Amendment status not verified — confirm the current text below against the official source.
Chan, VI-B and Secs, 44 AJ to 44 AO Ins. by Act 39 of 1982, Bihar Co-operative Societies Act, 1935 [51 Insurance Corporation Act, 1961 (47 of 1961) in addition to the provisions contained in other parts of this Act, where any question of apparent or implied inconsistency arises, the provisions of this Chatper shall prevail over the provisions of the other parts of this Act. (2) For the purposes of this Chapter, 'Deposit Insurance Corporaton means the Deposit Insurance Corporation established under the Deposit Insurance Corporation Act, 1961 (47 of 1961) and 'Reserve Bank'means the Reserve Bank of India established under the Reserve Bank of India Act, 1934 (2 of 1934). Comments & case law [Section 44AJ read with Clause 48 of the bye-laws of Central Co-operative Bank, Arrah-although the Registrar is empowered to rescind or cancel the resolution of the Board of Directors within four weeks from the date on which the Board's proceeding was received by him, the order passed by the Registrar after the said period under the orders of the High Court certainly cannot be held bad for want of any authority or jurisdiction. Ajay Kumar Mishra vs. Registrar, Co-operative Societies, 1995(2) PLJR 397.] 44AK. Division, amalgamation, compromise, etc.-(1) No order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction or of division or transfer of assets and liabilities of a Co-operative Bank shall be made without the previous sanction in writing of the Reserve Bank. 4 (2) Where an order of moratorium has been made by the Central Government under sub-section (2) of section 45 of the Banking Regulation Act, 1949 (10 of 1949) in respect of a Co-operative Bank, the Registrar, with the previous approval of the Reserve Bank in writing may during the period of moratorium, prepare a scheme, (i) for the re-construction of the Co-operative Bank; or (ii) for its amalgamation with any other Co-operative Bank (herein referred to as the transferee Bank). (3) Notwithstanding anything to the contrary contained in this Act where a Cooperative Bank being an insured bank within the meaning of the Deposit Insurance Corporation Act, 1961 (47 of 1961) is amalgamated or in respect of which a scheme of compromise or arrangement or of reconstruction has been sanctioned and the Deposit Insurance Corporation has become liable to pay to the depositors of the insured bank, under sub-section (2) of section 16 of the Act, the bank with which such insured bank is amalgamated or, the new Co- operative Bank formed after such amalgamation or, as the case may be, the insured bank or the transferee bank shall be under an obligation to repay the Deposit Insurance Corporation in the circumstances, to the extent and in the manner referred to in section 21 of that Act. 44AL. Supersession of Managing Committee of Co-operative Bank.- Notwithstanding anything contrary contained in this Act Registrar shall if so required in writing by the Reserve Bank in public interest or for preventing the affairs of the Co-operative Bank being conducted in a manner detrimental to the interests of the depositors or for securing the proper management of the Co-operative Bank; pass an order for the supersession of the managing committee or other managing body (by whatever name called) of that Co- operative Bank and appointment of an administrator therefore, upon such terms and for such periods not exceeding five years in the aggregate, as may from time to time be specified by the Reserve Bank. Sec.44AR ] Bihar Co-operative Societies Act, 1935 there will be only one such society in each panchayat. (b) Notwithstanding anything to the contrary contained in this Act, if the area of a Primary Agriculture Credit Society is found not to be that of a panchayat as provided under sub-clause (a) of this subsection, the Registrar or an officer authorized by Registrar to act on his behalf, who shall not be below the rank of Assistant Registrar, may order for reorganization including amalgamation or division of one or more such societies as the case may be and register the new society/ societies after such reorganisation." ["(3) Notwithstanding anything contrary in this Act, the society or societfes which are reorganised under sub-section (2) along with its managing committee shall be deemed to have been dissolved and shall cease to exist from the date of registration of the new society/ societies under sub-section (2) and the membership of such registered society shall stand transferred to the respective primary agriculture credit society created for the panchayat to which such members belong after reorganization under sub-section (2) and all the assets and liabilities thereof shall get divided/distributed amongst the new society/ societies in the manner prescribed by the Registrar/Government: Provided that the State Govt. may from time to time, declare a moratorium on the liabilities of the new society/societies created under sub-section (2) of this Section." ["(4)(a) Notwithstanding anything contrary in this Act, upon the reorganisation of societies under sub-section (2) of this section and establishment of new society/ societies under sub-section (3) of this section, the Registrar/Government shall constitute or provide for constitution of an ad hoc managing committee for the purposes of managing the affairs of the new society/societies till such time as a new managing committee is constituted after elections under the provisions of this Act and the ad hoc managing committee so constituted shall exercise such powers and perform such functions as may be prescribed. (b) Notwithstanding anything contrary in the Act, upon the constitution of the new managing committee after elections under clause (a) the managing committee of all such affiliating societies o which a primary agriculture credit society is a member or federation of such affiliating societies, shall be reconstituted, as per provisions contained in this Act for constitution of the managing committee of such societies." '[x x x x] (6) Every family residing within the local limits of the new society determined under 2[sub-section (2) shall be represented by at least one adult member of the family who shall be a normal or associate member of the society and shall be entitled to a right of voting if he pays a [membership fee] and may become a full-fledged member of the society if he purchases at least one share of the society and he shall be entitled to receive loan therefrom and shall also be eligible to hold any elective post of the society. 44AR. Appeal from the order of the Registrar.--Any person aggrieved by the liquidation under sub-section (1) of section 44A0 or by amalgamation or establishment of new societies and the registration there of under sub-section (2) of the said section may file a representation before the State Government against the