Section 4A in Assam Co-Operative Societies Act, 2007
4A. Cooperative Bank to be eligible Cooperative Bank.
- A Cooperative Society registered as a Cooperative Bank under this Act shall be an eligible Cooperative Bank within the meaning of clause (gg) of Section 2 of Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Act No. 47 of 1961) and shall be bound by the following:-(a)If so required by the Reserve Bank in the public interest or for preventing the Affairs of the Cooperative 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 for the supersession of the committee of management or other managing body (by whatever name called) of the Cooperative Bank and the appointment of an administrator therefore for such period [not exceeding one year or as may be specified by the Reserve Bank from time to time] [Substituted by Lena: Act lo. Iv of 2013, published In the Assam Guam Earn-ordinary lo. 144. dated 5th February. 2013. for the words 'or period not exceeding five years in the aggregate as may from time to time specified by the Reserve Bank.'].(b), An order for the winding up of the Cooperative Bank or an order sanctioning scheme of compromise or arrangement or of amalgamation or reconstruction or an order for the supersession of the committee of management or other managing body (by whatever name called) of the Cooperative Bank and the appointment of an administrator therefore made with the previous sanction in writing or on the requisition of the Reserve Bank shall not be liable to be called (iii) question in any manner.(c)The liquidator or the insured Cooperative Bank or the transferee Cooperative Bank, as the case may be, shall be under an obligation to repay the Corporation in the circumstances, to the extent and in the manner referred to in Section 21 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (Act No. 47 of 1961).
