section 69
Winding up of societies
The Chhattisgarh Co-operative Societies Act, 1960Corporate1960195 sections
Statutory text
- (1) If, after an inquiry has been held under section 59 or an inspection has been made under section 60 or on receipt of an application made by not less than three-fourths of the members of a society, the Registrar is of the opinion that the society ought to be wound up, he may issue an order directing it to be wound up. (2) The Registrar may, on his own motion, make an order directing the winding up of a society: (a) where that society has not commenced working within a reasonable time of its registration or where that society has ceased to work; or (b) where in the opinion of the Registrar that society has been working mainly for the benefit of a person or group of persons and not generally for the benefit of the members; or (c) where that society has ceased to comply with any conditions as to registration or management under this Act, rules or bye-laws; or (d) where any primary credit society commits default by not recovering its full overdue demand from members continuously for three co-operative years and even after notice the society fails to recover the full overdue demand. (3) No order under sub-section (1) or sub-section (2) shall be passed until a reasonable opportunity of showing cause against the proposed order has been given to the society concerned and the representation made by it, if any, has been considered. (4) The Registrar may, at any time before the registration of a society is cancelled, cancel an order of winding up of such society, if in his opinion, the existence of such society is necessary. (5) Notwithstanding anything contained in this section, no co-operative bank shall be wound up except with the previous written consent of the Reserve Bank of India.
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