Registrar to prepare scheme for amalgamation of co-operative banks in certain areas

(1) 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 (Central Act 10 of 1949) in respect of a co-operative bank, the Registrar may, during the period of moratorium, prepare a scheme,— (i) for the re-organization of the co-operative bank; or (ii) for the amalgamation of the co-operative bank with any other co-operative bank. (2) No such scheme shall be given effect to unless it has been sanctioned by the Reserve Bank.