Amendment of Section 53-B

After sub-section (3) of Section 53-B of the Principal Act, the following shall be added, namely :-"(4)(i) If in the opinion of the Registrar any salaried officer of the co-operative society willfully and persistently violates the provisions of this Act or Rules made thereunder, bye-laws of the society or any order passed by him or has by fraudulent act caused financial loss to the society,- (a) then he may, without prejudice to any other action that may be taken against such officer, call upon the society to take action against such officer; and (b) whereupon the society shall, after affording reasonable opportunity of being heard to such officer, pass such order within such period as may be specified by the Registrar. (ii) In the case of failure of the society to take action under clause (i) of sub-section (4), the Registrar may, after affording reasonable opportunity of being heard to such officer, impose such major penalty on such officer as he may deem fit. Explanation.- "major penalty" may be the order of demotion from the present post held, compulsory retirement or termination from the service. (iii) Any salaried officer punished or removed under clause (i) or (ii) of sub-section (4) shall be deemed to have been punished under the relevant provisions of the service rules of the concerned society; and in case of his compulsory retirement or termination from the services, such officer shall not be eligible to hold any office of any co-operative society: Provided that the powers conferred on the Registrar under sub-section (4) of this Section shall not be delegated to any officer below the rank of Joint Registrar: Provided further that the vacancy arising out of the removal of such salaried officer under this sub-section shall be filled immediately by the Appointing Authority or the Registrar, as the case may be."