Section 78 in Rajasthan Co-operative Societies Act, 1965
78. Winding up of co-operative societies.
(1)If the Registrar, after an inquiry has been held under section 70, or an inspection has been made under section 71 or on an audit conducted under section 68 or on receipt of an application made by not less than three-fourths of the members of a co-operative society, present at a special general meeting called for the purpose, is of opinion that the society ought to be wound up, he may, after giving the society an opportunity of making its representation, issue an order directing it to be wound up.(2)The Registrar may of his own motion and after giving the society an opportunity of being heard, make an order directing the winding up to such society,-(a)where it is condition of the registration of such society-(i)that it shall consist of at least fifteen members or fifty members, as the case may be, and the number of members has been reduced to less than fifteen or fifty, as the case may be, or(ii)that the minimum share capital of a society shall be Rs. 750/- the share capital of such society has been reduced to less than this minimum amount; or(b)where the co-operative society has not commenced working or has ceased to work l[or has completed the works as per its objectives].(3)The Registrar may cancel an order for the winding up of a cooperative society, at any time, in any case where, in his opinion, the society should continue to exist.[78A. Insured Co-operative Bank. - Notwithstanding anything contained in this Act, in the case of an Insured Co-operative Bank-(i)an order for the winding up, or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction in (including division or re-organisation) of the Bank may be made only with the previous sanction in writing of the Reserve Bank of India;(ii)an order for the winding up of Bank shall be made by the Registrar if so required by the Reserve Bank of India in the circumstances referred to in section 13D of the Deposit Insurance Corporation Act, 1961 (Central Act 47 of 1961);(iii)if so required by the Reserve Bank of India 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 the proper management of the Bank, an order shall be made for the removal of the committee of management or other managing body (by whatever name called) of the Bank and the appointment of an 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 new committee.(iv)no appeal, revision or review shall lie or be permissible against an order such as is referred to in clauses (i), (ii) or (iii) made with the previous sanction in writing or on the requisition of the Reserve Bank of India and such order or sanction shall not be liable to be called in question in any manner.(v)the liquidator or the Insured Co-operative Bank or transferee Bank, as the case may be, shall be under an obligation to repay the deposit to the Deposit Insurance Corporation established under the Deposit Insurance Corporation Act, 1961 in the circumstances, to the extent and in the manner referred to in section 21 of that Act.Explanation. - (i) For the purpose of this section "a co-operative Bank" means a Bank as has been defined in the Deposit Insurance Corporation Act, 1961.(ii)"Insured Co-operative Bank" means a Co-operative Bank which is an Insured Bank under the provisions of the Deposit Insurance Corporation Act, 1961.(iii)"Transferee Bank" in relation to an Insured Co-operative Bank are transferred; or(a)with which such Insured Co-operative Bank is amalgamated; or(b)to which the assets and liabilities of such Insured cooperative Bank are transferred; or(c)into which such Insured Co-operative Bank is divided or reorganised under the provisions of section 16 or 17 of the Act.]
