Amendment status not verified — confirm the current text below against the official source.
Omitted by Act No.1 of 1987. Cessation of Membership of Committee. [Act No.7 of 1964] 45 (2) A member of the Committee found responsible for wilfully or knowingly sanctioning benami loans 101[or against whom an order of surcharge is issued under section 60] shall cease to hold office and shall also be ineligible to be elected as member of the Committee for a period of six years from the date of cessation. (3) Where a society incurs loss in any co-operative year as a result of misuse or misapplication of share capital, the President and the Secretary of such society shall cease to hold office as such. 102[(4) Where the Committee fails to prepare and submit or cause to be prepared and submitted within the period specified in section 50 of the Act, Annual accounts of the Society to the Chief Auditor and also to submit defect rectification report as per section 54, the members of the Committee shall after 15 days on the expiration of the period aforesaid cease to hold such office. The order to such effect shall be issued by the Registrar.] 103[(5) Where the committee of a society fails to place the inquiry report under section 51 or Inspection report under section 52 or section 53 or Audit Report or Special Audit Report under section 50 along with the findings of the Registrar 104[and action taken on serious irregularities, if any which need immediate corrective action, before the next General Body held after the date of the receipt of the report by the society, the members of the committee shall, cease to hold such office.]