Amendment status not verified — confirm the current text below against the official source.
(1) No Board or Managing Body shall be superseded or kept under suspension for a period exceeding six months: Provided that the Board or Managing Body may be superseded or kept under suspension in case- (i) ' of its persistent default; or (ii) of negligence in the performance of its duties; or (iii) the Board has committed any act prejudicial to the interest of the co-operative society or its members; or (iv) there is a stalemate in the constitution or functions of the Board; or (v) the Board or Managing Body has failed to conduct elections in accordance with the provision of this Act: Provided that the Board or Managing Body of any such cooperative society shall not be superseded or kept under suspension where there is no Government shareholding or Loan or financial assistance or any guarantee by the Government: Provided further that in case of a co-operative society carrying on the business of banking, the provision of the Banking Regulation Act, 1949, shall also apply: Provided also that in case of a co-operative society, other than a Multi-State co-operative society carrying on the business of banking, the provisions of this section shall have the effect as if for the words six months the words one year had been substituted. (2) In case of supersession of a Board or Managing Body the Registrar may by order in writing appoint a person as an administrator to manage the affairs of such co-operative society and he shall arrange for conduct of election within the period specified in sub-section (1) of this section and handover the management to the elected Board or Managing Body.