Section 115A(5) in The Gujarat Co-Operative Societies Act, 1961
(5)the liquidator or such bank or the transferee bank, as the case may be, shall be under an obligation to pay the Deposit Insurance Corporation established under the Deposit Insurance Corporation Act, 1961 (47 of 1961), in the circumstances, to the extend and in the manner referred to in Section 21 of that Act.Explanation. - In this section,-(a)the expression "insured co-operative bank" means a society which is an insured bank under the provisions of the Deposit Insurance Corporation Act, 1961 (47 of 1961);(b)the expression "transferee bank" in relation to an insured co-operative bank means a co-operative bank-(i)with which such insured co-operative bank is amalgamated, or(ii)to which the assets and liabilities of such insured co- operative bank are transferred, or(iii)into which such insured co-operative bank is divided or converted, under sub-section (1) of Section 17.][Chapter X-B] [Inserted by Gujarat Co-operative Societies (Amendment) Ordinance, 2002, w.e.f. 22.1.2002, and replaced by Section. 2 of the Gujarat Co-operative Societies (Amendment) Act, 2002 (13 of 2002) by repealing Ordinance No. 1 of 2002, published in the Gujarat Gazette Extraordinary, Part 4, No. 14, dated 6.4.2002, p. 14-1] Certain Other Provisions Relating to Urban Co-Operative Banks
