Section 72 in Karnataka Co-Operative Societies Act, 1959
72. Winding up of co-operative societies.
(1)If the Registrar after an inquiry has been held under section 64 or an inspection has been made under section 65 or on receipt of an application made by not less than three-fourths of the members of a co-operative society, is of opinion that the society ought to be wound up, he may issue an order directing it to be wound up.(2)The Registrar may, of his own motion, make an order directing the winding up of a co-operative society,-(a)[ where the number of members of the society has been reduced to less than the minimum number required for registration of the co-operative society; or] [Substituted by Act 25 of 1998 w.e.f. 15.08.1998.](b)where the co-operative society has not commenced working or has ceased to work; [or] [Inserted by Act 19 of 1976 w.e.f. 20.01.1976.](c)[ where the co-operative society has ceased to comply with the conditions imposed by or under this Act regarding registration and management.] [Inserted by Act 19 of 1976 w.e.f. 20.01.1976.](3)The Registrar may cancel an order for the winding up of a co-operative society, at any time, in any case where, in his opinion, the society should continue to exist.(4)[ Notwithstanding anything contained in this section, no co-operative bank shall be wound up [or an order for winding up shall be cancelled] [Inserted by Act 39 of 1975 w.e.f. 23.09.1975.] except with the previous sanction in writing of the Reserve Bank.]
