(1) Disputes mentioned in sections 70 and 71 of the Act may be referred to the following authorities for adjudication—
(i) Deputy Registrar Co-operative Societies for a sum of money not exceeding Rs. 50,000/-. However this will not apply in case of Deputy Registrar Special who will continue to utilize powers regarding the cases of embezzlement, misappropriation to be referred to him ;
(ii) Joint Registrar/Additional Registrar Co-operative Societies for a sum exceeding Rs. 50,000/-.
(2) The authority mentioned in clause (i) of sub-section (1) or any other persons to whom dispute is referred under clause (ii) of sub-section (1) for adjudication may, pending the decisions of the dispute, make such interlocutory orders as he may deem necessary in the interest of justice.
(3) Where a dispute is referred to an authority specified under clause (i) or (ii) of sub-section (1), such authority shall decide the dispute within six months from the date of receipt thereof.
(4) If the authority or the person or the arbitrator fails to decide a dispute within the period specified in sub-section (2), he shall submit a report to Registrar stating reasons for such failure at least 15 days before the expiry of the said period and the Registrar shall allow further time not exceeding six months for disposal of the case.
(5) Where a dispute involve property pledged as collateral security the person deciding the dispute may make an award which shall have the same force and effect as the decree of a civil court.