Supersession of Committee of Primary Agricultural Credit Co-operative Society

(1) Notwithstanding anything contained in section 81, the supersession of the committee of the State Co-operative Bank or a Central Co-operative Bank under any provision of the Act shall be done only in consultation with Reserve Bank of India. (2) The committee of a Primary Agricultural Credit Co-operative Society shall be removed by the Registrar only under the following circumstances, namely :- (i) if a society incurs losses for three consecutive years; or (ii) if serious financial irregularities or frauds have been identified; or (iii) if there is perpetual lack of quorum over a period of three months. (3) The members of the committee of a Primary Agricultural Credit Co-operative Society which has been removed under sub-section (2) shall not be eligible to become a member of the committee for a period of three years from the date of such removal.