Amendment status not verified — confirm the current text below against the official source.
-9- (b) Notwithstanding anything contained in this Act, there shall be only one nominee of the Government in the Board of the StateCo-operative Bank or the State Land Development Co-operative Bank, if the» Government has subscribed to its share capital and there shall be no nomineeofthe Government in the Board of a Primary Agricultural Co-operative Credit Society irrespective ofGovernment’s subscription to the share capital.”; ‘ ‘ ' . . (ii) after sub—section‘(3), the following new 'sub—section (4) shall be inserted, namely,— “(4) Notwithstanding anything contained in sub—sectidn (3), there shall be no cadre system in Short Term Co—operative Credit Structure Society and Long Term Co-operative Credit Structure Society and cadre system in such Society shall be abolished forthwith”. Amendment of section 78. - In section 78 of the Principal Act, — (l) in sub-section (1), in between the words “not functioning properly” and “the Registrar may”, thewords “or in the case ofState .Co-operative Bank or the State Land Development Co-operative Bank does not comply with the regulatory prescriptions of the National: . Bank or the Reserve Bank ofIndia, or does not fulfill the fit and proper criteria stipulated by the National Bank for Agn'culture and Rural Development or the Reserve Bank of India'and a request has been received from the' National Bank or the Reserve Bank of India to this effect,” shall be inserted; (11) after ' éub—section (1), the following new sub—sections (lA),(lB), (1C) and (1D) shall be inserted, namely; . . “(lA) The .supersession ofthe Board ofthe State Co-operative Bank shall be done by the State GOVemment with pn'or consultation of the Reserve Bank only. (IB) No 'thstanding anythirlg contained in sub-section (1), the supersession ofthe Board _ of a Primary Agnicultural Co:operative Credit Society shall be done by the Registrar on the following grounds:- (i) if the Primary Agricultural Co-operative Credit Society incurs losses for three 7 consecutive years, or V '(ii) if serious financial irregulan'ties or frauds have been identified, or ' (iii) if there are judicial directives to this effect, or v (iv) if there is lack of quorum for three consecutive meetings. E -10- (1C) Notwithstanding anything contained in sub—section (1), the Registrar. shall ensure conduct elections to a Short Term Co-operatiVeC'r'edit Structure Society, Long - Tenn Co-operative Credit Structure Society and Urban Co—operatiVe Banks within two months from the date of supersession: . , - Provided that in circumstances beyond Control, the Governmentmay allow holding ofsuch elections within a period not exceeding sixmonths from the date ofsupersession. (ID) Amembet 0fthe Board ofa PrimaryAgricultural Co-operative Credit Society which has been superseded under clauses (i) and (ii) ofsub—section (1B) ofthis section shall not" be entitled to contest the election again for a period of three consecutive years from the date ofsupersession.” . ' ‘ ' ' -