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77. Winding up of Multi-State Cooperative Societies.- (1) If the Central Registrar, after an inquiry has been held under section 69 or an inspection has been made under section 70, or on receipt of an application made by not less than three fourths of the members of a multi State cooperative society, is of the opinion that the society ought to be wound up, he may, after giving the society a reasonable opportunity of making its representations, by order, direct it to be wound up.
(2) The Central Registrar may, of his own motion and after giving the multi-State cooperative society a reasonable opportunity of making its representations, make an order directing the winding up of the multi-State cooperative society -
(a) where it is a condition of the registration of the society that the society shall consist of at least fifty members and the number of members has been reduced to less than fifty; or
(b) where the multi-State cooperative society has not commenced working within a period of six months of the date of its registration or such extended period as the Central Registrar may allow in this behalf or has ceased to function in accordance with cooperative principles.
(3) The Central Registrar may cancel an order for the winding up of a multi-State cooperative society, at any time, in any case where in his opinion, the society should continue to exist.
(4) A copy of such order shall be communicated by registered post to the multi-State cooperative society and to the financial institutions, if any, of which the society is a member.
(5) Notwithstanding anything contained in this section no cooperative bank shall be wound up except with the previous sanction in writing of the Reserve Bank.
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