Section 130 in Mizoram Cooperative Societies Act, 2006
130.
Notwithstanding anything contained in this Act. "eligible cooperative bank" means a Co-operative Bank the law for the time being governing which provides that:-(i)an order for the winding up, or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction, of the bank may be made only with the previous sanction in writing of the Reserve Bank. I(ii)an order for the winding up of the bank shall be made if so required by the Reserve Bank in the circumstances referred to in section 13D of the Deposit Insurance & Credit Guarantee Corporation Act, 1961;(iii)if so required by the Reserve Bank in the public interest or for preventing the affairs of the bank being conducted in a manner detrimental to the in the interests of the depositors or for securing the proper management of the bank, an order shall be made for the supersession of the committee of management or other managing body (by whatever name called) of the bank and the appointment of an administrator therefore for such period or periods not exceeding five years in the aggregate as may from time to time be specified by the Reserve Bank;(iv)an order for the winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction or and order for the supersession of the committee of management or other managing body (by whatever name called) of the bank and the appointment of an administrator therefor made with the previous sanction in writing or on the requisition of the Reserve Bank shall not be liable to be called in question in any manner; and(v)the liquidator or the insured bank or the transferee bank, as the case may be, shall be under an obligation to repay the Corporation in the circumstances, to the extent and in the manner referred to in section 21 of the Deposit Insurance & Credit Guarantee Corporation Act, 1961.Chapter- XVI Miscellaneous Provisions
