(1)
If the Registrar is satisfied that-
(2)
If the Registrar refuses to register a society and its bye-laws, he shall communicate within the period of one hundred and twenty days specified in sub-section (1), the order of refusal together with the reasons for the refusal to the chief promoter.
(3)
Where no order of refusal is communicated under sub-section (2) within the said period of one hundred and twenty days, it shall be deemed that the Registrar has registered the society and its bye-laws on the one hundred and twentieth day from the date of receipt by the Registrar of the application for registration.
(4)
Notwithstanding any thing contained in sub-section (3), the Registrar shall, review within such period as may be prescribed, the case of every society which is deemed to have been registered under sub-section (3), and satisfy himself whether such society complies with the provisions of sub-section (1) and in case such society does not comply with any of the provisions of the said sub-section (1), the Registrar shall, notwithstanding anything contained in section 137, by an order in writing direct the winding-up of such society and the provisions of sections 138 to 142 shall apply to such society which has been ordered to be wound-up under this section.