Section 9 in THE KERALA CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 2021
9. Amendment of section 74H.— In section 74H of the principal Act.—
(i)in sub-section (1) the following clauses shall be added at the end, namely:—“(a) if the general body of a District Co-operative Bank has not passed theresolution under section 14A, the Registrar may, after consulting Reserve Bank of India, ordermerger of such District Co-operative Bank with Kerala State Co-operative Bank, on publicinterest. No order shall be passed under this clause unless,—(i)a copy of the proposed order of merger has been sent to the membersociety or member societies concerned by registered post and published the same in twovernacular dailies having wide circulation in the district in which the society situates, for theirobjections or suggestions;(ii)the Registrar shall consider the objections/suggestions, if any, receivedfrom the society or societies concerned or from any member or creditor of such society orsocieties within such period, being not less than fifteen days from the date of posting of theproposed order of merger, as may be specified by the Registrar in this behalf;(b)the Registrar may after considering the objections/suggestions referred to insub-clause (ii) of clause (a), make such modifications, in the proposed order as he may deemfit and the order shall contain such incidental, consequential and supplemental provisions asthe Registrar may deem necessary, to give effect to the same;(c)a member or creditor who has objected the proposed order under clause (b)shall have the option of withdrawing his share and/or deposits or close loans, as the case maybe, on application, which shall be made to the society, to which its share, deposit or outstandingloan stands allocated, within a period of thirty days from such order;(d)on merger all other relevant provisions in this chapter shall apply mutatismutandis to the entities merged under clause (a).”;(ii)after sub-section (1) following sub-section shall be added, namely:—“(1A) On and from the date of the passing of the order of merger by theRegistrar under sub-section (1)(a), all the assets and liabilities of the District Co-operative Bankas it stood immediately before the order of merger shall, without any further act, instrument ordeed, stand transferred to and vested in the Kerala State Co-operative Bank.''.
