Nominees of the Government on the Committee of a Society

(1) Where the State Government or Central Government,- (a) has subscribed to the share capital of a society; or has granted any assistance in cash or in kind or in any other manner; or (b) has assisted indirectly in the formation or augmentation of the share capital of a society as provided in Chapter VI; or (c) has guaranteed the repayment of principal and payment of interest on debentures issued by a society ; or (d) has guaranteed the repayment of principal and payment of interest on loans and advances to a society, the State Government or the Central Government, as the case may be, or any authority specified by such Government in this behalf, shall provide a panel of names not exceeding four persons having experience in the field of banking, management, finance or specialization in any other field relating to the objects and activities undertaken by the Society for co-option of two persons by the Committee to be the members of the said Committee. (2) In case of Society other than the Society specified in sub-section (1), the Committee shall co-opt persons not exceeding two having the experience in the field of banking, management, finance or specialization in any other field relating to the objects and activities undertaken by the Society to be the member of the said committee: Provided that the co-opted members referred to in sub-sections (1) and (2) shall not have the right to vote in any election of the Society in their capacity as such member or to be eligible to be elected as office bearer of the committee.