Amendment status not verified — confirm the current text below against the official source.
Inserted by Act No.10 of 1970. Power of the Board to supervise and make regulations. Central Act 47 of 1961. Definitions. 150 [Act No.7 of 1964] (d) ―Reserve Bank‖ means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934; (e) All other expressions used in this chapter but not defined shall have the meanings respectively assigned to them in the said Act. 115-B. Notwithstanding anything in this Act, the following provisions shall apply to an eligible Co-operative bank, namely:- (i) an order for the winding up, or an order sanctioning a scheme of compromise or arrangement or amalgamation or reconstruction, of the bank may be made under the provisions of this Act only with the previous sanction in writing of the Reserve Bank; (ii) an order of the winding up of the bank shall be made under the provisions of this Act, if so required by the Reserve Bank in the circumstances referred to in section 13-D of the said Act; 286[(iii) if so required by the Reserve Bank on any of the grounds under section 34 (1) (b) of this Act, an order shall be made under the provisions of this Act for the supersession of the committee of the management or other managing body (by whatever name called) of the bank and the appointment of official Administrator(s) thereof for a period specified by the Reserve Bank that does not exceed one year: Provided that an ex-Director on the Board of any Urban Cooperative Bank, whose Board was suspended/ superseded on the grounds of financial irregularities shall be