Section 3
[(1A) No multi-State co-operative society shall appoint or continue the employment of any person as the Chief Executive who —
3 [(1A) No multi-State co-operative society shall appoint or continue the employment of any person as the Chief Executive who —
(a) is below the age of twenty-one years or has attained the age of seventy years:
Provided that any person above the age of seventy years may be appointed by a special resolution passed by three-fourth of the board members, in which case the explanatory statement annexed to the notice for such motion shall indicate the justification for appointing such person;
(b) is an undischarged insolvent or has any time been adjudged as an insolvent;
(c) has at any time been convicted by a court of an offence and sentenced for a period of more than six months; or
(d) does not meet the criteria for 'fit and proper', as determined by the Central Registrar in case of multi -State credit societies or in case of non -credit multi -State societies, does not meet the criteria as Central Government may prescribe in terms of education qualifications and relevant experience.]
(2) The Chief Executive shall be a member of the board and of the Executive Committee and such other committees or sub -committees as may be constituted under sub-section (1) of section 53.
(3) Where the Central Government or the State Government holds fifty-one per cent . or more of the equity share capital or of total shares of the multi-State co-operative society, the salary and allowances payable to and other terms and conditions of service including pension, gratuity and other retirement benefits of the Chief Executive shall be such as may be prescribed.
Roop's Law Assist