made by not less than three-fourths of the members of a co-operative society, is of opinion that the society ought to be wound up, he may issue an order directing it to be wound up: ****Provided that the Registrar shall ensure implementation of regulatory prescriptions of the Reserve Bank including winding up of Central Co-operative Banks and the Haryana State Co-operative Apex Bank Limited and appointment of liquidator within one month of being so advised by the Reserve Bank. (2) The Registrar may of his own motion make an order directing the winding up of a co-operative society– (a) where the number of members has been reduced to less than that specified under section 5; or (b) where the society has not commenced working or has ceased to function. (3) The Registrar may cancel an order for the winding up of a co-operative society at any time, in any case, where in his opinion, the society should continue to exist. (4) A copy of the orders under this section shall be communicated by registered post to the society * Section 104– In sub section (4) -words ―as per ….. this act‖ substituted by Act No. 19 of 2006. ** Section 105– Sub Section (1)- word ―after audit …section 95‖ inserted by Act No. 19 of 2006. *** Section 105– Sub Section (1)- word ―section 98‖ substituted by Act No. 15 of 1990. **** Section 105- Proviso to sub section(1) added by Act No. 18 of 2007. 40 and to the financing institutions, if any, of which the society is a member. *(5) The winding up proceedings of a society shall be completed within a period of three years from the date of the order of the winding up, unless the period is extended by the Registrar: Provided that the Registrar shall not extend the period exceeding one year for the first time and two years as a whole. *(6) Before taking action under sub-section (1) or sub-section (2) except where the society is brought under winding up process on application of members, the Registrar shall issue a notice to the concerned society and the financing institution, if any, and give a reasonable opportunity to show cause as to why the society be not brought under winding up process.