Disqualification of members of Managing Body

No person shall be elected, nominated or co-opted or allowed to continue as a member of the Managing Body of a Co-operative Credit Structure Society, if he-

1. (i) is a person who represents a Co-operative Society other than a Primary Agricultural Credit Co-operative Society or the Managing Body of the State Co-operative Bank, if such society he represents has committed a default towards the repayment of such Bank for a period exceeding ninety days;
2. (ii) is a person who committed a default towards payments to a Primary Agricultural Credit Co-operative Society or the Managing Body of the State Co-operative Bank, if such Co-operative Society he represents has committed a default towards the payment of such bank for a period exceeding one year unless the default is cleared; and
3. (iii) is a person, who represents a Co-operative Society whose Managing Body is superseded.