Amendment status not verified — confirm the current text below against the official source.
Inthe principal Act, in Section 36, after Sub- Section 36 as Section36-A (I) (2) (3) (4) Section 5, the following section shall be inserted, namely- 36 (A) (1): The Supercession of the Board of the SCB SCB by theRCS under any other Sectionofthe State Cooperative Society Bill, shall be done only in consultation ofthe RBI. (2) The Supercession of the Board of the PACS/ MPCS shall be done by the RCS only under the following conditions; 6) Ifa society incurs losses for three consecutive years, or 6) If serious financial irregularities or h u d s have been identified, or (iii Ifthere are judicial directives to this effects or there is perpetual lack of quorum. (3) The RCS shall conduct elections to a Short Term Cooperative Credit Structure Society within two month from the date of supercession. (4) The member ofthe Board which has been removed under Sub- Section 2 (i), (ii) and 2 (iii) shall not be eligible to contest the election again for a period of three years from the date of supercession. To be inserted in