Section 78 in Punjab Self-Supporting Co-operative Societies Act, 2006
78. Order for winding up, reconstruction and supersession of Board of self-supporting co-operative Bank.
- Notwithstanding anything contained in this Act, in the case of a Self-Supporting Insured Co-operative Bank-(a)an order for winding up or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction including division or re-organization of the bank, may be made only with The previous sanction in writing of the Reserve Bank of India;(b)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 the circumstances referred to in section 13-D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961);(c)if so required by the Reserve Bank of India in the public interest or for preventing the affairs by the bank being conducted in the manner detrimental to the interest of the depositors or for securing the proper management of the bank, an order shall be made by the Registrar for supersession of the Board of the Bank and the appointment of 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 of India. and the administrator so appointed, shall after the expiry of his term of office, continue in office until the day immediately preceding the date of the first meeting of the Board of such bank;(d)an order for winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction including division or reorganization or an order for the supersession of the Board of the bank and the appointment of an administrator therefor, made with the previous sanction in writing or on the requisition of the Reserve Bank of India, shall be final and shall not be liable to be called in question in any manner in any court: and(e)the liquidator of the Self-Supporting Insured Co-operative Bank or the 'Transferee Bank. as the case may be, shall be under an obligation to repay to the Deposit Insurance and Credit Guarantee Corporation established under the Deposit Insurance and Credit Guarantee Corporation Act. 1961 (Central Act 47 of 1961) in the circumstances to the extent and in the manner referred to in section 11 of the aforesaid Act of 1961.Explanation. - In this section-(a)the expression "Self-Supporting Co-operative Bank" shall have the meaning assigned to the co-operative bank in the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961);(b)the expression "Self-Supporting Insured Co-operative Bank" means a self-supporting co-operative society which is an Insured Bank under the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961);(c)the expression "Reserve Bank of India" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (Central Act 2 of 1934);(d)the expression "Transferee Bank" in relation to Self-Supporting Insured Co-operative Bank, means a co-operative bank-(i)with which such Self-Supporting Ensured Co-operative Bank is amalgamated: or(ii)to which the assets and liabilities of such Self-Supporting Insured Co-operative Bank arc transferred; or(iii)into which such Self-Supporting Insured Co-operative Bank is divided under sub-section (1) of section II of the aforesaid Act of 1961.
