Disqualification of members of the board of Co-operative Credit Structure

(1) No person shall be nominated or co-opted or allowed to continue as a member of the board of a society in co-operative credit structure, if he.- (i) is a person who represents a society other than a primary agricultural credit cooperative society or a Agriculture and Rural Development Bank on the board of a Central Co-operative Bank or the State Co-operative Bank or the State Agriculture and Rural Development Bank, if such society which he represents has committed a default towards the payments of such Bank on intimation of such defaults by the Chief Executive of the bank concerned; (ii) is a person who is a defaulter to discharge the liabilities to a primary agricultural credit cooperative society or a Agriculture and Rural Development Bank or represents a primary agricultural credit cooperative society or a Agriculture and Rural Development Bank on the board of a Central Co-operative Bank or the State Cooperative Bank or the State Agriculture and Rural Development Bank, if such society which he represents has committed a default towards the payments of such Bank on intimation of such defaults by the Chief Executive of the bank concerned; (iii) is a person,- (a) who represents a society whose board is superseded, or (b) who is not a member of such society, or (c) who is in default to the society or any other co-operative society in respect of any loan taken by him or has any dues of the society on the date of filing of nomination, or (d) who has directly or indirectly, any interest in any subsisting contract made with the society or in any property sold or purchased by the society or in any other transaction of the society, except in any investment made in, or any loan taken from the society, or (e) against whom any proceeding for surcharge under section 69 relating to any cooperative society is pending, or (f) against whom a criminal proceeding relating to any transaction of a any co-operative society is pending in which cognizance has been taken.