(1) Any dispute touching the business of a registered cooperative society, other than a dispute regarding disciplinary action taken by a cooperative society against an employee of the cooperative society or of the liquidator of a co-operative society shall be referred to the Registrar for decisions if the parties thereto are among the following, namely,-
(a) the co-operative society, its past or present controlling or managing body, any past or present officer, agent or employee or the liquidator of the co-operative society; or
(b) member, past member or persons claiming through a member, past member or deceased member of cooperative society; or
(c) a surety of a member, past or deceased member of a cooperative society; or
(d) any of registered co-operative society including any financing bank having transaction with it, a cooperative society or a liquidator of such co-operative society.
(2) Any dispute mentioned in sub-section (1) other than a dispute relating to recovery of money shall be referred to the Registrar within two months from the date on which cause of action arises.
(3) Notwithstanding anything contained in this section or any other law for the time being in force, the Registrar may admit any dispute after expiry of the period mentioned in the sub-section (2), if the applicant satisfies the Registrar that he had sufficient reasons for not referring the dispute within such period of limitation, and the dispute so admitted shall not be barred by limitation.