Amendment status not verified — confirm the current text below against the official source.
Winding up of societies.-(1) If the Registrar, after an inquiry has been held under section 59, or an inspection has been made under section 60 or on receipt of an application made by no less than three-fourths of the members of a society, is of opinion that the society ought to be wound up, he may issue an order directing the winding up of a society.- (a) where the society has not commenced working within a reasonable time of its registration or has ceased to work; or (b) where in the opinion of the Registrar the society has been working mainly for promoting the interest of any individual or group of individuals and not of the members generally; or (c) where the society has ceased to comply with any conditions as to registration or management under this Act, rules or bye-laws; or (d) Where the primary credit society continues to be in default by not recovering its full overdue demand from members for continuous three cooperative years and even after super session, it fails to recover full overdue demand. (3) No order under sub-section (1) or sub-section (2) shall be passed unless the society concerned has been given a reasonable opportunity of showing cause against the proposed order and representation, if any made by it is considered. (4) The Registrar may cancel an order for the winding up of a society, at any time prior to the cancellation of its registration in any case where, in his opinion, the society should continue to exist. (5) Notwithstanding anything contained in this section, no co-operative bank shall be wound up, except with the previous sanction in writing of the Reserve Bank of India. 69-A. Winding up of Co-operative Bank. - Notwithstanding anything to the contrary contained in this Act, the Registrar shall make an order for winding up of a Co-operative Bank, within one month, if so required by the Reserve Bank of India in the circumstances mentioned in section 13-D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (No.47 of 1961) or otherwise. 69-B. Reimbursement of Deposit Insurance Corporation in case of insured Bank.-Where a co-operative Bank, being an insured bank within the meaning of the Deposit Insurance Corporation Act, 1961 (No.47 of 1961), is wound up, or taken into liquidation, and the Deposit Insurance Corporation has become liable to the depositors of the insured bank under sub-section (1) of section 16 of that Act, the Deposit Insurance Corporation shall be reimbursed 59 in the circumstances, to the extent and in the manner provided in section 21 of the Deposit Insurance Corporation Act, 1961 (No.47 of 1961).