Amendment status not verified — confirm the current text below against the official source.
AGE QUALIFICATION OF A MEMBER CONDITIONS OF REGISTRATION 4A A Cooperative Society registered as a Co-operative Bank under this Act shall be an eligible Cooperative Bank within the meaning of clause (gg) of section 2 of Deposit Insurance and Credit Guarantee Corporation Act, 1961 and shall be bound by the following - Act No 47 of 1961 X (a) If so required by the Reserve Bank in the public interest or for preventing the affairs of the Cooperative 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 for the supersession of the committee of management or other managing body (by whatever name called) of the Co-operative Bank and the appointment of an administrator therefore for such period or periods not exceeding five years in the aggregate as may from time to time specified by the Reserve Bank. (b) An order for the winding up of the Co-operative Bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction or an order for the supersession of the committee of management or other managing body (by whatever name called) of the Co-operative Bank and the appointment of an administrator therefore made with the previous sanction in writing or on the requisition of the Reserve Bank shall not be liable to be called in question in any manner. (c) The liquidator or the insured Co-operative Bank or the transferee Co operative Bank, as the case may be, shall be under an obligation to Act No. 47 repay the Corporation in the circumstances, to the extent and in the o f 1961 manner referred to in section 21 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 ” No person may become an individual member of a registered cooperative society unless he is above eighteen years of age, provided that the bye laws of a society may prescribe a higher minimum age and he is not otherwise disqualified under this Act. (1) No society other than a society of which a member is a registered society shall be registered under this Act which does not consist of at least such number of eligible persons as may be prescribed by the Registrar of Cooperative Societies: THE ASSAM GAZETTE, EXTRA ORDINARY, FEBRUARY 4, 2012 375 (2) (3) RESTRICTIONS