Nominee of the Government on the committee

(1) Where the Government,-(a) have subscribed to the share capital of a society, or(b) have assisted indirectly in the formation or augmentation of the share capital of a society as provided in section 43, or(c) have guaranteed the repayment of principal and payment of interest on debentures issued by a society, or(d) have guaranteed the repayment of principal and payment of interest on loans and advances to a society, the Government or any authority specified by the Government in this behalf shall have the right to nominate to the committee not more than three persons as members or one-third of the total number of members of the committee, whichever is less, notwithstanding anything contained in the bye-laws of a society. (2) A member nominated to the committee under sub-section (1) shall, hold office during the pleasure of the Government or the specified authority, as the case may be. (3) Any nominee of the Government may refer to the Government, through the Registrar, any resolution the execution of which, in the opinion of the nominee, is likely to be prejudicial to the interests of the Government and the decision of the Government thereon shall be final and binding on the committee: Provided that the Government may suspend the execution of any such resolution pending the exercise of their powers under this sub-section.