Section 116 in Assam Co-Operative Societies Act, 2007
116. Previous sanction of Reserve Bank of India or Nabard in Certain Matters.
- Notwithstanding: anything contained in Sections 12, 13, 14, 15 in the case of a cooperative bank or an urban cooperative bank, no conversion, transfer, division, amalgamation, merger, dissolution shall take place save with the previous sanction in writing of the Reserve Bank of India, the National Bank for Agriculture and Rural Development Bank, as the case may be. Once a banking license is cancelled by the concerned authority, it is mandatory on the part of Registrar of Cooperative Societies to send it into liquidation.
