Section 16(6) in Jammu and Kashmir Co-Operative Societies Act, 1989
(6)Where a Co-operative Bank being an insured Bank within the meaning of the Deposit Insurance Corporation Act, 1961 is amalgamated, or in respect of which a scheme of compromise or arrangement or of reconstruction has been sanctioned and the Deposit Insurance Corporation has been liable to pay to the depositors of the insured Bank under sub-section (2) of section 16 of that Act, the Bank with which such insured Bank is amalgamated or the Co-operative Bank formed after such amalgamation, or, as the case may be, insured Bank or the transferee Bank shall, be under an obligation to repay the Deposit Insurance Corporation in the circumstances, to the extent and in the manner referred to in section 21 of the Deposit Insurance Corporation Act, 1961.
