Section 91 in The Tamil Nadu Co-Operative Societies Act, 1983
91. Order for winding-up, division, amalgamation, etc., of insured co-operative bank not to be made without sanction of Reserve Bank of India.
- Notwithstanding anything contained in this Act, in the case of an insured co-operative bank-(i)an order for the winding-up or division or amalgamation or transfer of assets and liabilities of the bank or an order sanctioning a scheme of compromise or arrangement or re-construction (including division or re-organisation) of the bank may be made only with the previous sanction in writing of the Reserve Bank of India;(ii)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);(iii)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 interests of the depositors or for securing the proper management of the bank, an order shall be made by the Registrar for the supersession of the board and the appointment of an Administrator therefor for such period or periods, not exceeding [one year] [Substituted for 'five years' by Tamil Nadu Act No. 4 of 2013, dated 23.2.2013, w.e.f. 31.1.2013.] 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 new board;(iv)no appeal, revision or review shall lie against an order referred to in clauses (i), (ii) or (iii) made with the previous sanction in writing or on the requisition of the Reserve Bank of India and such order or sanction shall not be liable to be called in question in any manner; and(v)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 and Credit Guarantee Corporation established under section 3 of the Deposit 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. - For the purposes of this section,-(i)"co-operative bank" shall have the meaning assigned to it in the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961);(ii)"insured co-operative bank ' means a registered society which is an insured bank under the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Central Act 47 of 1961);(iii)"Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (Central Act 2 of 1934);(iv)"transferee bank' in relation to an insured co-operative bank, means a registered society,-(a)into which such insured co-operative bank is divided under sub-section (1) of section 13 or converted under section 17; or(b)with which such insured co-operative bank is amalgamated under subsection (2) of section 13 or under section 14; or(c)to which the assets and liabilities of such insured co-operative bank are transferred under section 15.
