Section 78(5) in The Manipur Co-operative Societies Act, 1976
(5)All acts done or purported to be done by the Board or administrator during the period the affairs of the society are carried on by the Board or administrator appointed under sub-section (1), shall be binding on the new Board.Board of management-automatic disqualification. - (6) The entire Board of Directors of a central co-operative bank, urban co-operative bank and primary land development bank and primary agricultural credit co-operative society shall stand automatically disqualified if the amount of default or the total number of defaulters exceeds 60% of the total demand and/or the total number of indebted societies/members in the case of central co-operative bank, urban co-operative bank and 70% of the total demand/or the total number of indebted members in the case of primary agricultural credit co-operative societies for a continuous period of two years.
