Section 97(5) in Sikkim Co-Operative Societies Act, 1978
(5)the liquidator of the insured co-operative bank or transferee bank, as the case may be, shall be under an obligation to repay to the Deposit Insurance Corporation in the circumstances, to the extent and in the manner referred to in section 21 of that Act.Explanation. - (i) For the purposes of this section "a co-operative bank" means a bank as has been defined in the Deposit Insurance Corporation Act, 1961 (47 of 1961).(ii)"Insured co-operative bank" means a society which is an insured bank under the provisions of the Deposit Insurance Corporation Act, 1961 (47 of 1961).(iii)"Transferee bank" in relation to an insured co-operative bank means a 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 under the provisions of this Act.Chapter - XIII Appeals and Revision
