Section 140

(1) No co-operative society shall appoint any person as its Secretary who does not possess the qualifications laid down under Section 120, or who fails to furnish the security as may, if any, be required under that section. Every such appointment shall be subject to the Regulations, if any, framed under section 121 or 122 (2) Where the Government- (a) has subscribed to the share capital of co-operative society to the extent of not less than one lakh rupees; or (b) has given loans or made advances to a co-operative society; or (c) has guaranteed the repayment of principal and the payment of interest on debentures issued by a co-operative society; or (d) has guaranteed the repayment of principal and payment of interest and loans and advances to a co-operative society;