Disqualification of members of the managing committee to State Co-operative Bank or Central Co-operative Bank

(1) A member of the Managing Committee representing a co-operative society other than Primary Agricultural Credit Society in the Managing Committee of State Co-operative Bank or Central Co-operative Bank shall not be allowed to continue as a member of the managing committee by the Registrar inthe event of such co-operative society committing a default for a period exceeding 90 (ninety) days on intimation of such default by the Chief Executive of the bank concerned. (2) A member of Managing Committee representing a co-operative society under the Short Term Co-operative Credit Structure in the Managing Committee of State Co-operative Bank or Central Co-operative Bank shall not be allowed to continue as member by the Registrar in the event of such society committing a default for a period exceeding one year on intimation of such default by the Chief Executive of the bank concerned. (3) No person shall be eligible for election to the managing committee of a co-operative society under Short Term Co-operative Credit Structure, if — (a) such person is not a member of the society, or (b) such person is in default to the society or any other registered society in respect of any loan taken by him or has any dues of the society on the date of filing of nomination, or (c) he has directly or indirectly, any interest in any subsistent contract made with the society or in any property sold or purchased by the society or in any other transaction of the society, except in any investment made in, or any loan taken from the society; (d) he has any proceeding for surcharge relating to any registered society pending against (e) he has acriminal proceeding relating to any transaction ofa registered society pending against him in which cognizance has been taken. (4) No person elected as member or other office bearer in the management committee of aco-operative credit structure shall be allowed to act as such if he is in default for a period exceeding twelve months in payment of dués.to the society unless the amount in default with due interest is paid to the society.