Amendment status not verified — confirm the current text below against the official source.
interlocutory orders :- Where an appeal is made under section 68 or where the [Government or the Registrar] calls for the record of a case under section 69, the appellate authority or the “[Government or the Registrar], as the case may be, may, in order to prevent the ends of justice being defeated, make such interlocutory orders, including an order of stay, pending the decision of the appeal or revision as such authority or the [Government or the Registrar] may deem fit. (1) Added by Punjab Act No. 27 of 2017 (2) Substituted by Punjab Act No. 20 of 2021 fee] (3,4&5) Substituted for the word "Government" by the Act 26 of 1969 w.e.f. 10th Sept., 1969 *[ CHAPTER XI-A] 2[INsuRED Co-operative BANK] SECTION -70-A 70-A Order for winding up, reconstruction, supersession of Committee etc. of Insured Co-operative Bank:- Notwithstanding anything contained in this Act,?[in the case of an insured co-operative bank,] - (1) an order for winding up or an order sanctioning a scheme of compromise or arrangement or of amalgamation or “[reconstruction including division or reorganisation] of the bank may be made only with the previous sanction in writing of the Reserve Bank of India; (2) 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 section 13-D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961.) (3) if so required by the Reserve Bank of India in the public interest or for preventing the affairs of the bank being conducted in the manner detrimental to the interests of the depositors or for securing the proper management of the bank, an order shall be made by the Registrar for supersession of the committee of the bank 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 committee of such bank; (1) Chapter XI-A inserted by Punjab Act 12 of 1981 (2) Substituted by Punjab Act 15 of fer 1994 (3&4) Substituted by Punjab Act 12 of 1981 (4) an order for winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or 2[reconstruction including division or reorganisation] or an order for the supersession of the committee of the bank and the appointment of an administrator therefor made with the previous sanction in writing or on the requisition of the Reserve Bank of India shall be final and shall not be liable to be called in question in any manner in any Court; and (5) the liquidator or ?[insured co-operative bank] or the transferee bank, as the case may be, shall be under an obligation to repay the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961) in the circumstances, to the extent and in the manner referred to in section 21 of the Act. Explanation-In this section, - (a) the expression “ co-operative bank” shall have the meanings assigned to it in the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961); (b) the expression “ insured co-operative bank” *[means a co-operative society] which is an insured bank under the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961); ‘[(bb) the expression "Reserve Bank of India" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (Central Act 2 of 1934); (c) the expression “ transferee bank” in relation to an insured co-operative bank means a co-operative bank - (1) Inserted by Punjab Act 12 of 1981 (2) Substituted by Punjab Act No. 15 of 1994 ies) (3) Substituted for the words " a Cooperative Bank" by the Punjab Act 15 of 1994 (4) Substituted by the Act Ibid (i) with which such insured co-operative bank is amalgamated , or (ii) to which the assets and liabilities of such insured co-operative bank is transferred, or (iii) into which such insured co-operative bank is divided under sub-section (1) of section 13.] CHAPTER XiIl OFFENCES AND PENALTIES SECTION-71