(1)
Notwithstanding anything contained in Section 81, the supersession of the committee of the State Co-operative Bank or a Central Co-operative Bank under any provision of the Act shall be done only in consultation with Reserve Bank of India.
(2)
The committee of a Primary Agricultural Credit Co- operative Society shall be removed by the Registrar only under the following circumstances, namely :-
(i) if a society incurs losses for three consecutive years; or
(ii) if serious financial irregularities or frauds have been identified; or
(iii) if there is perpetual lack of quorum over a period of three months.
(3)
The members of the committee of a Primary Agricultural Credit Co-operative Society which has been removed under sub-section (2) shall not be eligible to become a member of the committee for a period of three years from the date of such removal.]