Sri Lanka Consolidated Acts

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Co-operative Societies (Amendment) Act (No. 11 of 1992) - Sect 22

Replacement of section 48 of the principal enactment

22. Section 48 of the principal enactment is hereby repealed and the following new section is substituted therefor: "
48.
(1) If the Registrar is of opinion after an inquiry or inspection into the books of the registered society under section 46 that the committee of a registered society is not performing its duties in a proper manner, he may after giving the committee an opportunity to state its objections, if any, to its dissolution, report his findings to the general body summoned by him in accordance with the rules, if such inquiry or inspection under section 46 had been held or: his own motion or, to the general meeting summoned in accordance with the by-laws, if such inquiry or inspection had been held on the application of a majority of the committee or, of not less than one-third of the number of members, and the general body may"
(a) remove the offending committee member or members and fill the resulting vacancy's in accordance with the by-laws ;
(b) dissolve the committee and elect a new committee or appoint a suitable person or body of persons to manage the affairs of the Society.
(2) The committee so elected or person or persons so appointed shall hold office for the remainder of the period of office of the dissolved committee.
(3) The person or persons appointed under paragraph (b) of subsection (1) may exercise all the powers, rights and privileges of a duly appointed committee of the society.
(4) Any person or persons appointed under paragraph (b) of subsection (1) shall be jointly and severally responsible for any loss sustained through any such acts committed by them as are contrary to the law, rules or by-laws of the society.
(5) The general body may fix the remuneration payable to any person, appointed under paragraph (b) of subsection (1) to manage the affairs of the society. The amount of such remuneration and other expenses, if any, incurred in the management of the society shall be payable from its funds.
(6) It shall be the duty of the person or persons appointed under this section to manage the affairs of a registered society dissolved under paragraph (b) of subsection (1) and holding office immediately prior to the date on which it ceases to hold office and to arrange for the election of a new committee in accordance with the by-laws of the society.
(7) Nothing in this section shall be deemed to affect the power of the Registrar to cancel the registration of the society under section 49. ".

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