Action and liability of Banks under moratorium

Where an order of moratorium has been made by the Central Government under sub-section (2) of section 45 of the Banking Regulation Act, 1949 (No. 10 of 1949) in respect of Co-operative Bank, the Registrar with the previous approval of the Reserve Bank in writing may, during the period of moratorium, prepare a scheme,- (i) for the reconstruction or re-organisation of the Co-operative Bank; or (ii) for the amalgamation of the Co-operative Bank with any other Bank.