Insured Co-operative Bank

After Chapter V-A of the Principal Act, the following shall be inserted, namely:-"CHAPTER V-B Insured Co-operative Bank 57-C: Insured Co-operative Bank:- (1) Notwithstanding anything contained in this Act or Rules framed thereunder or bye-laws of any registered Co-operative Bank or orders issued thereunder, the provision of this chapter shall have overriding effect. (2) In this chapter, unless the context otherwise requires, an insured Co-operative Bank means a society which is an insured bank under the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (No. 47 of 1961). (3) Notwithstanding anything contained in this Act, in case of any Insured Co-operative Bank, - (i) An order for winding up, or an order sanctioning a scheme of compromise or arrangement or of amalgamation or re-construction of the bank, may be made by the Registrar of Co-operative societies or any other Competent Authority, only with the previous sanction in writing of the Reserve Bank; (ii) An order for winding up of the bank shall be made by the Registrar of Co-operative Societies or any other Competent Authority, if so required by the Reserve Bank in the circumstances referred to in Section 130 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (No. 47 of 1961). (iii) If so required by the Reserve Bank in public interest or for preventing the affairs of the 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 by Registrar of Co-operative Societies or any other Competent Authority for the supersession of the Committee of Management or other managing body (by whatever name called) of the bank and the appointment of an administrator therefor for such period or periods not exceeding five years in the aggregate, as may from time to time, be specified by the Reserve Bank; (iv) An order for winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or re-construction or an order for the supersession of the committee of management or other managing body (by whatever name called) of the bank of the appointment of an administrator therefor made with the previous sanction in writing or on the requisition of the Reserve Bank shall not be liable to be called in question in any manner; and (v) The liquidator or the insured bank or the transferee bank, as the case may be, shall be under an obligation to repay the Deposit Insurance and Credit Guarantee 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 (No. 47 of 1961)."