(1) If at any time, it appears to the Registrar that an amendment of the bye-laws of a cooperative society or, any class of societies is necessary or desirable in the interest of such society, or class of societies or its members at large or in the public interest, he may send the proposals of such amendment to the Chairperson and the Chief Executive Officer of the society, requiring that the proposal be considered in the general body meeting of the society within a period of three months.
(2) Where the society communicates its consent to the proposed amendment, the Registrar may register the amendment and issue a certificate thereof, which shall form part of the bye-laws of the society.
(3) Where the society refuses to accept the proposal of the Registrar and the Registrar is satisfied that it is necessary in the public interest to make such an amendment, he may, within a period of thirty days from the date of communication of such refusal, send the proposal, with reason therefor, to the State Government for its consideration. The State Government may, after giving the society, an opportunity of being heard, direct the Registrar to register the amendment with such modifications, if any, as it may deem fit and such amendment shall be binding on the society and its members.
(4) Where the society, within the period specified under subsection (1), fails to take a decision on the proposals of the Registrar, on the expiry of such period the proposed amendment shall be deemed to have been duly passed by the society and the Registrar shall register the amendments and issue a certificate to this effect.