State Government's power to make a scheme for reorganization in public interest

Corporate1960195 sections

Statutory text

(1) Notwithstanding anything contained in this Act or in the rules made thereunder, if the State Government is satisfied, upon receipt of a report from the Registrar or otherwise, that for the purpose of ensuring the proper implementation of development programmes in public interest, it is necessary to reorganize a society or societies, the State Government may make such scheme for reorganization as it thinks necessary and may issue orders for implementing the said scheme: Provided that, in the case of any co-operative bank, the prior written consent of the Reserve Bank shall be required. (2) The scheme of reorganization shall contain the provisions in respect of the following: (a) Manner of reorganization; (b) Procedure of reorganization; (c) Membership, registration, management, assets and liabilities, powers, rights, interests, duties, terms of service of staff of such society or societies formed after reorganization; (d) Such other consequential, incidental and supplemental provisions as may be necessary; (e) Such other matters as may be deemed necessary by the State Government. (3) The State Government may modify or rescind any orders issued or reorganization scheme made under sub-section (1). (4) The provisions in respect of every scheme of reorganization and the order issued by the State Government shall be binding on the concerned parties. (5) Every such scheme of reorganization shall be published in the Gazette for the information of the public.

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