Section 144-7A : Disposal of property not required for non- agricultural co-operative credit society
Notwithstanding anything contained in section 144-4A, no non-agricultural co-operative credit society shall hold any immovable property howsoever acquired, which is not required for its own use, for any period exceeding seven years from acquisition thereof or from the commencement of the said Amendment Act, 2017, whichever is later or any extension of such period under this section, and such property shall be disposed of within such period or extended period, as the case may be :
Provided that, the non-agricultural co-operative credit society may, within the period of seven years as aforesaid deal in any such property for the purpose of facilitating the disposal thereof :
Provided further that, the Registrar may in any particular case extend the aforesaid period of seven years by such period not exceeding three years, where he is satisfied that such extension shall be in the interest of the non- agricultural co-operative credit society and shall also be subject to such terms and conditions, as he may deem fit.
