Section 69 in The M.P. Co-Operative Societies Act, 1960
69. Winding up of Societies.
(1)If the Registrar, after an inquiry has been held under Section 59, or an inspection has been made under Section 60 or on receipt of an application made by not less than three-fourths of the members of a 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 society,-(a)where the society has not commenced working within a reasonable time of its registration or has ceased to work; or(b)where in the opinion of the Registrar the society has been working mainly for promoting the interest of any individual or group of individuals and not of the members generally; or(c)where the society has ceased to comply with any conditions as to registration or management under this Act, rules or bye-laws; or(d)[ Where the primary credit society continues to be in default by not recovering its full overdue demand from members for continuous three co-operative years and even after supersession, it fails to recover full overdue demand.] [Inserted by M.P. Act No. 14 of 1976.](3)No order under sub-section (1) or sub-section (2) shall be passed unless the society concerned has been given a reasonable opportunity of showing cause against the proposed order and representation, if any made by it is considered.(4)The Registrar may cancel an order for the winding up of a society, at any time prior to the cancellation of its registration in any case where, in his opinion, the society should continue to exist.(5)[ Notwithstanding anything contained in this section, no co-operative bank shall be wound up, except with the previous sanction in writing of the Reserve Bank of India.] [Inserted by M.P. Act No. 8 of 1970.]
