Amendment status not verified — confirm the current text below against the official source.
Amendment of section 78. - for sub—section (1) ofsection 78 ofthe Principal . Act, the following shall be substituted, namely, — (1) “If in the opinion of the Registrar, the Board of any co—operative society, (1) persistentlymakes default or is negligent in the performance ofduty imposed _ . on it; or (ii) willfully disobeys directions issued by the Registrar for the purposes of securing proper implementation ofthe co—operative production and the development programmes approved or undertaken by the Government; or -(5)- (iii) commits any act which is prejudicial in the interest of the society or its members; or ' (1v) there is stalemate in the constitution or functioning of the society; or (v) has failed to Conduct elections in accordance With the provisions of the Act, the Rules and the bye-laws; or , (V1) is otherwise not functioning properly, the Registrar may after giving the Board an opportunity of hearing within” fifteen days from the date of issue of notice, by order in writing, remove the Board . or keep under suspension, and appoint one or more administrators who need not be members of the society to manage the affairs of the society; Provided that no Board shall be superseded or kept under suspension for a period not exCeeding six months however for a co-operative society carryingon the business of banking for a period not exceeding one year; Provided further that the Board ofDirectors ofa co-operative soc1ety shall not - be superseded 0r kept under suspension where there is no Government shareholding ’ or loan or financial assistance or any guarantee by the Government; Provided also that in the case of a co-operative soc1ety carrying on the business ofbanking, the provisions of the Banking Regulation Act, 1949 shall also apply”. ’ ' '