(1) A co-operative society shall appoint, subject to the provisions of sub-section (5) of section 38, such officers and other employees as may be sanctioned by the Registrar to assist the co-operative society in the performance of its duties and discharge of its functions under this Act or the rules. The Registrar shall accord such sanction, or, in case of refusal, intimate to the co-operative society the reasons for such refusal within three months from the date on which any such proposal is submitted by the co-operative society, failing which the sanction shall be deemed to have been accorded by the Registrar. The qualifications and conditions of service of the officers and other employees of the co-operative society shall be such as may be prescribed.
(2) (a) The books and registers to be maintained by different classes of co-operative societies shall be such as may be prescribed.
(b) The books and registers as aforesaid shall be kept in the custody of such person and in such manner as may be prescribed. Any person who fails or refuses to produce the books and registers when required by the Registrar or any person authorised by him in this behalf shall be punishable with such fine, not exceeding five hundred rupees, as may be prescribed.
43. A co-operative society may receive deposits and loans to such extent and under such conditions as may be prescribed.