Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in the bye-laws of any Urban Cooperative Bank, there shall be reserved not less than two seats in the committees of such banks for members who possess experience in banking or professional qualifications: Provided that this section shall not be applicable to the committees of Urban Cooperative Banks constituted prior to the commencement of the Kerala Cooperative Societies (Amendment) Act, 2010. Explanation:- For the purpose of this section,-- (i)"members who possess experience in banking" means members who are or were in paid service of a Commercial Bank, State Cooperative Bank, District Cooperative Bank, an Urban Cooperative Bank or a Service Cooperative Bank in the managerial cadre. (ii)"professional qualifications" means membership in the Institute of Chartered Accountants of India or Masters Degree in Business Administration or Membership in the Institute of Cost and Works Accountants of India or Masters Degree in Commerce with experience in banking or experience in the inspection or audit of banks, including Cooperative Bank.] Inserted by Act 7 of 2010 w.e.f. 28-04-2010.