Section 115D(15) in Andhra Pradesh Co-Operative Societies Act, 1964
(15)(a)The supersession of the Managing Committee of APCOB/DCCB under Section 34 of the Act shall be done only in consultation with the RBI.(b)The supersession of the Managing Committee of a PACS under Section 34 of the Act shall be done only on the following grounds:-(i)if a society incurs losses for three consecutive years, or(ii)if serious financial irregularities or frauds have been identified, or(iii)if there are judicial directives to this effect, or(iv)f there is lack of quorum for three consecutive meetings, or(v)if there is a failure in getting the audit conducted as per the Act, or(vi)if there is a failure in conducting general body meeting as per the Act, or(vii)if there is wilful disobedience or failure to comply with any lawful direction/ guidelines issued by the Registrar.
