Government’s power to make scheme of reorganization in the public interest.

Corporate1960195 sections

Statutory text

(1) Notwithstanding anything contained in this Act or the Rules made thereunder, if the State Government, on receipt of a report from the Registrar or otherwise, is satisfied that in the public interest it is necessary to reorganize any society or societies for the purpose of securing proper implementation of development programmes, the State Government, as it may deem necessary, may make such scheme of reorganisation and issue orders to implement above scheme: Provided that in case of a Co-operative Bank, prior sanction in writing of the Reserve Bank shall be necessary. (2) There shall be the provisions in scheme of reorganisation regarding :- (a) Method of reorganization; (b) Procedure for reorganization; (c)Membership, registration, management, assets and liabilities, powers, rights, interests, duties, staff and conditions of employment of such society or societies which are made after reorganisation ; (d) Such other consequential, incidental and supplementary provisions as may be necessary; (e) Any other subject as may be deemed necessary by the State Government. (3) The State Government may modify or cancel any reorganisation scheme made under sub-section (1). (4) The provisions regarding every reorganisation scheme and the orders issued by the State Government shall be binding upon the interested parties. (5) Every scheme of such reorganisation shall be published in the official Gazette for general information.

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