Section 69A in The Meghalaya Co-operative Societies Act
69A. Insured Co-operative Banks.
(1)Notwithstanding anything contained in this Act, Order for winding up, construction, suppression of Committee, not to be made without consultation or requisition of Reserve Bank of India in the case of insured Co-operative Bank.(2)An order for the winding up or an order sanctioning a scheme of compromise or arrangement or of amalgamation, or reconstruction (including division or amalgamation) of the bank may be made only with the previous sanction in writing of the Reserve Bank of India.(3)On 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 in Section 13-D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961.(4)If so required by the Reserve Bank of India 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 of the bank, an order shall be made by the Registrar in consultation with the Reserve Bank of India for the suppression (removal) of the Committee Board and the appointment of an Executive Officer therefor, for such period or periods not exceeding three years in the aggregate as may from time to time be specified by the Registrar of Co-operative Societies after consultation with the Reserve Bank of India, and the Executive Officer 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 new Committee.(5)An order for the winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction (including division or amalgamation) or an order for the suppression (removal) of the Committee/Board and the appointment of an Executive Officer therefore made with the consent in writing or on the requisition of the Reserve Bank of India shall not be liable to be called in question in any manner.(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."
