Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in this Act,— (1) in respect of an insured co-operative bank (mentioned in this clause as the said bank)— (a) an order for the winding up or an order sanctioning a scheme of compromise or arrangement (including transfer of assets and liabilities) or of amalgamation or reconstruction (including division or reorganisation) may be made by the Registrar only with the previous sanction in writing of the Reserve Bank; (b) an order for the winding up shall be made by the Registrar, if so required by the Reserve Bank in the circumstances referred to in section 13D of the Deposit Insurance 47 Of 1961. Corporation Act, 1961; 236 The West Bengal Co-operative Societies Act, 1973. XXXVIII of 1973.] (Chapter XVI—Insured co-operative banks.—Section 140.) (c) if so required by the Reserve Bank in the public interest or for preventing the affairs of the said bank from being conducted in a manner detrimental to the interests of the depositors or for securing the proper management of the said bank, the Registrar shall, by an order in writing giving reasons therefor,— (i) dissolve the managing committee of the said bank, and (ii) appoint, with the approval of the Reserve Bank, an administrator in respect of the said bank for such period or periods not exceeding five years in the aggregate, as may, from time to time, be specified by the Reserve Bank; (2) the administrator appointed under sub-clause (c) of clause (1) shall, if his term of office is not terminated earlier, hold office for such period for which he may be appointed; (3) the administrator appointed under sub-clause (c) of clause (1) shall, before the expiry of his term of office, arrange, with the approval of the Registrar and the Reserve Bank, for the reconstitution of a new managing committee for the said bank in accordance with this Act and the rules, and the by-laws of the said bank; (4) if before the expiry of his term of office, the managing committee of the said bank is not reconstituted, the administrator shall continue to hold office till the first meeting of the reconstituted managing committee where a quorum is present; (5) the Registrar shall, with the approval of the Reserve Bank, by an order fix the remuneration of the administrator, and the remuneration so fixed shall be paid out of the funds of the said bank whose affairs are managed by such administrator; (6) any sanction or requirement accorded or indicated by the Reserve Bank under clause (1) or any order made by the Registrar under the said clause shall not be liable to be called in question in any court in any manner; (7) the liquidator or the insured co-operative bank or the transferee bank, as the case may be, shall be under an obligation to repay the deposit insurance corporation established under section 3 of 47 of 1961. the Deposit Insurance Corporation Act, 1961, such sum, in such circumstances, to such extent and in such manner as referred to in section 21 of that Act. Explanation.—For the purpose of this section,— (i) "co-operative bank" has the same meaning as in the Deposit Insurance Corporation Act, 1961, 237 The West Bengal Co-operative Societies Act, 1973. [West Ben. Act (Chapter XV1L—Miscellaneous.—Sections141, 142.) (ii) "insured co-operative bank" means a co-operative bank which is an insured bank within the meaning of clause (i) of section 2 of the Deposit Insurance Corporation Act, 1961, 47 of 1961. (iii) "transferee bank" in relation to an insured co-operative bank means a co-operative bank— (a) with which such insured co-operative bank is amalgamated, or (b) to which the assets and liabilities of such insured co- operative bank are transferred, or (c) into which such insured co-operative bank is divided or converted under the provisions of Chapter VIII of this Act. CHAPTER XVII MISCELLANEOUS Overriding