(1) When the committee of management of a co-operative society is suspended or superseded under section 35 or if the society is ordered to be wound up under section 72 and outgoing members of the committee of management fail to hand over charge of the records and property of the society to a nominee of the Registrar or the committee, the administrator or administrators appointed under sub-section (2), (3) and (4) of section 35, or the Liquidator, as the case may be, such nominee of the Registrar, or the committee, the administrator or administrators or the Liquidator may apply to any magistrate within whose jurisdiction the society function for securing the records and property of the society.
(2) On receipt of an application under sub-section (1) the magistrate shall take such action as may be necessary to take possession of the record and property of the society and may authorize any police officer by warrant to take possession of such records and property and the records and property seized shall be handed over to the applicant.
Registrar’s emergency powers to seize records, etc.