Insertion of new section 80A

After section 80 of the Principal Act, a new section 80A shall be inserted, namely.- “80A. Registrar to act within specified period in matters of winding up etc. (1) The Registrar - shall ensure that the Reserve Bank’s regulatory prescriptions in case of the State Apex Co-operative Bank including recommendation for supersession of the Board and winding up of the State Co-operative Bank are implemented within one month of being so advised by the Reserve Bank or the State Government. : 2) The Registrar shall ensure that the Liquidator or the Board of Administrators, as the case may be, is appointed within one month of being advised by the Reserve Bank or the State Government for winding up or supersession. 3) If, in the opinion of the Reserve Bank or the National Bank, the Chief Executive Officer of the State Co-operative Bank doesnot fulfill eligibility criteria specified by the Reserve Bank, the Registrar shall ensure removal of the Chief Executive Officer within two . months of being so advised by the Reserve Bank or the National Bank or the State Government. [©] If, in the opinion of the Reserve Bank or the National Bank, a.person has been co-opted as a member of the Board of the State Co-operative Bank without having requisite special knowledge or experience in such fields as may be stipulated by the Reserve Bank, the Registrar shall, on being advised by the Reserve Bank or the National Bank or the State Government, ensure removal of that co-opted person(s) within two months of being so advised by the Reserve Bank or the National Bank or the State Government.”.