Section 70A(5) in The Punjab Co-operative Societies Act, 1961
(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.
