(1) If the Registrar, after enquiry has been held under section 67 or an inspection has been made under section 66 or on receipt of an application made by not less than three-fourth of the members of a Co-operative Society, is of opinion that the society ought to be wound up, he may issue an order directing it to be wound up. Before issuing such an order the Registrar shall consult the concerned federal society.
(2) The Registrar may of his own motion make an order directing the winding up of a co-operative society—
(a) Where it is a condition of the registration of the society that the society shall consist of at least one hundred members in respect of primary Agricultural Societies, fifty members in respect of primary non-Agricultural Societies and number of members has been reduced to less than one hundred or fifty, as the case may be ;
(b) where the co-operative society has not commenced working has ceased to work.
(3) The Registrar may cancel an order for the winding up of a cooperative society at any time, in any case, wherein his opinion, the society should continue to exist.
(4) Notwithstanding anything contained in sub-sections (1), (2) and (3), no Co-operative Bank shall be wound up except with the previous sanction in writing of the NABARD or Reserve Bank or India.
(5) Notwithstanding anything to the contrary contained in this Act the Registrar shall make an order for the winding up of a Co-operative Bank, if so required by the NABARD or Reserve Bank of India in the circumstances mentioned in section 13-D of the Deposit Insurance Corporation Act, 1961.
(6) Where a Co-operative Bank, being an insured Bank within the meaning of the Deposit Insurance Corporation Act, 1961, is wound up or is taken into liquidation and the Deposit Insurance Corporation has become liable to pay to the depositors of the insured Bank under sub-section (1) of section 66 of that Act, the Deposit Insurance Corporation shall be reimbursed in the circumstances, to the extent and in the manner provided in section 21 of the Deposit Insurance Corporation Act, 1961.