Amendment of Section 49

In Section 49 of the Principal Act,-(i) In sub-section ( 1 ), for the words "three month before" the words "a period of six months of' shall be substituted. (ii) In suh-section {I). after clause (fl. the following ,:lausc shall he added. - namely:-(g l appointment of Auditor for next linancial year." (iii) After proviso to suh-scction (7-A) (i). 1hc following proviso shall he inserted. namely :-" Provided further that the hoard may lill a casual vacancy on the hoard hy nomination out of the same class of mcmhcrs in respect of which the casual vacancy has arisen. if the term of hoard is less than half of its original term." (iv l For suh-section (8), the following shall he suhstitl!ltcd. namely:-"(8) Notwithstanding anything contained in this Act or Rules made there-under the election of a hoard shall he conducted he fore the expiry of the term of the hoard. If the elections arc not held hcforc the expiry of the term. or hoard of society ceases lo function Jue to the order of any court or otherwise all the memhcrs of the hoard shall he deemed to have vacated their scats and the powers of the hoard shall he deemed to have hccn vested in the Rcg:is1rar and the State Election Commission shall hold elections within six months. or twelve months in case of the Co-operative Banks: Provided that the Rcgi~trar may authori1e any ofliccr to exercise the powers of the hoard vested in him under this suh-scction and the onicer so auth! .. -cd shall exercise such powers form the date of such authorization:·