29. The following new Chapter is hereby inserted immediately after Chapter XI of the principal enactment and shall have effect as Chapter XIA of the. principal enactment:- "
| 60A.
| | (1) Where a registered society obtains a loan, advance or grant from the Government, every such loan, advance or grant shall be subject to the following conditions : "
| | | (a) that the approval, in writing of the Registrar, shall be obtained by the society prior to acquiring by way of purchase, lease, gift or otherwise any land, building or other movable or immovable property or alienating by way of sale, mortgage, lease, exchange or in any other manner, and land buildings, and other movable or immovable property for any purpose connected with its objects ; |
| (b) that the funds of the society shall be deposited or invested in any securities other than in a primary mortgage of immovable property in terms of section 20 of the Trust Ordinance or with any banker or a person acting as a banker approved for such purpose by the Registrar, or in the shares, or on the security of any other registered society, approved for the purpose by the Registrar, or in any other mode provided for, by the rules. |
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| | (2) If the Registrar is of opinion after an inquiry or inspection into the books of the registered society under section 46 that the committee of a registered society operating with State funds, is not performing its duties as required he may after giving such committee an opportunity to state It objections if any, to its dissolution report his findings to the general body summoned by him in accordance with the rules and such general body shall remove the committee within the time specified by the Registrar and; if the general body fails or neglects to do 30. the Registrar shall remove the committee and require the general body to appoint a Board of management. If the general body fails to appoint a Board of Management within fourteen days the Registrar may appoint a suitable person or persons to manage the affair of such Society. The members of the committee so removed shall not be eligible to be elected to office of any registered society for a period of five years from the date o' such removal. The Board of Management appointed under this section shall hold office for the same period and shall have the same powers and functions as a person appointed under paragraph (b) of subsection (1) of section 48. | | |
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| 60B.
| | (1) If the Registrar is of the opinion after an inquiry and inspection into the books of the registered society under section 46, that any officer or employee of any registered society is not performing his duties in a proper manner, or is unfit or otherwise unable to discharge his duties efficiently, he may notwithstanding anything to the contrary in this Law, the Co-operative Employees Commission Act, No. 12 of 1972 or any other Law after giving such officer or employee, an opportunity to state their objections, by order in writing suspend or interdict, as the case may be such officer or employee pending such inquiry as may be necessary and after such inquiry remove such officer or employee from office : | | |
| | (2) Where any employee is removed under subsection (1) and where such order for removal has been affirmed by the Co-operative Employees' Commission or no appeal against such order has been preferred within thirty days, another employee may be appointed, in accordance with the provisions applicable in respect of such appointment. | | |
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| 60C. Where the Registrar is of opinion that is it necessary or expedient to do so for the purpose of ensuring efficient management of the affairs of a registered society operating with State funds or for the purpose of safeguarding any investments or advances in money or goods made to such society by the Government may notwithstanding anything to the contrary in this Law or any other law or in the by-laws of such society, nominate such number of persons to be members of the committee of such registered society as are in his opinion necessary or expedient for such purpose : |
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Sri Lanka Consolidated Acts