Amendment of section 78A.- In section 78A of the Principal Act,-

In section 78A of the Principal Act,- (i) for the proviso, the following provisos shall be substituted, namely,- "Provided that when the Board is suspended or dissolved, or Where term of such a Board becomes expired, the State Government may appoint a Board of Administrators, who need not be member of the Society but who should have background knowledge and expertise related to the Society and having such qualifications as are not debarred from becoming a member of the Board or any Committee under the provisions of the Act and the Rules. In case of State Co-operative Bank or Urban Co-operative Banks there shall be at least 2 (two) professionals in the Board or Committee. The composition of the Board shall not be less than three but not more than five to exercise and perform the powers and function of the Board subject to the control of the State Government as may be required in the interest of the Society during the period of suspension or till a new Board is constituted, as the case may be, but the total period of suspension or dissolution should not exceed three years: Provided further that suspension or dissolution of the Committee of the State Co-operative Bank or a Central Co-operative Bank or the State Land Development Co-operative Bank or the Urban Co-operative Banks under this section shall be done in consultation with the National Bank or the Reserve Bank of India, as the case may be: Provided also that at anytime the Registrar may in consultation with the State Government shall constitute a regular Board before the expiry of the term of the Board of Administrator under this section and thereby, the State Government shall terminate the term of the Board to enable the Society to carry its functions as enjoined by law."; (ii) the existing section 78A shall be renumbered as "78A(1)" and thereafter a new sub-section (2) shall be inserted, namely,- "(2) Nothing in sub-section (1) shall apply to a Short Term Co-operative Credit Structure Society."