(1). If the Registrar or any person authorized by him on his behalf while, making audit, inspection, inquiry or supervision as the case may be believed that the registered co-operative society, is not keeping or maintaining the accounts, books and records of the co-operative society properly or finds or reasonably suspects gross negligence of duties, misappropriation or misuse of fund of the cooperative society, irregularity in recording proceedings or keeping accounts or books, he shall have the power , to take possession of any or all books, registers or documents, cash in hand or account books of the co-operative society and remove such seized property or keep in the proper custody such seized property till it is disposed off in a manner as may be directed by the Registrar.
(2) The person seizing the property of the co-operative society under sub-section(l) shall prepare an inventory of the properties seized in duplicate with his signature and require the officer or member of the co-operative society from whose possession or custody the property is seized to- put his signature in witness thereof and if such officer or member refuses to sign, then the person seizing the property shall call upon two or more persons to sign the seizure list. A copy of the list prepared under this section signed by the witnesses, shall be delivered to the office of the cooperative society and the Registrar or a person authorized by him.
(3) The Registrar shall take immediate steps by way of audit or inspection and pass such orders as he may think fit.
(4) The administrative head of a District, Sub-Division or Administrative Area shall give police help to all officers mentioned in sub-section(l) of this section when sought for.