(1) If, in the opinion of the Registrar, the committee of any CO- session operative society persistently makes default or it is negligent in the of performance of the duties imposed on it by this Regulation or the rules ,ittee.
or bye-laws, or commits any act which is prejudicial to the interest of the society or its members, the Registrar may, after giving the committee an I opportunity to state its objection, if any, by order in writing remove the committee; and I
(a) order fresh election of the committee, or I
(b) 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 one year as may be specified in the order which period may, at the discretion of the Registrar, be extended from time to time, so, however, that the aggregate period does not exceed three years. 9 q ' l a
(2) The Registrar may fix such remuneration for the administrator or - 1 administrators as he may think fit and such remuneration shall be paid out of the funds of the co-operative society.
I i
(3) The administrator shall, subject to the control of the Registrar and to such instructions as he may from time to time give, have power to exercise all or any of the functions of the committee or of any officer of the society and ta'lce all such actions as may be required in the interest of the society.
(4) 'I'l-ie adniiriistrntor shall, a t t,he expiry of his term of ofice, arrange for the constitulio?l of a new C O I I I I I I ~ ~ ~ C C ~ in accordance with the bye-laws of the society.
(5) Beforc t;i!iizig any ~c t i on under su'ii-scction (I) in res 1 co-npcr:rt.ive socieir illdebted to a credit :~gc ; l cy , tlie Kegist i-ar shall cons ~ l l L llic c~c-ciit :~gcnc>j., to u;ilich it is indcbted ;-:lg::~.ding sucll action.
Securjng possessiop of records, etc.
Acts of co-operative societies not to be jnv'alidated by certain defects.
Co-operative societies to be bodies corporate.
First charge of co-operative society on certain assets.
60 THE GAZETTE OF INDIA EXTRAORDINARY [PART II- - ---_I_- - - - -- - - - - -- - --