Section 133A in The Orissa Co-operative Societies Act, 1962
133A. [ Special provisions relating to insured Co-operative Banks. [Inserted by Orissa Act 25 of 1975 Section 5-See O. G. Extraordinary dated 16.5.1975.]
- Notwithstanding anything contained in this Act, in this case of an insured Co-operative Bank -(i)[ an order or approval to pass a resolution for winding up, amalgamation, division, compromise or transfer of assets and liabilities of the bank shall not take effect unless previous sanction therefor has been accorded in writing by the Reserve Bank of India](ii)[ if so required by the Reserve Bank of India in the circumstances mentioned in Section 13-D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, the Registrar shall, within one month from the date of advice of the said Reserve Bank, make an order tor winding up of the bank and for appointment of a liquidator] [Substituted by Orissa Act 1 of 2008 Section 24 (O.G.E. No. 654 dated 20.3.2008).](iii)if so required by the Reserve Bank of India in writing in the public interest or for preventing the affairs of the bank being conducted in a manner detrimental to the interest of the depositors or for securing the proper management thereof, [the Registrar shall, within one month from the date of receipt of such writing, shall pass an order] [Substituted by Orissa Act 1 of 2008 Section 24 (O.G.E. No. 654 dated 20.3.2008).] for the removal of the Committee of the Bank and for appointment of an Administrator therefor, for such period not exceeding five years in the aggregate, as may, from time to time, be specified by the Reserve Bank;[* * *] [Deleted by Orissa Act 19 of 1983 Section 26 (b)-See O.G. E. dated 11.10.1983.](iv)no appeal revision or review shall lie against an order referred to in Clause (i), (ii) or (iii), made or passed with the previous sanction in writing or on the requisition of the Reserve Bank of India and no such order or sanction shall be liable to be called in question in any manner;(v)the Liquidator of 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, 47 of 1961] [Substituted by Orissa Act 1 of 2008 Section 24 (O.G.E. No. 654 dated 20.3.2008).], in the circumstances, to the extent and in the manner provided in Section 21 of that Act.Explanation. - For the purposes of this Section -(i)"Insured Co-operative Bank" means Society which is an insured bank under the provisions of the [Deposit Insurance and Credit Guarantee Corporation Act, 47 of 1961] [Substituted by Orissa Act 1 of 2008 Section 24 (O.G.E. No. 654 dated 20.3.2008).];(ii)"Transferred Bank" in relation to an insured Co-operative Bank means a Co-operative Bank -(a)with which such insured Co-operative Bank is amalgamated; or(b)to which the assets or liabilities of such insured Co-operative Bank are transferred; or(c)into which such insured Co-operative Bank is divided or converted under the provisions of Section 14;(iii)"Reserve Bank of India" means the Reserve Bank of India established under the Reserve Bank of India Act 2 of 1934.]
