(1) Where the term of office of a committee has expired and a new committee has not been constituted or where the Registrar is satisfied-
(a) that a new committee cannot be constituted before the expiry of the term of office of the existing committee, or
(b) that a new committee fails to enter upon office on the date on which the term of office of the existing committee expires, the Registrar may, either of his own motion or on the application of any member of the society, after consulting the financing bank, by order appoint-
(i) a new committee consisting of not more than three members of the society; or
(ii) one or more administrator or administrators who need not be a member or members of the society to manage the affairs of the society till a new committee enters upon office:
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Provided that, before making such order, the Registrar shall publish a notice on the notice board of the head office of the society inviting objections to the making of the order within a period specified in the notice and consider such objections:
Provided further that, it shall not be necessary to publish such notice in cases where the Registrar is satisfied that it is not reasonably practicable to do so.
(2) The committee or administrator or administrators appointed under subsection (1) shall, subject to the control of the Registrar and to such instructions as he may from time to time give, have power to exercise all or any of the functions of the committee or any officer of the society and take all such action as may be required in the interest of the society.
(3) The committee or administrator or administrators shall arrange for the constitution of a new committee or for the entering upon office of the new committee, as the case may be.