Section 67A(1)(iii) in The Karnataka Souharda Sahakari Act, 1997

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State of Karnataka - Subsection

Section 67A(1)(iii) in The Karnataka Souharda Sahakari Act, 1997

(iii)if so required by the Reserve Bank, in the public interest, or for preventing the affairs of the co-operative bank being conducted in a manner detrimental to the interest of depositor or for securing the proper management of the bank [make an order] [Substutited by Act 16 of 2005 w.e.f. 1.6.2005.] for supersession and removal of the Committee of the Management or other Managing Body, by whatever name called, of the co-operative bank and the appointment of an 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 and the Administrator so appointed, shall after the expiry of his term, continue in his office until the day preceding the date of the first taking over by the new board of such bank.

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State of Karnataka - Subsection

Section 67A(1)(iii) in The Karnataka Souharda Sahakari Act, 1997