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Section 98O: Supersession of the Co-operative Credit Structure

Karnataka Co-Operative Societies (Amendment) Ordinance, 2009State Ordinance of Karnataka · No. 11 of 1959

(1) The supersession of the committee of the State Co-operative Bank or a central co-operative bank shall be done by the Registrar only after prior consultation with the Reserve Bank.

(2) The supersession of the committee of a Primary Agricultural Credit Co-operative Society shall be done by the Registrar only on the following grounds, namely: -

(a) if a society incurs losses for three consecutive years, or

(b) if serious financial irregularities or frauds have been committed, or

(c) if there are judicial directives to this effect, or

(d) if there is lack of quorum for three consecutive meetings, or

(e) if there is a failure in getting the audit conducted as per the Act, or 10

(f) if there is willful disobedience or failure to comply with any lawful direction / guidelines issued by the Registrar.

Where this provision sits

ActKarnataka Co-Operative Societies (Amendment) Ordinance, 2009
Section98O
Marginal noteSupersession of the Co-operative Credit Structure
JurisdictionState of Karnataka
StatusIn force as published by the source

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