Section 57B(15) in The Chhattisgarh Co-Operative Societies Act, 1960
(15)(a)The board of the State Co-operative Bank and the Central Co-operative Banks shall not be superseded without prior consultation with the Reserve Bank.(b)The board of a primary agricultural credit co-operative society may be superseded only on any of the following grounds, if-(i)the society incurs losses for three consecutive years;(ii)serious financial irregularities as proven in enquiry for the purpose;(iii)fraud has been identified;(iv)lack of quorum in three consecutive meetings.
