Amendment status not verified — confirm the current text below against the official source.
Sub-section (1) of section 30 substituted by Act No. X of 2010, s. 13. For earlier amendment see Act No. XIX of 2000, s.3. CO-OPERATIVE SOCITIES ACT, 1989. 69 two months and the elections shall be held within such period for the reconstitution of the Committee or the Board, as the case may be : Provided that the Government or the Registrar may, for the reasons to be recorded in writing, extend the period of such appointment for a further period but in any case such extension shall not exceed six months from the date of such appointment : Provided further that the supersession of the Committee of an Apex Co- operative Bank or a Central Co-operative Bank shall be done only in consultation with the Reserve Bank. (1A) Notwithstanding anything contained in sub-section (1), the committee of a Primary Agricultural Credit Society shall be superseded by the Registrar only under the following circumstances, namely :–– (a) that the Society has incurred losses for three consecutive years; or (b) that serious financial irregularities or frauds have been identified ; or (c) that there are judicial directives to this effect ; or (d) there is perpetual lack of quorum for three consecutive meetings : Provided that members of the committee of a Primary Agricultural Credit Society which has been superseded shall be disqualified to contest the election to any committee for a period of at least three consecutive years from the date of supersession]. (2) The Registrar may fix such remuneration for the Administrators, as he may think fit and the remuneration shall be paid out of the funds of the Co-operative Society. (3) The Administrator shall, subject to the control of the Registrar and to such instructions, as he may, from time to time give, have power to perform all or any of the functions of the Committee or the Board or of any officer of the Co-operative Society and take all such actions as may be required in the interests of the Society. (4) Save as otherwise provided in sub-section (5), the Administrator shall, before the expiry of his term of office, arrange for the constitution of a new Committee or Board, as the case may be, in accordance with the bye- laws of the Co-operative Society. 70 CO-OPERATIVE SOCITIES ACT, 1989. (5) Where the Administrator is appointed under sub-section (1), the Registrar may, by order in writing giving reasons therefor, direct the Administrator to arrange for the constitution of a new Committee or Board for such Co-operative Society in accordance with the bye-laws of such Society and immediately on the constitution of such Committee or the Board, the Administrator shall hand over the management of such Society to such newly constituted Committee or the Board and shall cease to function. (6) Before taking action under sub-section (1), the Registrar shall consult the Federal Society concerned. (7) Notwithstanding anything contained in this Act, the Registrar shall in case of Co-operataive Bank, if so required in writing by the Reserve Bank or National Bank for Agriculture and Rural Development, in the public interest or for preventing the affairs of the Co-operative Bank being conducted in a manner detrimental to the interest of the depositors or for securing the proper management of a Co-operataive Bank, pass an order for the supersession of the Committee or the Board of that Co-operative Bank and for the appointment of an Administrator for such period or periods not exceeding one year in the aggregate as may, from time to time, be specified by the Reserve Bank or National Bank for Agriculture and Rural Development. 1[30-A. Transitional provision.—2[(1)] Notwithstanding anything contained in section 29 or section 30 of the Act, where the Government or the Registrar has appointed a Board of Management or Administrator, as the case may be, to manage the affairs of any society before the commencement of the Jammu and Kashmir Co-operative Societies (Amendment) Act, 2003 and elections for the constitution of the Committee for any such society have not been held before such commencement, such Board of Management or the Administrator may continue to manage the affairs of the society concerned for a period not exceeding one year from the date of its appointment and the elections shall be held within such period for reconstitution of the committee in accordance with the provisions of the Act.] 3[(2) Notwithstanding anything contained in section 29 or section 30 of the Act, where the Government or the Registrar has appointed a Board of Management or the Administrator, as the case may be, to manage the affairs of any Society before the commencement of the Jammu and Kashmir Co- operative Societies (Amendment) Act, 2011 and elections for the constitution of the Committee for any such Society have not been held before such