Section 115B in Andhra Pradesh Co-Operative Societies Act, 1964
115B. Special provisions applicable to eligible Co-operative Banks.
- 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 of 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 ;(iii)if so required by the Reserve Bank 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 theproper management of the bank, an order shall be made under the provisions of this Act for the supersession of the committee of management or other managing body (by whatever name called) of the bank and the appointment of a special officer therefor for such periods not exceeding five years in the aggregate as may, from time to time, be specified by the Reserve Bank;(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 a special officer therefor 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 and in the manner. referred to in Section 21 of the Act.[CHAPTER XIII-B] Special Provisions Applicable to Co-operative Credit Societies Identified Under Revival Package
