Insertion of a new section 78A

After section 78 of the Manipur Co-Operative Societies Act, 1976, the following section shall be inserted, namely,— 78A. Notwithstanding anything contained in this Act, if the State Government on receipt of a report from the Registrar, Co-Operative Societies or otherwise is satisfied that the management of a Society has not been in accordance with the provisions of the Act and creditors of the societies have, for justifiable reasons, raised repeated objections to the method and manner of the management and further that, the management of society, if allowed to continue as such may likely cause irreparable loss and injury to the Society and the public in general, the State Government may, by a notification in the Official Gazette, suspend the Board for a period not exceeding 12 months at a time and three years in the whole or dissolve the Board: Provided that when the Board is suspended or dissolved, or where the term of such a Board becomes expired, the State Government may appoint as Administrator to exercise and perform the powers and duties of the Board during the period of suspension or till a new Board is reconstituted as the case may be.