Section 46 - Amendment of section 123 - Multi-State Co-operative Societies (Amendment) Act, 2023

Amendment of section 123. 46 . In section 123 of the principal Act, (i) in sub-section (1), (a) for the portion beginning with or has committed any act and ending with the aggregate period does not exceed one year , the following shall be substituted, namely: or has committed any act including fraud, misappropriation and the like which is prejudicial to the interests of the society or its members, or has omitted or failed to comply with any directions given to it under section 122 in public interest or that there is a stalemate in the constitution or functions of the board or the Co-operative Election Authority has failed to conduct elections in accordance with the provisions of this Act, the Central Government may, after giving the board an opportunity to state its objections, if any, and considering the objections, if received, by order in writing, supersede or suspend the board and appoint one or more administrators, who need not be members of the society, to manage the affairs of the society for such period not exceeding six months, as may be specified in the order: ; (b) for the proviso, the following proviso shall be substituted, namely: Provided that while taking a decision for supersession or suspension on grounds of failure to conduct election, such action shall only be taken if the Board had not given requisition to hold election to the Co-operative Election Authority within the time limit or not extended necessary assistance as per the provisions of section 45. ; (ii) for the Explanation, the following Explanation shall be substituted, namely: Explanation. For the purposes of section 122 and this section, the expression specified multi-State co-operative society means any multi-State co-operative society where there is Government shareholding or loan or financial assistance or any guarantee by the Government. .