Reserve Bank.

Reserve Bank’s sanction or requisition for winding up order 44 AM. Reserve Bank’s sanction or requisition for winding up order. –

1. (1) Notwithstanding anything to the contrary contained in this Act, no Cooperative Bank shall be wound up except with the previous sanction in writing of the Reserve Bank.
2. (2) Notwithstanding anything to the contrary contained in this Act, the Registrar shall make an order for the winding up of a Cooperative Bank if so required by the Reserve Bank in the circumstances mentioned in section 13 D of the Deposit insurance Corporation Act, 1961 (47 of 1961)