Supersession of Committee

(1) No Committee of Large Sized Multipurpose Co-operative Societies shall be superseded by the Registrar unless one of the following conditions exists – (i) it incurs loss for three consecutive years, or (ii) serious financial irregularities are identified, or (iii) there are judicial directives to this effect or there is perpetual lack of quorum. (2) No Committee of Large Sized Multipurpose Cooperative Societies shall be placed under supersession for more than six months. (3) No Committee of the State Cooperative Bank or a Central Cooperative Bank shall be superseded without prior consultation with Reserve Bank.