Co-Operative Housing Societies Act 1958

If the Registrar is of the opinion that—

a society has contravened this Act and, after being given written notice of the contravention by the Registrar, has allowed the contravention to continue or has again contravened this Act; or

a society is trading unprofitably or has a deficiency in its net tangible asset position; or

the affairs of a society are being conducted in an improper or financially unsound way—

The Registrar may, by written notice given to the society, revoke the notice.

While a society is under direction, the Registrar may—

order an audit of the affairs of the society by an auditor chosen by the Registrar at the expense of the society; or

direct the society to change any practices that in the Commission's opinion are undesirable or unsound; or

direct the society to cease or limit the raising or lending of funds or the exercise of other powers; or

remove an officer, or all the officers, of the society from office and appoint another officer or other officers; or

remove any auditor of the society from office and appoint another auditor; or

give any other directions as to the way in which the affairs of the society are to be conducted or not conducted.

If the society—

fails, without reasonable excuse, to comply with a direction given or requirement made under this section to the extent that the society is capable of doing so; or

without reasonable excuse, obstructs, hinders or resists the exercise of the Commission's powers under this section—

An officer or auditor appointed under this section holds office for such term as the Registrar directs.