Proceedings of banks under moratorium and their liability

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