Power to enforce performance of obligation

Notwithstanding anything contained in this Act, where any Registered co-operative society is required to take any action under this Act, the rules or bye-law and such action is not taken within the time provided in this Act, the rules or bye-laws or within such time as the Registrar may specify by a notice in writing. Where no time is so provided, the Registrar may call upon any officer of the co-operative society who is responsible for carrying out the directions, and after giving such officer an opportunity to be heard may require him to pay the assets of the co-operative society such amount as the Registrar may think fit but not less than five hundred rupees for each day until the Registrar’s direction are carried out.