(2)Nothing in this section apply to-(a)a primary credit society, or(b)a co-operative society formed for the protection of the mutual interest of co-operative banks or co-operative land mortgage banks, or(c)any co-operative society, not being a primary credit society, formed by the employees of-(i)a banking company or the State Bank of India or a corresponding new bank or a subsidiary bank of such banking company, State Bank of India or a corresponding new bank, or(ii)a co-operative bank or a primary credit society or a co-operative land mortgage bank, insofar as the word "bank", "banker" or "banking" appears as part of the name of the employer bank, or as the case may be, of the bank whose subsidiary the employer bank is".];[(fi) in section 8, for the proviso, the following proviso shall be substituted, namely:-"Provided that this section shall not apply-(a)to any such business as aforesaid which was in the course of being transacted on the commencement of clause (iii) of section 42 of the Banking Laws (Amendment) Act, 1983 (1 of 1984), so, however, that the said business shall be completed before the expiry of one year from such commencement; or(b)to any business as is specified in pursuance of clause (o) of sub-section (1) of section 6;";(fii)in section 9, for the second proviso, the following provisos shall be substituted, namely:-"Provided further that in the case of a primary credit society which becomes a primary co-operative bank after the commencement of clause (iii) of section 42 of the Banking Laws (Amendment) Act, 1983 (1 of 1984), the period of seven years shall commence from the day it so becomes a primary co-operative bank:Provided also that the Reserve Bank may, in any particular case, extend the aforesaid period of seven years by such period as it may consider necessary where it is satisfied that such extension would be in the interests of the depositors of the co-operative bank".](g)[sections 10, 10-A, [10-B, 10-BB, 10-C] [Substituted by Act 58 of 1968, Section 21, for " section 10" (w.e.f. 1.2.1969).] and 10-D] [Inserted by Act 1 of 1984, Section 42 (w.e.f. 15.2.1984).] shall be omitted;(h)for section 11, the following section shall be substituted, namely:-"11. Requirement as to minimum paid-up capital and reserves.-(1) Notwithstanding any law relating to co-operative societies for the time being in force, no co-operative bank shall commence or carry on the business of banking in India unless the aggregate value of its paid-up capital and reserves is not less than one lakh of rupees:Provided that nothing in this sub-section shall apply to-(a)any such bank which is carrying on such business at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965 (23 of 1965), for a period of three years from such commencement; or(b)to a primary credit society which becomes a primary co-operative bank after such commencement, for a period of two years from the date it so becomes a primary co-operative bank or for such further period not exceeding one year, the Reserve Bank, having regard to the interests of the depositors of the primary co-operative bank, may think fit in any particular case to allow.
