Amendment status not verified — confirm the current text below against the official source.
Rectification of defects in accounts: 1) If the result, finding or outcome of the audit held or conducted, discloses defects in the constitution, financial conditions and working of any co-operative, such co-operative shall explain the defects or irregularities identified, observed or pointed by the auditor to the Registrar within a period of sixty days and take appropriate steps to rectify such defects and remedy the irregularities pointed out by Registrar and shall submit an action taken report to the Registrar within the time stipulated therein or 90 days whichever is earlier. 2) The Registrar may inter-alia, direct or order the co-operative or its Officers to take such other actions as may be specified in the order or direction to remedy the defects within the time specified therein or thirty days or whichever is earlier. The non-compliance of the above shall disqualify the Board in office after expiry of three months period.