Amendment status not verified — confirm the current text below against the official source.
Initiation of Surcharge proceeding against delinquent officers or members by Registrar: (1) Whereas the Registrar is satisfied either on the basis or as a result of Audit Report made under section 76 or an Inquiry Report made under Section 82 or an Inspection Report made under Section 83 or winding up of Co-operative under section 93, that any person who has been entrusted with or taken part in the organization or management of a Co-operative o vho is or has at any time been an Officer or Employee of a Co-operative, has made payment contrary to the provisions of this Act, Rules or Bye-Laws or caused any loss, damage to or deficiency in the assets of co-operative by breach of trust or wilful negligence or has misappropriate'i or fraudulently retained any money or other property belonging to the Co-operative, the Registrar may on his/her own motion or on the application made by Management Committee, Auditor, Liquidator, or any Creditor, may frame charge against such persons and inquire himself/herself, or direct any authorized person in writing, to inquire into the conduct of such persons and after providing a reasonable opportunity to reply or answer the charges framed to the concerned persons, may make an order directing him/her or them to repay or return the money or restore property with interest as determined by Registrar or to pay compensation with regard to the misappropriation, misapplication, retention, misfeasance or breach of trust as the Registrar may determine. (2) The person or such persons or concerned persons referred under sub- section (1), shall not only include present members or officers or employees or board members, etc. but also include past, or deceased, legal heirs or representatives, members or employees or board members respectively. 614 (3) The act of framing charges, conduct and completion of proceedings referred under sub-section (1) shall be completed within three years from the date of submission of reports of audit, inquiry, inspection or date of the order of winding up of co-operative. (4) The Registrar or persons authorized by hi/her in this regard may also provide for the payment of total cost or part thereof and direct that such costs shall be recovered as arrears of land revenue from such persons against whom such orders have been passed.