Amendment status not verified — confirm the current text below against the official source.
(1) The capital of 25% State equity would be applicable to State Cooperative Banks Supersession of committee Contribution of fund Abolition of cadre system Audit Obligation of the Registrar (SCBs) in the normal course but the State Government would be permitted to contribute equity in excess of this limit only if equity infusion is required in the SCB to enable it to comply with section 11 (1) of the Banking Regulation Act, 1949 (Act 10 of 1949). There will be only one Government representative on the Board of SCB. The CEO of the SCB shall not be regarded as the representative of the State Government. However, there will be no Government nominee on the Board of PACSILAMPSIFSS irrespective of the State equity in such an entity. Provided that the State Government may contribute equity in excess of the aforesaid limit only if equity infusion is required in the State Co-operative Bank, to enable it to comply with section 11 (1) of the Banking Regulation Act, 1949 (Central Act 10 of 1949).