Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in this Act or in any other law for the time being in force, the District Cooperative Banks may by a resolution passed by a simple majority of the members present and voting at the special general body meeting of the members, transfer its assets and liabilities in whole to the Kerala State Cooperative Bank and such transfer shall take effect from the date on which the Registrar approves the resolution. (2) The resolution shall contain particulars of the assets and liabilities to be transferred. (3) When a District Cooperative Bank has passed any such resolution, under sub- section (1), it shall give notice thereof in writing to all its members within seven days from the date of resolution, notwithstanding anything contained in the provisions of Section 24 or any rules or any bye-laws and sub-rules or any contract to the contrary, any member shall, within a period of thirty days from the date of issuance of the said notice, have the option of withdrawing his shares, deposits or closing loans, as the case may be: Provided that any other debtor or creditor shall be informed of such resolution through publication of notice in two leading daily newspapers in vernacular language within seven days from the date of resolution that they have the option to withdraw deposit, loans, as the case may be, within a period of thirty days from the date of publication of notice. (4) Any member or creditor or debtor who does not exercise his option within the period specified in sub-section (3) shall be deemed to have given his assent to the proposals contained in the resolution. (5) On and from the date of approval of transfer of assets and liabilities of each District Cooperative Bank by the Registrar, all the assets and liabilities as it stood immediately before the transfer shall without any further act, instrument or deed, stand transferred to and vested in the Kerala State Cooperative Bank. (6) On and from the date of approval of transfer of assets and liabilities of each of the District Cooperative Bank by the Registrar, all pending suits or legal proceedings by or against such Banks shall be continued by the Kerala State Cooperative Bank.] Inserted by Act 1 of 2019, (w.e.f. 08/01/2019).