Amendment status not verified — confirm the current text below against the official source.
Substituted by G.O.Ms.No.53, Agriculture and Cooperation (Coop- II) Department, dated 20.05.2016. Central Act 2 of 1934. Special provisions applicable to eligible Co- operative Banks. [Act No.7 of 1964] 151 disqualified from contesting election or co-option to the Board of Directors of any other Urban Cooperative Bank for a period of five years; (iv) an order for the winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction or an order for the supersession of the committee of management or other managing body (by whatever name called) of the bank and the appointment of Administrator(s) thereof made with the previous sanction in writing or on the requisition of the Reserve Bank shall not be liable to be called in question in any manner; and] (v) the liquidator or the insured bank or the transferee bank, as the case may be, shall be under an obligation to repay the Corporation in the circumstances to the extent end in the manner referred to in section 21 of the said Act;] 287[(vi) at least 50% of the total value of the deposits of the Bank shall be held by members of the society (Bank) having voting rights; 288[(vii) No member of a board of eligible Coop. Bank shall be eligible to be elected as its chairperson or president after he has held the office as such during two consecutive terms, whether full or part;] (viii) notwithstanding anything contained in any other provisions under this Act, the individual share holding of a member of eligible Cooperative Bank should not exceed 5% of the total paid-up share capital of the eligible Cooperative Bank.]