Substitution of Section 42 of the Act VI, 1935

42. Winding-up order.– The Registrar may, by notification, order a registered Co-operative Society to be wound up if – (a) on receipt of a request for the winding-up of the Society by, special resolution passed by three-fourth of the members of the Society, (b) after an inquiry has been held under Section - 35 or an inspection made under Section - 34, Section - 36 or Section - 37, the Registrar is of the opinion that winding-up of the Society is necessary in the interest of members, or (c) if a Society has not commenced working after registration or has ceased working. (d) if the number of the members of the Society has been reduced to less than ten contrary to the condition of registration; Provided that such order can only be passed after giving a notice of one month and providing opportunity of hearing to the shareholder members and persons/institutions having interest in the Society.