Registrar's power to issue directions to make regulations

Corporate1960195 sections

Statutory text

(1) If the Registrar is of the opinion that having regard to the financial position of a society and the financial interest of the Government therein, it is necessary to regulate the manner of doing its trade or business, he may, subject to any rules made in this behalf, direct such society to make regulations in this behalf and to send them to him for approval. (2) On receipt of the regulations made by the society, the Registrar may approve them with or without modifications. On such regulations being approved, the society shall conduct its business in accordance with such regulations. (3) If any society, on being directed by the Registrar under sub-section (1), fails to send the regulations to the Registrar within a period of three months from the date on which such direction was given, the Registrar shall make or cause to be made such regulations and shall require such society to conduct its business in accordance with such regulations and thereupon such society shall be bound to comply with such requirement.

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