*(1) Wherein any co-operative society, a committee constituted in accordance with the provisions of this Act, rules made thereunder or bye-laws of the society does not exist or has ceased to exist, the Registrar may, notwithstanding anything to the contrary contained in the Act, rules or bye-laws, appoint administrators not exceeding five for a period of six months or one year, as the case may be, as specified under section 34 of the Act or till a committee is constituted under section 28, whichever is earlier:
Provided that the Managing Director appointed under section 31, if any, shall be one of the administrators:
Provided further that the election authority shall cause the election to be held within the period of six months or one year, as the case may be, as specified in section 34 of the Act;
(2) If the number of administrators so appointed is less than five, the Registrar, may from time to time, add an administrator or administrators.
(3) The Registrar may fix such remuneration for the administrators as he may think fit. Such remuneration shall be paid out of the funds of the society.
*[3(A) omitted]
(4) The administrators shall, subject to the control of the Registrar and to such instructions as he may from time to time give, have powers to exercise all or any of the functions of the committee or of any officer of the society and take all such actions as may be required in the interest of the society.