Winding up of Societies

(1) If the Registrar after an inquiry has been held under section 65 or an inspection has been made under section 66 or upon receipt of an application made by at least 3/4ths of the members of the society or upon report of the liquidator, is of the opinion that the society ought to be wound up, he may in consultation with the State Co-operative Bank issue an order directing it to be wound up. (2) The Registrar may, of his own motion, make an order directing the winding up of a society (a) where it is a condition of the registration of the society that the society shall consist of at least ten members and the number of members has become less than ten, or (b) where the society has not commenced working within six months of its registration or such further time as may be granted by the Registrar or has ceased to function in accordance with co-operative principles. (3) The Registrar may cancel an order for the winding up of a society, at any time, in any case, where, in his opinion, the society should continue to exist. (4) A copy of such order shall be communicated by registered post to the society and to the State Co-operative Bank of which the society is a member.