(1) Notwithstanding anything contained in this Act in the multi state cooperative society Government may, by general or special order, for reasons to be therein, and subject to such conditions, if any, as may be specified exempt any cooperative society or class of such societies any of the requirement of this Act relating to registration. (2) (a) The Central Government may, by general or special order reasons to be recorded therein- (i) exempt any multi state society or any class of societies from any of the provisions of this Act or of the rules (ii) direct that such provisions shall apply to such society or societies with such modifications not affecting the substance as may be specified in the order provided that no order shall be made under sub-clause (ii) prejudice the interests of such society or class of such societies a reasonable opportunity being given to make representation matter in power to exempt multi state cooperative society from conditions as to registration . (b) Every order made under clause (a) shall be published in the Gazette. The validity of the action of the Government depends on the interpretation of some of the provisions of the Act. Chapter IV of the Act contains provisions regarding the direction and management of the multi-State cooperative societies. Section 34 sets out the disqualifications regarding a member of a Board; Section 35 provides for election of Members of Board which stipulates that the member shall be elected for a period not exceeding three years; Section 36 and Section 37 which are relevant in the present case and deal with the holding of office in cooperative societies read as follows When co-operative societies engage in banking business, in addition to the regulatory laws applicable to co-operative societies, the central laws governing banking are attracted. Thus, the Banking Regulation Act, 1949 has been made application for cooperative society banks, but as provided in the cooperative society.