Amendment status not verified — confirm the current text below against the official source.
Insertion of section - 41A after section - 41 of the Jharkhand Act 2 of 1997. – In the said Act after section - 41 the following new Section - 41A shall be inserted, namely - “41A. Supersession of the Board by the Tribunal. - (1) If upon the receipt of application from the member of a Co-operative Society, the tribunal is of the opinion that the Board of any Co- operative Society, where loan or financial aid has been provided by the State Government or loan has been provided on Government guarantee, is persistently making defaults or is negligent in the performance of the duties imposed on it by this Act, the Rules or the bye-laws, or conducting business against the interest of its members or there is stalemate in the formation or functioning of the Board, it may, after giving opportunity to the 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. The members of the boards of societies so superseded shall not be eligible for reelection for five years from the date of supersession. 39/42 Registrar shall record every order passed under this section in writing and inform the concerned Co-operative Society through registered post; Provided that in case of Co-operative Society carrying on the business of banking, provisions of Banking Regulation Act, 1949 shall also apply; Provided also that in case of Co-operative Society carrying the business of banking the maximum period of dissolution shall be of one year; Provided 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) When any Co-operative Society is under supersession under sub-section (1), the Tribunal shall appoint an Administrator to conduct the affairs of the society. The Administrator appointed under this sub-section, shall take necessary action for the election of the Board of Co-operative Society within the specified period and shall hand over the management to elected Board. (3) The Administrator appointed under sub-section (2) shall get remuneration, as may be fixed by the Tribunal, as it 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. (4) Administrator appointed under sub-section (2) shall work in accordance with the service conditions laid down by the Tribunal and shall perform all the duties and carry on responsibilities assigned to the Board under this Act, rules and the bye-laws; Provided that the Tribunal shall have the power to change the Administrator during the period of supersession.”