law: Multi-State Cooperative Societies Act, 1984 
  48. Supersession of
  
  board.- 
  
  1.     
  
    If
  
  in the opinion of the Central Registrar the board of any multi-State
  
  cooperative society is persistently making default or is negligent in the
  
  performance of the duties imposed on it by this Act or the rules or the
  
  bye-laws or has committed any act which is prejudicial to the interests of the
  
  society or its members or has omitted or failed to comply with any directions
  
  given to its under section 47 or that there is a stalemate in the constitution
  
  or functions of the board, the Central Registrar may after giving the board an
  
  opportunity to state its objections, if any, and considering the objections, if
  
  received, by order in writing, remove the board and appoint one or more
  
  administrators, who need not be members of the society to manage the affairs of
  
  the society for such period not exceeding one year; as may be specified in the
  
  order, which period may, at the discretion of the Central Registrar, be
  
  extended from time to time; so, however, that the aggregate period does not exceed
  
  two years.
  2.     
  
    The
  
  Central Registrar may fix such remuneration for the administrators as he may
  
  think fit and the remuneration shall be paid out of the funds of the
  
  multi-State cooperative society.
  3.     
  
    The
  
  administrator shall subject to the control of the Central Registrar and to such
  
  instructions as he may from time to time give, have power to exercise all or
  
  any of the functions of the board or of any officer of the multi-State
  
  cooperative society and take all such actions as may be required in the interests
  
  of the society.
  4.     
  
    Save
  
  as otherwise provided in sub-section (5), the administrator shall, before the
  
  expiry of his term of office, arrange for the constitution of a new board, in
  
  accordance with the bye-laws of the multi-State cooperative society.
  5.     
  
    If
  
  at any time during the period of administrator is in office the Central
  
  Registrar considers it necessary or expedient so to do, he may, by order in
  
  writing giving reasons therefor, direct the administrator to arrange for the
  
  constitution of a new board for such multi-State cooperative society in
  
  accordance with the bye-laws of such society and immediately on the
  
  constitution of such board, the administrators shall hand over the management
  
  of such society to such newly constituted board and cease to function.
  6.     
  
    Where
  
  a multi-State cooperative society is indebted to any financial institution the
  
  Central Registrar shall, before taking any action, under sub-section (1) in
  
  respect of that society, consult the financial institution.
  7.     
  
    Notwithstanding
  
  anything contained in this Act, the Central Registrar shall, in the case of a
  
  cooperative bank, if so required in writing by the Reserve Bank in the public
  
  interests or for preventing the affairs of the cooperative bank being conducted
  
  in a manner detrimental to the interests of the depositors or for securing the
  
  proper management of a cooperative bank, pass an order for the supersession of
  
  the board of that cooperative bank and for the appointment of an administrator
  
  therefor for such periods not exceeding five years in the aggregate as may from
  
  time to time be specified by the Reserve Bank.