(1) With effect on and from the commencement of this Act and notwithstanding anything in the Co-operative Societies Act, the Relief Undertakings Act or the rules made thereunder or the bye-laws of the State Federation of Co-operative Spinning Mills and the Co-operative Spinning Mills specified in the Schedule, for the time being in force, the committees managing the affairs of the State Federation of Co-operative Spinning Mills and the Co-operative Spinning Mills specified in the Schedule shall stand superseded.
(2) Notwithstanding anything in the Co-operative Societies Act, the Relief Undertakings Act or the rules made thereunder or the bye-laws of the State Federation of Co-operative Spinning Mills and the Co-operative Spinning Mills specified in the Schedule, for the time being in force the Government may, by notification, appoint a person to be called the Special Officer for a period of one year or a Committee consisting of not more than twenty one persons to manage the affairs of the State Federation of Co-operative Spinning Mills and not more than eleven persons to manage the affairs of each of the Co-operative Spinning Mills specified in the Schedule for a period of three years. The appointment of the Committee may be extended for a further period or periods if the Government are satisfied that, in the interests of the efficient functioning of the State Federation of Co-operative Spinning Mills and the Co-operative Spinning Mills specified in the Schedule, it is deemed necessary to so appoint the Committee for a further period or periods not exceeding six months at a time so however, that the total period of appointment shall not in the aggregate extend beyond six years:
Provided that the Government may without notice and without assigning any reasons therefor withdraw the appointment of the Special Officer or any or all members of the Committee and appoint another Special Officer or member or members in his or their place for the residue of the period of the original appointment:
Provided further that any casual vacancy arising during the term of the Special Officer or the Committee may be filled by the Government for the residue of the term of the Special Officer or the Committee.
(3) The Special Officer or the Committee appointed under sub-section (2) shall, subject to the control of the Government and to such directions as they may, from time to time give, have power to exercise all or any of the functions of the Committee of the State Federation of Co-operative Spinning Mills or the Co-operative Spinning Mills specified in the Schedule.
(4) The Registrar shall arrange for the calling of a General Meeting for the election of the Committee in accordance with the provisions of the bye-laws of the State Federation of Co-operative Spinning Mills and the Co-operative Spinning Mills specified in the Schedule so as to enable the members of the Committee to come into office at the expiration of the period of the Special Officer or the Committee appointed by the Government.