Section 127 in Mizoram Cooperative Societies Act, 2006
127. Winding up order, supersession of the committee, amalgamation or division of the co-operative bank not to be made without the sanction or requisition of Reserve Bank of India.
(1)No co-operative bank shall be divided into more than or/e. or one or more co-operative bank be amalgamated into one or superceded or wound up as the ,case may be without the previous Sanction or approval in writing of the Reserve Bank of India.(2)The Reserve Bank of India is equally empowered to. in the interest of public or for preventing the affairs of a co-operative bank from being conducted in a manner detrimental to the interest of depositors or for securing proper management of the co-operative bank, direct the Registrar to divide a co-operative bank into more than one or amalgamate more than one co-operative bank into one or supercede the management committee of a co-operative bank or wind up the affairs of the co-operative bank as the case may be. Any such direction issued by the Reserve Bank of India shall be binding upon the Registrar ho shall execute such direction immediately, failing which disciplinary proceedings shall automatically lie against the Registrar or concerned officer responsible for not giving effect into the request or direction of Reserve Bank of India.(3)The order of division. amalgamation, supersession or winding up passed by the Registrar with the previous approval or sanction or consent in writing or deemed approval or sanction or consent of Reserve Bank of India shall not be called in question in any manner before any court of law.(4)The management of the co-operative bank. the liquidator or trustee of the bank shall be under legal obligation to pay the required deposit insurance fee to the Deposit Insurance Corporation established under Deposit Insurance and Credit Guarantee Corporation Act, 1961 as provided under section 21 of the Act.
