Amendment status not verified — confirm the current text below against the official source.
(1) The Board may admit any primary bank or the Government as a member of the Agricultural Development Bank on application made in that behalf to that bank. (2) The Board may also admit any Company or Corporation or any body of persons, whether incorporated or not and whether or not established by or under any law, or a Co-operative society as a nominal or associate member of the Agricultural Development Bank on application made in that behalf to that bank: Provided that the previous approval of the Government shall be obtained for the admission of any company or corporation or body of persons. Explanation.- In this section "nominal or associate member" means a member who possess only such privileges and rights of a member and who is subject only to such liabilities of a member as may be specified in the regulations made by the Board.