Amendment status not verified — confirm the current text below against the official source.
Where it appears to the Registrar that any person has contravened Penalty for the provision of this Act, the rules or by-laws— certain misdemea- (a) by sitting or voting as a member of a managing committee, nours. or voting in the affairs of a co-operative society as a representative of another society which is a member of such society, or exercising the rights of a member of a co-operative society, when such person was not entitled so to sit or vote or exercise such rights, as the case may be, (b) by continuing as an officer of any co-operative society, even after incurring disqualification therefor, (c) by employing a loan for a purpose different from that for which it was granted, or (d) by not repaying to the financing bank any amount recovered from the loanee members which, under the terms of any agreement or under provision of any rule, the society or the person concerned is bound to deposit with the financing bank by way of repayment, the Registrar may', subject to the rules and after affording such person an opportunity of being heard, by an order in writing, direct him to pay to the assets of the society, by way of penalty, such sum as the Registrar thinks fit in respect of every such contravention.