Special provisions applicable to insured co-operative banks

Notwithstanding anything contained in this Act, the following provisions shall apply to every insured co-operative bank, namely- (1) an order sanctioning a scheme or resolution for the amalgamation or merger or division or winding up of an insured co-operative bank may be made by the Registrar only with the previous sanction in writing of the Reserve Bank; (2) an order for the winding up of an insured co-operative bank shall be made under the provisions of this Act if so required by the Reserve Bank in the circumstances referred to in section 13-D of the said Act; (3) if the Reserve Bank is of opinion that it is necessary so to do in the public interest or for preventing the affairs of an insured co-operative bank being conducted in a manner detrimental to the interest of the depositors or for securing the proper management of such co-operative bank, it may require the Registrar to pass an order for super session of the committee of management or other managing body (by whatever name called) of such co-operative bank and to appoint an administrator therefore for such period or periods not exceeding five years in the aggregate as may, from time to time, be specified by the Reserve Bank and the Registrar shall pass an order accordingly and the remaining provisions of sections 35 and 36 shall apply in relation to such an order as if it were an order made under section 35, but the requirements of that section to afford the committee of management an opportunity of being heard and to obtain the opinion of the general body of the society shall not be applicable; (4) in the event of the Chairman and members of the committee of management of an insured co-operative bank vacating their respective offices under sub-section (1) or sub-section (2) of section 35-A, the Reserve Bank may require the Registrar to make such arrangements as it thinks proper for the management of the affairs of such bank and the Registrar shall pass an order accordingly, and the remaining provisions of section 35-A shall apply in relation to such an order as if it were an order made under that section; (5) an order sanctioning a scheme of or the resolution for amalgamation or merger or the division or winding up of an insured co-operative bank or of the super session of the committee of management or other managing bodies(by whatever name called) of such bank and the appointment of an administrator thereof made with the previous sanction in writing or on the requisition of the Reserve Bank shall not be called in question in any manner; and (6) the liquidator or the insured co-operative bank or the transferee bank, as the case may be, shall be under an obligation to repay to the Deposit Insurance Corporation the sums mentioned in section 21 of the said Act in the circumstances and to the extent and in the manner referred to in that section.