Order for the winding up of a society

(1) The Registrar may, and if the rules in any case so prescribe, shall, by an order in writing, direct that a co-operative society shall be wound up, if- (a) after an inspection has been made under section 65 or section 66 or any inquiry has been held under section 67; or (b) on an application made upon a resolution carried by three-fourth of the members of the society present at a special general meeting called for the purpose; or (c) on his own motion in the case of a society which- (i) has not commenced working; or (ii) has ceased working; or (iii) has share capital and members deposits not exceeding rupees one thousand; or (iv) has ceased to comply with any condition as to registration in this Act or in the rules or bye-laws; he is of the opinion that society ought to be wound up. (2) A copy of such order shall be communicated in the prescribed manner to the society and to the financing bank, if any, of which the society is a member. (3) The order shall take effect- (a) where no appeal is preferred under section 93 on the expiry of the time allowed for preferring an appeal; or (b) where an appeal is preferred, upon the rejection of the appeal by the appellate authority.