Section 70A in The Punjab Co-operative Societies Act, 1961
70A. Order for winding up reconstruction, supersession of Committee etc. of [insured Co-operative Bank] [Words 'Insured' added by Act of 1994.]
- Notwithstanding anything contained in this Act in the case of a [insured] [Words 'Insured' added by Act of 1994.]Co-operative bank, -(1)an order for winding up or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction [including division or reorganisation] [Added by Act No. 15 of 1994.]of the bank may be made only with the previous sanction in writing of the Reserve Bank of India;(2)an order for the winding up of the bank shall be made by the Registrar if so required by the Reserve Bank of India in the circumstances referred to in Section 13-D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961);(3)if so required by the Reserve Bank of India in the public interest or for preventing the affairs of the bank being conducted in the manner detrimental to the interests of the depositors or for securing the proper management of the bank an order shall be made by the Registrar for supersession of the committee of the bank and the appointment of an administrator therefor for such period or periods not exceeding five years in the aggregate, as may from time to time be specified by the Reserve Bank of India, and the administrator so appointed shall after the expiry of his term of office continue in office until the day immediately preceding the date of the first meeting of the committee of such bank;(4)an order for winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction [including division or reorganisation] [Words added by Act No. 15 of 1994.] or an order for the supersession of the committee 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 of India shall be final and shall not be liable to be called in question in any manner in any court, and(5)the liquidator or the insured [co-operative] [Word Co-operative added by Act No. 15 of 1994.]bank or the transferee bank, as the case may be, shall be under an obligation to repay to the Deposit Insurance and Credit Guarantee Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961) in the circumstances to the extent and in the manner referred to in Section 21 of that Act.Explanation - In this section,(a)the expression "co-operative bank" shall have the meanings assigned to in the Deposit Insurance and Credit Guarantee Corporation Act, 1961;(b)the expression "insured co-operative bank" means a co-operative [Society] [Substituted for 'bank' by Act No. 15 of 1994.]which is an insured bank under the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961);(bb)[ the expression "Reserve Bank of India" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (Central Act 2 of 1934)] [Added by Act No. 15 of 1994.](c)the expression "transferee bank" in relation to an insured co- operative bank means a co-operative bank -(i)with which such insured co-operative bank is amalgamated, or(ii)to which the assets and liabilities of such insured co-operative bank is transferred; or(iii)into which such insured co-operative bank is divided under sub-section (1) of section 13.
