Procedure for making good, losses cause to un-aided Co-operative Society

(1) Notwithstanding anything contained in any law for the time in force, if in the course an audit, inspection or supervision or otherwise of un-aided cooperative society, it is found that any person, who is or was entrusted with organisation or management of such society or any deceased, past or present chairman, secretary, member of Board of Directors, officer or employee of the society has made any payment contrary to the provisioris of the Acts or acquired property by misappropriating the fund of the society or roles or bye laws made thereunder for time being in force with objects to organise object to organise and develop cooperatives as democratic instruments and people's institutions based on self help, and mutual aid, and for curbing exploitation and ensuring socio-economic development of people with particular emphasis on weaker sections of society or has caused any deficiency or loss by gross negligence or misconduct or has misappropriated or fraudulently retained any money or other property or acquired any property in his own name or others name out of the misappropriated fond belonging to such society. the Registrar may on his own motion or on the application of the