Amendment status not verified — confirm the current text below against the official source.
Substituted by G.O.Ms.No.53, Agriculture and Cooperation (Coop- II) Department, dated 20.05.2016. 158 [Act No.7 of 1964] (12) (a) A number of managing committee representing a Co-operative Credit Society on the managing committee of APCOB/DCCB shall be disqualified by the Registrar in the event of such society committing a default for a period exceeding one year on intimation of such default by the Chief Executive of the bank concerned. (b) A member of a managing committee representing a society other than PACS on the managing committee of APCOB/DCCB shall be disqualified by the Registrar in the event of such society committee a default for a period exceeding 90 (ninety) days on intimation of such default by the Chief Executive of the bank concerned. (13) A defaulting member shall not be eligible to be elected to the managing committee of a Co-operative Credit Society and a defaulting office bearer of a PACS shall not continue on such managing committee for more than one year unless the default is cleared. 297[(14) The Registrar shall ensure that the regulatory prescriptions of the RBI in case of APCOB/DCCB including their winding up or supersession of their Managing Committee are implemented and the Liquidator/ Administrator(s), as the case may be, is appointed within one month of being so advised by RBI.] (15) (a) The supersession of the managing committee of APCOB/DCCB under section 34 of the Act shall be done only in consultation with the RBI. 298[(b) [xxx]]