Amendment status not verified — confirm the current text below against the official source.
Supersession.- (1) If, in the opinion of the Federal Co-operative, the Board of a Co-operative,- (i) persistently makes default or is negligent in performance of the duties imposed on it under this Act or rules or the bye-laws; or (ii) has committed any act which is prejudicial to the interests of the Co-operative or its members; or (iii) is not functioning properly on account of the number of members of the board falling short of the required number to form quorum due to disqualification, resignation, death or removal of directors; or (iv) is not functioning in accordance with the provisions of this Act or rules or 1 [the bye-laws] 1 or 1 [(v) fails to conduct the annual general meeting within the six months of the close of year but within the twenty fifth day of September every year; or] 1 2 [(v-a) has committed grave financial irregularities or fraud which have been detected; or (v-b) has a stalemate in its constitution or its functions; or (v-c) fails to provide necessary assistance to the 3[cooperative election authority]3 and as a result or otherwise the 3[cooperative Election authority]3 has not conducted election immediately before the term of expiry of the outgoing board; or (v-d) fails to get the audit of accounts done within first day of September every year and present the said audit report before the general meeting; or] 2 (vi) is otherwise not functioning properly. 1.Substituted by Act 4 of 2013 w.e.f. 11.02.2013.