Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in this Act, in the cag, of a Order for winding and supersession ured Co-operative Bank up. reconstruction Self-Supporting Ins for windi r an order sanctioni (a) an order fot winding up o ning a Chem y of Board of selt- supporting co- operative Bank (b) (c) (d) (e) compromise or arrangement or of amalgamati,, 0 reconstruction including division or re-organizatiop, Of the bank, may be made only with the previous sanction i, Writing of the Reserve Bank of India ; an order for the winding up of the bank, shall be made by the Registrar, if so required by the Reserve Bank of India ip the circumstances referred to in section 13-D of the Deposi; Insurance and Credit Guarantee Corporation Act, 1961 (Centry; Act 47 of 1961) ; if so required by the Reserve Bank of India in the public interes or for preventing the affairs by the bank being conducted in the manner detrimental to the interest of the depositors or for securing the proper management of the bank, an order shall be made by the Registrar for supersession of the Board of the Bank and the appointment of 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 Board of such bank ; an order for winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction including division or reorganization or an order for the supersession of the Board 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, shal be final and shall not be liable to be called in question in any manner in any court ; and the liquidator of the Self-Supporting Insured Co-operative Bak or the Transferee Bank, as the case may be, shall be under an obligation to repay to the Deposit Insurance and Credit Guarante® Corporation established unger the Deposit Insurance and Cred! Guarantee Corporation Act, 196] (Central Act 47 of 1961) I" thie circumstances to the extent and in the manner referred to 1? section 11 of the aforesaid Act of 196]. PUNJAB GOVT GAY (EXTRA), NOV 8 2010 125 ((KRTK 17,1932 SAKA) | (a) the expression “Self-Supporting, the meaning assig, Insurance and Cre Act 47 of 1961) : Co-operative Bank shall have ned to the co-operative bank in the Deposit dit Guarantee Corporation Act, 1961 (Central (hb) the expression “Sell-Supporting Insured Co-operative Bank" means a self-supporting co-operative society which is an Insured Bank under the provisions of the Deposit Insurance and Credit Guarantee Corporation Act. 196] (Central Act 47 of 1961) ; (c) 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) (d) the expression “Transferee Bank” in relation to Self-Supporting Insured Co-operative Bank, means a co-operative bank— (i) with which such Self-Supporting Insured Co-operative Bank is amalgamated ; or (ii) to which the assets and liabilities of such Self-Supporting Insured Co-operative Bank are transferred; or (iti) into which such Self-Supporting Insured Co-operative Bank is divided under sub-section (7) of section 11 of the aforesaid Act of 1961.