Section 52(4) in The M.P. Co-Operative Societies Act, 1960
(4)[ When the Government has subscribed to the share capital of, or has guaranteed the repayment or principal and payment of interest on loans and advances to a society to the extent of rupees three lakhs or more and the society has incurred loss to the extent of twenty-five per cent or more of its owned capital, the State Government may, notwithstanding anything contained in this Act, the rules made thereunder or bye-laws of the society, nominate one of the members nominated by it under sub-section (1) as Chairman of the Committee of the Society and further appoint one of the nominated members as Managing Director/General Manager/Manager of the society.] [Inserted by M.P. Act No. 14 of 1976.]
