(1) Where, on the basis of an audit conducted under section 54 or an enquiry held under section 55 or on receipt of an application made with a special resolution passed at a special general meeting called for the purpose, [or otherwise ] it comes to the knowledge of the Registrar that-
(a) the number of members or the amount of the paid up share capital in the society has reduced below the minimum level which is essential for registration of such class of society; or
(b) the society has not commenced to work even after two years of its registration, or has fulfilled the core objects for which it was constituted or has ceased to work in accordance with its core objectives [or has repeatedly been violating the provisions of the Act or the rules or its bye-laws ], he may, after giving the society an opportunity of making its representation, issue an order directing the winding up of such society.
(2) The Registrar may cancel an order for the winding up of a co-operative society, stating the reasons therefor, at any time, in any case where, in his opinion, the society should continue to exist.
[(3) Notwithstanding anything contained in sub-section (1), an order for winding up of the apex Co-operative Bank or a Central Cooperative Bank shall be issued within one month of the recommendation of the Reserve Bank of India to that effect in public interest.]