(1) The Registrar may of his own motion or on the application of a majority of the committee or of not less than one-third of the members, hold an inquiry or direct some person authorised by him by order in writing in this behalf to hold an inquiry into the constitution, working and financial condition of a co-operative society.
(2) The Registrar or the person authorised by him under sub-section (1) shall have the following powers, namely :-
(a) he shall at all times have, for purposes of examination, free access to the books, accounts, cash and other properties belonging to or in custody of the society and may summon any person in possession or responsible for the custody of any such books, accounts, documents, securities, cash or other properties to produce the same at any place within the district within which the society has its registered address, F[and may, if considered necessary, by an order in writing, direct the society to hand over to him all such books, accounts, documents and securities as may be specified in the order ];
(b) he may, notwithstanding any rule or bye-law specifying the period of notice for a general meeting of the society, require the officers of the society to call a general meeting at such time and place at the headquarters of the society to consider such matters, as may be directed by him, and where the officers of the society refuse or fail to call such a meeting he shall have power to call it himself; and F Inserted by Punjab Act 26 of 1969, section-12 THE PUNJAB COOPERATIVE SOCIETIES ACT, 1961 49 8TH FINAL PRINT AS ON 05.10.2006
(c) he may summon any person who is reasonably believed by him to have any knowledge of the affairs of the society to appear before him at any place at the headquarters of the society or any branch thereof and may examine such person on oath.
(3) Any meeting called under clause (b) of sub-section (2) shall have all the powers of a general meeting called under bye-laws of the society and its proceedings shall be regulated by such bye-laws.
(4) The Registrar shall communicate a brief summary of the report of the inquiry to the society, the financing institutions, if any, to which the society is affiliated, and to the persons or authority, if any , at whose instance the inquiry is made.
SECTION - 51