Winding up of multi State co operative societies.

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.... or special audit has been conducted under section 77 or an inquiry has been held under section 78 or an inspection has been made under section 79 1[or section 108], is of opinion that the society ought to be wound up, he may, after giving the society a reasonable opportunity of making its representations by order, direct it to be wound up. (2) The Central Registrar may, of his own motion and aft....

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....ay allow in this behalf or has ceased to function in accordance with 3[co-operative principles; or]. 4[(c) where the Central Registrar has reasons to believe that the registration was obtained by misrepresentation of facts, submission of false or misleading information, suppression of material facts or fraud thereby compromising the spirit of co-operation.] (3) The Central Registrar may cancel ....

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....bers present and voting in a general meeting decides for winding up of that society. 6[Provided that prior to winding up, "no objection" from the institutional lenders, who have outstanding loans from the society, shall be required in writing. Explanation.--For the purposes of this proviso, the expression "institutional lenders" includes banks, savings and loan association, trust compa....