(1) With effect on and from the specified day and notwithstanding anything in the Co-operative Societies Act or the Telangana State Handloom Weavers Co-operative Society (Formation) Act, 1976 or the rules made thereunder or the bye-laws of the transferor societies or the transferee society, the Government may, by notification, appoint a committee consisting of not more than eleven persons to manage the affairs of the transferee society for a period not exceeding three years:
Provided that the Government may, from time to time by notification and for reasons to be specified therein, extend the said period of appointment beyond three years 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 further that the Government may without giving any notice and without assigning any reasons therefor remove any member of the Committee and appoint another member in his place who shall hold office for the residue of the term of his predecessor;
Provided also that any casual vacancy occurring in the office of the member of the committee may be filled by the Government by appointment of another person and the person so appointed shall hold office for the residue of the term of his predecessor.
(2) The Committee appointed under sub-section (1) shall subject to the control of the Government or the Registrar and to such directions as they or he may issue from time to time have power to exercise all or any of powers and functions of the Committee of the transferee society.
(3) The Registrar shall arrange for the calling of a general meeting of the transferee society for the, election of the committee in accordance with the provisions of the Telangana Co-operative Societies Act, 1964, and the rules made thereunder so as to enable the members of the committee to come to office at the expiration of the term of the committee appointed by the Government.