Amendment status not verified — confirm the current text below against the official source.
Supersession of Managing Committee of Cooperative 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 Cooperative Bank being conducted in a manner detrimental to the interests of the depositors or for securing the proper management of the Cooperative Bank; pass an order for the supersession of the managing committee or other managing body (by whatever name called) of that Cooperative Bank, appoint an administrator, 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.