Term of office of members of committee or Board of scheduled co-operative societies to expire on the appointed day

3. Notwithstanding anything contained in the Co-operative Societies Act or in any other law for the time being in force, the term of office of the members of the committee or the Board, as the case may be or any person exercising the powers of such committee or Board of every scheduled co-operative society including its president and vice-president, or Chairman and vice-chairman, as the case may be, holding office as such immediately before the appointed day shall expire on the appointed day and the members shall vacate their office on and from such day.