Amendment status not verified — confirm the current text below against the official source.
For the removal of doubt, it is hereby declared that the provisions of the Companies Act, 1956 shall not apply to loeieties registered, or deemed to be registered under thieAet. CHAPTER xv manner) COOPERATIVE BANKS 16-7; Notwithstanding anything contained in this Act, in the case of an insured co-operative bank- “J? ~"" ~“' ,9“ a, (i) an order for the winding up, or an 'brder sanctioning a Scheme of compromise or arrangement, or of amalgamation, or recenstructien (including division or reorganisation), of the‘ bank may be made only With the previous sanction in writing of the Reserve bank of India ; (if) an order for the Winding up of the bank shall be made by the Registrar if so required by the Reserve Bank of India, in the circumstances referred to in 1[sect 13-D] of the 2[Deposit Insurance and Credit Guarantee t30rpomtion] Act, 1961; iii) if so required by the Reserve Bank of India. in the public interest or for preventing the affairs of the bank being con— ducted in a. manner detrimental to the interests of the depositors or for securing the proper management of the bank, an order shall be made for supersession (removal) of the committee of management and the appointment of an Administrator therefor for such period or periods, not exceeding five years in the aggregate, as may from time to time be specified by the Reserve Bank of India, and the Administrator so appointed shall, after the expiry of his term of office, continue in office until the day immediately preceding the date of the first meeting of the new committee ; (iv) no appeal, revision or review shall lie or be permissible against an order such as is referred to in clauses, (i), (ii) or (i) made with the previous sanction in writing or on the requisition of the Reserve Bank of India. and such order or sanction shall not be liable to be called in question in any manner ; and (v) the liquidate: or the insured oo-operetive bank or transferee bank, as the case may be, shall be under an obligation to repay the ”[Deposit Insurance and Credit Guarantee Corpo- petion] established under the ‘[Deposit Insurance and Credit Guarantee Corporation] Act, 1961, in the circumstances. to the extent and in the manner referred to in section 21 of that Act. Explanation :—For the purposes of this section “A Go-operative rank” means a. bank as has been defined in the 5[Deposit Insurance and Credit Guarantee Corporation] Act, 1961. (ii) “Insured Co-operative Bank” means a. society which is an insured bank under the provisions of the 6[Depoeit Insurance and Credit Guarantee Corporation] Act, 1961. (iii) “Trensferee Bank” in relation to an insured co-operative bank means a, co-operative bank, (a) with which such insured oo-operative bank is amalgamated, or (b) to which the assets and liabilities of such insured co-operetiva ‘ bank are transferred, or (G) into which such insured co-operative bank is divided or con- verted under the provisions of sections 17 and 18. 7f t / Amendment 1) The word. figures and letter were subetituted for the word and figures "section L; 130” by Man. Act12 of 1984, aeoton 15. 2, 3, 4, 5. 6 z— The Words “Deposit Insurance and Credit Guarantee Corporation” were substituted for the words "Deposit Insurance Corporation” by Man, Act 12 of 1984, sect. 15.