Amendment status not verified — confirm the current text below against the official source.
1 Amendment of section 73A. - In section 73A of the iPrincipal Actg (I) after sub—sectionfl), the following new sub-sections (1A) and (113) shall be inserted, ‘ namely,- 1 “(1A) (a) Notwithstanding anything contained in sub-section (1), the members of the Board and the Chief Executive Officer of the State Co-operative Bank shah fulfill the criteria stipulated by the Reserve Bank for the time being in force. ' (b) A member ofthe Board ofthe State Co-operative Bank or a person hold'ng the post of Chief Executive Officer who does not fulfill’the criteria stipulated by the Reserve Bank shall be treated as ineligible for such post and if such person is holding the post, he shall be removed by the Registrar or the appointing authority, as the case may be, within two months ofbeing so advised by the Reserve Bank 01‘ the National Bank or'the State Government. 1 l .-8_, (1B) (21) f Notwithstanding anything contained in sub-sectidn (1) there shall be such number ofprofessionals having special or experience‘in'suc-h fields as) may be stipulated, by the Reserve Bank, on the Board of the State C'o—operative Bank and in case such number of elected directors, in the opinion ofthe Reserve Bank orthe National Bank, do not possess special knowledge or experience as stipulated by the Reserve Bank, the Board of Such State ‘Co-operative Bank shall co—opt such number ofprofessionals with full voting rights irrespective of — ' " ‘I ’ ' ' (i) the limit on the number ofmembers ofthe Board under this Act or Rules fi'amed thereunder or in the Bye—laws of such State Co-operative Bank, (ii) Whether such professional is a member of the State Co—operaLtiveBank or not; (b) if any person who in the opinion of the Reserve Bank, has been co-opted as a member ofthe Board under clause ( a) ofthis sub- section Without having requisite knowledge ' or experience as stipulated by the Reserve Bank, he.- shall, on being advised by the State Government or the Reserve Bank or the National Bank, be removed from the ofiice after giving him a reasonable opportunity ofbeing heard”; ' - (1]) after sub~section (4), the following new sub—section (5) shall be inserted, hamelygi- “(5) Notwithstanding anything contained in sub—section (4), no person shall be elected, nominated or co—opted ' or. allowed to continue as a member of the Board of a Short Term Co~operative Credit Structute Society, ifhe:— ' ' ' ' (i) is a person who represents a Society other than a PrimatyAgricultural Co-operative Credit Society on the Board of the State Co-operative Bank, if such Society to whom he represents has committed a default towards the payments of such Bank for a period exceeding ninety days, * .> V ' ' ' ' (ii) is a person who committed a default towards the payments to a PrimaryAgn'cultural Co-opera'tive Credit Society or represents a Primary Agricultural Co- operative Credit Society on the Board ofthe State Co-operati‘ve Bank, if such Society whom he represents has committed a default towards the payments of such Bank for a period exceeding one year; ' (iii) is a person who represents a Society Whose Board is superseded.” . I 19.‘ ‘Amendment of section 74. - In section 74 of the Principal Act,— (i) after subsection (2), the following new sub—section (2A) shell be inserted, namelyg' “ (2A) (a)Nofl1ing contained in éub-sectioh (2) shall apply to a Short Tenn- Co-operative Credit Structure Sdciety and theChief ExeCutive Officer of such Society shall be appointed by its Board; ’ ~