Section 25

Corporate1960195 sections

Statutory text

(i) When the Reserve Bank prescribes any regulation, including a recommendation of supersession of a board or the winding up of State Co-operative Bank or Central Co-operative Banks, as the case may be, the Registrar shall comply with the same within one month from the date of such communication.
(ii) The Registrar shall ensure that the liquidator or the Administrator, as the case may be, is appointed within one month of being so advised by the Reserve Bank for winding up or supersession.
(iii) Where in the opinion of the Reserve Bank, the functioning of the Chief Executive Officer of the State Co-operative Bank or a Central Co-operative Bank, as the case may be, is such that it is not desirable in the interest of the bank to continue the person as the Chief Executive Officer of the bank, it may require the registrar to remove the Chief Executive Officer; and the registrar shall proceed forthwith to remove such Chief Executive Officers after giving a reasonable opportunity of being heard.
(iv) Where in the opinion of the Reserve Bank, a person does not possess the requisite special knowledge specified by it, the Registrar shall on being advised by the Reserve Bank, proceed forthwith to remove such co-opted member after giving a reasonable opportunity of being heard.

Study data processing for this section.

PDF: pending for this language.