Amendment status not verified — confirm the current text below against the official source.
Recovery of sums advanced.—(1) Notwithstanding anything contained in sections 70 and 71 on an application made by a society for the recovery of arrears of any sum advanced by it to any of its members on account of the financing of crop or seasonal finance and on its furnishing a statement of accounts in respect of the arrears, the Registrar may, after making such inquiries as he deems fit, grant a certificate for the recovery of the amount stated therein to be due as arrears. 92 CO-OPERATIVE SOCITIES ACT, 1989. (2) An application under section (1) may also be made to the Registrar by the Financing Bank against any member of the borrowing society. (3) Where the Registrar is satisfied that a society has failed to take action under the foregoing sub-section in respect of arrears of any sum advanced by it to any of its members on account of the financing of crop, or seasonal finance, the Registrar may, on his own motion after making such inquiries as he deems fit, grant a certificate for the recovery of the amount stated therein to be due as arrears, and such a certificate shall be deemed to have been issued as if on an application made by the society concerned. (4) A certificate granted by the Registrar under sub-section (1) or (3) shall be final and conclusive proof of the arrears to be due therein, and the same shall be recoverable according to the law for the time being in force for the recovery of the Land Revenue. 1[73A. Registrar’s obligations.––(1) The Registrar shall issue directions to ensure that Reserve Bank’s regulatory prescriptions in case of an Apex Co- operative Bank or a Central Co-operative Bank are implemented within one month from the date of receipt of the advise from the Reserve Bank. (2) The Registrar shall, on being advised by the Reserve Bank for winding up or supersession, ensure that the liquidator or the Administrator, as the case may be, is appointed within one month from the date of receipt of the advice from the Reserve Bank. (3) If, in the opinion of the Reserve Bank or the National Bank, the Chief Executive Officer of an Apex Co-operative Bank or a Central Co-operative Bank does not fulfil eligibility criteria prescribed by the Reserve Bank, the Registrar shall direct compliance of the orders of the Reserve Bank or the National Bank, as the case may be, within two months of being so advised by the Reserve Bank or the National Bank. (4) If, in the opinion of the Reserve Bank or the National Bank, a person has been co-opted as a member of the committee under sub-section (2) of section 29B without having the requisite special knowledge or experience in such fields as may be prescribed by the Reserve Bank, the Registrar shall, on being advised by the Reserve Bank or the National Bank, direct compliance of the orders of the Reserve Bank or the National Bank, as the case may be, within two months of being so advised by the Reserve Bank or the National Bank.]