Winding up of co-operative societies

Winding up of co-operative societies. (1) If the Registrar after an audit has been conducted under section 63 or an inquiry has been held under section 64 or an inspection has been made under section 65 or on receipt of an application made by not less than three-fourths of the members of a co-operative society, is of opinion that the society ought to be wound up, he may, after giving the society an opportunity of making its representation, issue an order directing it to be wound up. (2) The Registrar may, of his own motion, make an order directing the winding up of a co-operative society,— (a) where the number of members of the society has been reduced to less than the minimum number required for registration of the co-operative society; or (b) where the co-operative society has not commenced working within a period of six months of the date of its registration or has ceased to function for six months or (c) where the co-operative society has ceased to comply with the conditions imposed by or under this Act regarding registration and management. (3) The Registrar may cancel an order for the winding up of a co-operative society, at any time, in any case where, in his opinion, the society should continue to exist. (4) Notwithstanding anything contained in this section, no co-operative bank shall be wound up or an order for winding up shall be cancelled except with the previous sanction in writing of the Reserve Bank. (5) Notwithstanding anything in this section, the Registrar shall make an order for the winding up of a cooperative society, if the general body of the society, by a resolution passed by two thirds majority of the members present and voting in a general meeting decides for the winding up of that society