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TMI BlogSupersession of board of specified multi State co operative society.X X X X Extracts X X X X X X X X Extracts X X X X ..... ing default or is negligent in the performance of the duties imposed on it by this Act or the rules or the bye‑laws 1[or has committed any act including fraud, misappropriation and the like 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 in public interest or that there is a stalemate in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the time limit or not extended necessary assistance as per the provisions of section 45.] (2) The Central Government may fix such 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 inst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or such specified multi‑State co‑operative society in accordance with the bye‑laws of such society and immediately 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, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itution or functions of the board, the Central Government may, after giving the board an opportunity to state its objections, if any, and considering the objections, if received, by order in writing, remove the board and appoint one or more administrators, who need not be members of the society, to manage the affairs of the society for such period not exceeding six months, as may be specified in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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