Section 147 in Assam Co-Operative Societies Act, 2007
147. Prohibition to use the nomenclature as Bank.
- No Primary Agricultural Credit Society or its federation or association, except those which are permitted to act as a Bank under Banking Regulation Act, 1949 (Act No. 10 of 1949) shall be registered with the words "Bank" or any other derivative of the word "Bank" in its registered name or shall use the same as a part of its name :Provided that Where any Primary Agricultural Credit Structure Society or its federation or association except those which are permitted to act as a Bank under Banking Regulation Act, 1949 (Act No. 10 of 1949) has been registered or using the same as a part of its name before the commencement of the Assam Co-operative Societies Act; 2007 as amended with the word "Bank" or any of its derivatives in its registered name, it shall within three months from the date of such commencement, change its name so as to remove the word 'Bank' or its derivative, if any, from its name :Provided further that where any such society fails to comply with the above provisions within the period specified therein, the Registrar shall order the winding up of such society forthwith.
