What are the provisions under which a board can be superseded for a co-operative society carrying on the business of banking?
Under the provisions of Article 243ZK, a board can be superseded for a co-operative society carrying on the business of banking if: (i) it has been in persistent default; (ii) there is negligence in the performance of its duties; (iii) the board has committed any act prejudicial to the interests of the co-operative society or its members; (iv) there is stalemate in the constitution or functions of the board; or (v) the authority or body as provided by the Legislature of a State, by law under clause (2) of article 243ZK, has failed to conduct elections in accordance with the provisions of the State Act. Additionally, for co-operative societies carrying on the business of banking, the Banking Regulation Act, 1949 also applies.