Extension of term of nominated committee or appointment of custodian.

Extension of term of nominated committee or appointment of custodian. (1) where on the expiry of the term of office of the members of any committee of management nominated by the State Government, or the Registrar, the State Government or, as the case may be, the Registrar is of the opinion that it is necessary or expedient so to do, it or he may, by an order published in the Official Gazette,— (a) extend the term of office of the members of the said committee of the management; or (b) appoint a person or a committee of persons to be the custodian of the society; for such period not exceeding two years in the aggregate or until a new committee of management is elected, whichever is earlier. (2) The custodian so appointed shall, subject to the control of the Registrar and to such instructions as he may, from time, give, have powers to exercise all or any of the functions of the Committee, and take all such actions as may be required in the interest of the society. (3) All acts done or purported to be done by the custodian during the period when the affairs of the society are carried on by the custodian appointed under sub-section (1) shall be binding on the new committee of management. (4) The provisions contained in sub-sections (1) to (3) shall not apply to the societies in the co-operative credit structure.