Section 69A(6) in The Meghalaya Co-operative Societies Act, 2015
(6)The liquidator or the Insured Co-operative Bank or the transferee bank, as the case may be, shall be under an obligation to repay the Deposit insurance Corporation established under the Deposit Insurance and Credit Guarantee Corporation Act, 1961, in the circumstances to the extent and in the manner referred to in Section 21 of that Act.Explanation. - (i) Fore the purpose of this section "a Co-operative Bank" means a Bank as has been defined in the Deposit Insurance and Credit Guarantee Corporation Act, 1961.(ii)"transferee Bank" in relation to an insured Co-operative Bank which is an insured Bank under the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961.(iii)transferee Bank" in relation to an insured Co-operative Bank means a Cooperative Bank-(a)with which such insured Co-operative Bank is amalgamated ; or(b)to which the assets and liabilities or such insured Co-operative Bank are transferred, or(c)into which such insured Co-operative Bank is divided or amalgamated under the provisions of Section 15 of the Act."
