Section 155 in West Bengal Co-operative Societies Act, 2006
155. [ Co-operative bank to get insured.
(1)Every co-operative bank accepting deposits from non-members shall get itself insured under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961).(2)Notwithstanding anything contained elsewhere in this Act, in respect of an insured co-operative bank (mentioned in this sub-section as the said bank'),-(i)an order for the winding up, or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction, of the said 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 the said bank shall be made, if so required by the Reserve Bank of India in the circumstances referred to in section 13D of the Deposit Insurance arid Credit Guarantee Corporation Act, 1961;(iii)if so required by the Reserve Bank of India in the public interest or for preventing the affairs of the said bank being conducted in a manner detrimental to the interest of the depositors or for securing the proper management of the said bank, an order shall be made for the supersession of the Board of Directors of the said bank and the appointment of an administrator for such period or periods as may from time to time be specified by the Reserve Bank of India;(iv)an order for the winding up of the said bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction or an order for the supersession of the Board of Directors of the said bank and the appointment of an administrator thereof made with the previous sanction in writing or on the requisition of the Reserve Bank of India shall not be liable to be called in question in any manner; and(v)the liquidator or the insured co-operative bank or the transferee bank as the case may be snail be under an obligation to repay the Deposit Insurance Corporation established under section 3 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961), in circumstances, to the extent and in the manner referred to in section 21 of the said Act.Explanation.- For the purpose of this section,-(i)'co-operative bank' has the same meaning as in the Deposit Insurance and Credit Guarantee Corporation Act, 1961,(ii)'Insured Co-operative Bank' shall mean a co-operative bank which is an insured bank within the meaning of clause (i) of section 2 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961,(iii)'transferee bank' in relation to an insured co-operative bank means co-operative bank-(a)with which such insured co-operative bank is amalgamated, or(b)to which the assets and liabilities of such insured co-operative bank are transferred, or(c)into which such insured co-operative bank is divided or converted.][[Substituted by section 18, ibid, w.e.f. 6.2.2012, before subs, it was as follows :
