INSURED
CO-OPERATIVE BANK
110-A.
|
||
Notwithstanding anything contained in this Act, in the case of an
insured co-operative bank-
|
||
(i)
|
an order for the winding up, or an order sanctioning a scheme of
compromise or arrangement, or of amalgamation, or reconstruction (including
division or re-organisation), of the bank may be made only with the previous
sanction in writing of the Reserve Bank of India;
|
|
(ii)
|
an order for the winding up of the bank shall be made by the Registrar
if so required by the Reserve Bank of India in the circumstances referred to
in section 13-D of the Deposit Insurance Corporation Act, 1961;
|
|
(iii)
|
if
so required by the Reserve Bank of India in the public interest or for
preventing the affairs of the bank being conducted in a manner detrimental to
the interests of the depositors or for securing the proper management of the
bank, an order shall be made by the Registrar “for
suspension or supersession of the committee, as the case may be, and the
appointment of an Administrator in its place for such period, not exceeding
one year. In case of supersession, an Administrator so appointed shall,
before the expiry of his term of office, arrange for holding election to
constitute the new managing committee and handover the management to the newly
constituted committee. In case of suspension of the committee, the Registrar
with prior permission of the Reserve Bank of India, shall revoke the order of
suspension and direct the Administrator to handover the management to the
committee”; [* Was substituted By MAH.
XXIV of 1961]
|
|
(iv)
|
An order for the winding up of the bank or an order sanctioning a
scheme of compromise or arrangement or of amalgamation or reconstruction
(including division or re-organisation) or an order for the “suspension or
supersession” [* Was substituted By MAH. XXIV of
1961] of
the committee and the appointment of an Administrator therefore made with the
previous sanction in writing or on the requisition of the Reserve Bank of
India shall not be liable to be called in question in any manner; and
|
|
(v)
|
The Liquidator or the insured co-operative bank or the transferee
bank, as the case may be, shall be under an obligation to repay the Deposit
Insurance Corporation established under the Deposit Insurance Corporation
Act, 1961, in the circumstances, to the extent and in the manner referred to
in section 21 of that Act.
|
|
Explanation: In this section;
|
||
(a)
|
The expression "an insured co-operative bank" means a
society which is an insured bank under the provisions of the Deposit
Insurance Corporation Act, 1961;
|
|
(b)
|
The expression "the transferee bank" has the same meaning as
assigned to it in that Act.
|
|
(2)
|
Notwithstanding anything contained in this Act, in the case of the
District Central Co-operative Bank and the State Co-operative Bank, the supersession
of the Board and appointment of liquidator shall be made by the Registrar,
within one month of being so advised by the Reserve Bank of India.
|
|
.jpg)
.jpg)
.png)
.png)