Winding up of co-operative banks at the direction of the Reserve Bank

Notwithstanding anything to the contrary contained in this Act, the Registrar shall make an order for winding up or an order sanctioning scheme of compromise or arrangement or of amalgamation or reconstruction of a co-operative bank, if so required by the Reserve Bank. (Substituted vide Notification No. F.14(31)/LA-2004/16 dated 17/01/2005)