Special provision in respect of certain sick Societies

(1) (a) Subject to the provisions of Section 123, and notwithstanding anything to the contrary contained in any other provisions of this Act and the Rules or Bye-laws framed thereunder, or any other law, for the time being in force, where the Registrar, for reasons to be recorded, is of the opinion that a Co-operative Society in which majority of the shares have been subscribed or liabilities by way of guarantee for borrowing exceeding fifty percentum of the working capital of the Society have been undertaken by the State Government;