State Act
14B
Section 14B. Registrar to prepare scheme for amalgamation of co-operative banks in certain areas.
THE KARNATAKA CO-OPERATIVE SOCIETIES ACT, 1959.
Act no. 11 of 19591959In forceKarnataka (State Act)
14B. 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.