Section 15A in The Assam Co-operative Societies Act, 1949
15A. Insured Co-operative Banks.
- Notwithstanding anything contained in this Act, in the case of an Insured Co-operative Bank-(i)an order for the 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;(ii)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 its circumstances referred to in Section 13-D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961;(iii)if so required by the Reserve Bank of India in the public interest or for preventing the affairs of the Bank being conducted in a manner detrimental to the interests of the depositors or for securing the proper management of the bank, an order shall be made for the supersession of the committee of management or other managing body (by whatever name called) of the bank and the appointment of an administrator therefore 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 expiry of his term of office continue in office until the day immediately proceeding (sic) the date of the first meeting of the new committees;(iv)no appeal, revision or review shall lie or be permissible against an order such as is referred to in Clauses (i), (ii), (iii) made with the previous sanction in writing or on the requisition of the Reserve Bank of India and such order or sanction shall not be liable to be called in question in any other manner;(v)the liquidator or the insured Co-operative Bank of transferee bank, as the case may be shall be under an obligation to repay the Deposit Insurance and Credit Guarantee Corporation established under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 in the circumstances to the extent and in the manner referred to in Section 21 of that Act.Explanation. - (i) For the purposes of this section a Co-operative Bank means a bank as has been defined in the Deposit Insurance and Credit Guarantee Corporation Act, 1961.(ii)"Insured Co-operative Bank" means a society which is an insured bank under the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 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 Assam Co-operative Societies Act, 1949.
