Section 57B(4) in Kerala Cooperative Societies Act, 1969
(4)Notwithstanding anything contained in sub-section (3) the Registrar may exempt any society for a period up to one year by a general or special order from enrolling such societies under the Deposit Guarantee Scheme with reasons to be recorded:Provided that if any society violate the prohibition order under sub-section (3) the Registrar shall be competent to demand a sum of rupees five thousand only as penalty. If any society fails to pay such penalty, within two weeks from the date of receipt of demand notice, the Registrar shall be competent to issue direction to the financing bank to recover the amount from the account maintained in the financing bank by the society, or to recover the amount under the provisions of the Kerala Revenue Recovery Act, 1968 (15 of 1968). If the violation is a continuing one, a further penalty of rupees one thousand for every day shall be levied, after the first day during which the violation continues.] [Inserted by Kerala Act No. 8 of 2013.]
