The Manipur Co-Operative Societies (Third Amendment) Act, 1987

THE MANIPUR CO—OPERATIVE SOCIETIES (THIRD
AMENDMENT) Bari 1987
AM
‘B’I’BL/A-d'
further to amend the Manipur Co-operative Societies Act;
1976 (Manipur Act‘ No. 14 of 1976).
BE it enacted by the Legislature of Manipur in the
Thirty eight Year of the Republic of India as follows:
1. (1) This Act may be called the Manipur Co—operative Short tide
Societies (Third Amendment) Act, 1987. “d m-menoement.
(2) It shall come into force _on the date of its
publication in the Ofi‘icial Gazette.
2
2:91:55?an 2. For ciause (iii) of section 167 of the Manipur
167. Co-operative Societies Act, 1976; the following shall be
substituted, namely,—
“(iii) If so required by the Reserve Bank of India
in the public interest or for preventing the affairs of
the Bank being conducted in a manner detrimental to
the interest of the depositors or for securing the proper
management of the Bank, an order shall be made by
the Registrar for supersession (removal) of the
committee and the appointment of an Administrator
thereof for such period or periods, not exceeding
5 years in the aggregate, as may from time to time be
specified by the Reserve Bank of India, and the
Administrator so appointed shall, after the expiry of
hisgterm of office continue in office until the day
immediately preceding the date of the first meeting
hi the new committee”. , ,

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