(3)The provisions of this section shall apply, if—(a)the predecessor co-operative bank—(i)has been engaged in the business of banking for three or more years; and(ii)has held at least three-fourths of the book value of fixed assets as on the date of the business reorganisation, continuously for two years before the date of business reorganisation;(b)the successor co-operative bank,—(i)holds at least three-fourths of the book value of fixed assets of the predecessor co-operative bank acquired through business reorganisation, continuously for a minimum five years immediately succeeding the date of business reorganisation;(ii)continues the business of the predecessor co-operative bank for a minimum five years from the date of business reorganisation; and(iii)fulfils such other conditions, as may be prescribed, to ensure the revival of the business of the predecessor co-operative bank or to ensure that the business reorganisation is for genuine business purpose.
