Section 144-24A : Moratorium and or directions to non- agricultural co-operative credit society
(1)The Registrar shall have power to impose moratorium and or issue directions, after giving an opportunity of being heard, where he is satisfied to do so, in case of any non-agricultural co-operative credit society, in order to prevent the affairs of any non-agricultural co-operative credit society being conducted in a manner detrimental to the interest of the depositors and, or members, or in a manner prejudicial to the interest of the non-agricultural co-operative credit society, or to secure the proper management of the non-agricultural co-operative credit society.
(2)For the purposes of this section, the Registrar may,—
(a)impose restrictions on any non-agricultural co-operative credit society for refund of deposit and or its withdrawal, till such date as may be specified;
(b)issue orders when a society shall not accept any more and further deposits, till it complies with certain conditions as related to Statutory Liquidity Ratio and Cash Reserve Ratio or any other condition; or
(c)modify or cancel any moratorium or direction issued under subsection (1), and in so modifying or cancelling any moratorium or direction, may impose such conditions as he may deem fit, subject to which the modification or cancellation shall have effect
