(1) If the opinion of the Central Registrar the board of any multi state cooperative society is persistently making default or is negligent performance of the duties imposed on it by this Act or the rules or laws or has committed any act which is prejudicial to the interests society or its members, or has omitted or failed to comply with any dire given to it under or that there is a stalemate in the Constar functions of the board, the Central Registrar may, after giving the be opportunity to state its objections, if any, and considering the object received, by order in writing, remove the board and appoint one administrators, who need not be nominee of Central Government or state government on board to manage the society for such period not exceeding one year, as may be spec the order, which period may, at the discretion of the Central extended from time to time, so, however, that the aggregate period exceed two years. (2) The Central Registrar may fix such remuneration for the admin as he may think fit and the remuneration shall be paid out of the funds of multi state cooperative society. (3) The administrator shall, subject to the control of the central and to such instructions as he may from time to time give, have pc exercise all or any of the functions of the board or of any officer of the multi state cooperative society and take all such actions as may be required interests of the society. (4) Save as otherwise provided in sub-section (5), the administrate before the expiry of his term of office, arrange for the constitution board in accordance with the bye-laws of the multi state cooperative society if at any time during the period the administrator is in office Central Registrar considers it necessary or expedient so to do, he I order in writing giving reasons therefore, direct the administrator for the constitution of a new board for such If at any time during the period of administrator is in office the Central Registrar considers it necessary or expedient so to do, he may, by order in writing giving reasons therefore, direct the administrator to arrange for the constitution of a new board for such multi state cooperative society in accordance with the bye-laws of such society and immediately on the constitution of such board, the administrators shall hand over the management of such society to such newly constituted board and cease to function .he is supporting them, have asked the RBI to initiate an inquiry into the alleged misuse of funds and take over the administration of the bank. The non-performing assets of the bank are around million much more than the actual figure shown by the bank. The Naps are unrecoverable, Mehta said. He clarified that they had no intention of taking over the bank application for registration of multi state cooperative society.