1974 (8) TMI 99

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e State Government. The notifications were issued in exercise of the, powers conferred by sections 54 and 121 Of the Mysore Co-operative Societies Act, 1959 hereinafter referred to as the Act. The management and administration of the Bank was conducted by the Committee consisting of the President, the Vice- President, and ten elected members from various constituencies and certain nominees of the State Government. At no time the Government nominated more then three persons as its representatives. The Bank had a share capital of Rs. 75 lakhs. The State Government contributed Rs.23.8 lakhs. The Reserve Bank of India advanced a loan' of Rs. 135 lakhs. The Apex Bank also gave a loan of Rs. 200 lakhs.. The State Government guaranteed the r....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... more than three persons or one third of the total number of members of the Committee of the Cooperative Society, whichever is less would be modified by substituting the words "have the right to nominate as its representatives 15 persons of the Committee of the Co-operative Society of whom one shall be appointed as Managing Director". The notification conferred power on the Managing Director subject to the policy decision of the Board, the right to conduct the business of the Bank and to sanction expenditure on establishment and certain other powers. The second notification nominated fifteen persons to form the Board of Directors of the Bank. The Deputy Commissioner Bellary was appointed the President of the Bank. The Bank challenged the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t which is pre judicial to the interests of the society or its members, or is otherwise not functioning properly, the Registrar may, after giving the committee an opportunity to state its objections, if any, by order in writing, remove the committee and appoint a new committee consisting of one or more members of the society in its place or appoint one or more Administrators who need not be members of the society. Section 30 further provides that the Registrar can manage the affairs of the society for such period or periods not exceeding two years. There is also a provision for extension of the period so that the aggregate period does not exceed four years. Section 29 to which reference has already been made provides for the nomination b....