In Section 30 of the Principal Act, for sub-section (1), the following shall be substituted, namely.- "(1) If, in the opinion of the Registrar, the committee,-
(a) persistently makes default or is negligent in the performance of the duties imposed on it by this Act or the rules or the bye-laws; or
(b) commits any act which is prejudicial to the interests of the society or its members; or
(c) incurs losses for three consecutive years; or
(d) has serious financial irregularities or frauds which have been detected; or
(e) fails to get its accounts audited for three consecutive years; or
(f) against which there are judicial directives to this effect; or
(g) is otherwise not functioning properly; or
(h) is not functioning in accordance with the provisions of this Act, the rules or bye-laws or any order or direction issued by the State Government or the Registrar including the direction issued under Section 30-B, the Registrar may, after giving the committee an opportunity to state its objections, if any, by order in writing, remove the said committee, and appoint an administrator to manage the affairs of the society for such period, not exceeding six months, as may be specified by the Registrar. The Registrar may, and for the reasons to be recorded in writing extend the period of such appointment for a further period of six months at a time, and in any case such extension shall not exceed one year in the aggregate:
Provided that the supercession of the committee of a Co-operative Bank shall be done only after consultation with the Reserve Bank of India.
Provided that the supercession of the committee of a society in cooperative credit structure shall be done in accordance with Section 98 O."
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