Supersession of board of specified multi‑State co‑operative society.

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..... #8209;State co‑operative society is persistently making default or is negligent in the performance of the duties imposed on it by this Act or the rules or the bye‑laws or has committed any act which is prejudicial to the interests of the society or its members, or has omitted or failed to comply with any directions given to it under section 122 or that there is a stalemate in the const .....

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..... remuneration for the administrators, as it may think fit and the remuneration shall be paid out of the funds of the specified multi‑State co‑operative society. (3) The administrator shall, subject to the control of the Central Government and to such instructions as it may from time to time give, have power to exercise all or any of the functions of the board or of any officer of the .....

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..... ly on the constitution of such board, the administrator shall hand over the management of such society to such newly constituted board and cease to function. (6) Where a specified multi‑State co‑operative society is indebted to any financial institution, the Central Government shall, before taking any action, under sub‑section (1) in respect of that society, consult the financi .....

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