Bank registered under this Act.

Restriction on use of word bank No Primary Agricultural Credit Co-operative Society or its

Federation or association, except those which are permitted to act

as a bank under Banking Regulation Act, 1949 (Central Act 10 of 1949) shall be registered with the word “bank” or any other derivative of the word “bank” in its registered name or shall use the same as a part of its name:

Provided that nothing in this section shall apply to the use

by any person, or by his successor in interest of any name or title under which he lawfully traded or carried on business at the commencement of this Act.

Provided that where any Primary Agricultural Credit Co- operative Society or its Federation or association, those which are permitted to act as a bank under Banking Regulation Act 1949 (Central Act 10 of 1949) has been registered or using the same as a part of its name before the commencement of this Act, with the word “bank” or any of its derivatives in its registered name, it shall within three months from the date of such commencement, change its name so as to remove the word “bank” or its derivative, if any, from its name:

Provided further that where any such co-operative society fails to comply with the above provisions within the period specified therein, the Registrar shall order the winding up of such co- operative society forthwith.