Section 139 in Assam Co-Operative Societies Act, 2007
139. Conditions for supersession of the Board of State Co-operative Bank.
(1)The Board of a State Co-operative Bank shall be superseded only with the prior approval of the Reserve Bank.(2)The Board of a Primary Agricultural Credit Society shall be superseded by the Registrar only under the following conditions:-(i)that a society incurs losses for three consecutive years; or(ii)that serious financial irregularities or frauds have been identified; or(ii)that there are judicial directives to this effect; or(iv)there is a perpetual lack of quorum.Explanation. - "perpetual lack of quorum" means failure of holding three consecutive meetings for want of quorum.
