Savings of existing Co-operatives

3. Save as provided in sub-section (2) of section 2, every Co-operative existing immediately before the commencement of this Act, which has been registered under the Act so repealed shall be deemed to be registered under the corresponding provisions of the Odisha Co-operative Societies Act, 1962 and the bye-laws or the articles of association, by whatever name called, shall, so far as they are inconsistent with the provisions of the Odisha Co-operative Societies Act, 1962, be amended in accordance with the provisions of that Act and the Board of Directors, shall be reconstituted within three months from the date of commencement of this Act by such Co-operative failing which the said Board of Directors of such Co-operative shall stand dissolved on expiration of the said period of three months and the management of such Co-operative shall vest in the Registrar of Co-operative Societies and the Registrar shall within two months from the date of such dissolution shall take steps for amendment of the bye-laws or articles of association and reconstitute the Board of Directors in accordance with the provisions of the bye-laws of such Co-operatives and the provisions of the Odisha Co-operative Societies Act, 1962.