State Act

THE KARNATAKA SOUHARDA SAHAKARI ACT, 1997

67A. Certain orders to be passed by the Registrar if so required by the Reserve Bank.- (1) Notwithstanding anything to the contrary contained in this Act, in the case of a co-operative bank which is an insured bank, 2[the Registrar shall]2 ,- (i) if so required by the Reserve Bank, in the circumstances mentioned in section 13D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, 1[xxx]1 make an order for winding up of a Co-operative Bank; (ii) 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 1[xxx]1 make an order sanctioning a scheme of compromise or arrangement or amalgamation or reconstruction including division or re-organisation of the Co-operative Bank; (iii) if so required by the Reserve Bank, in the public interest, or for preventing the affairs of the co-operative bank being conducted in a manner detrimental to the interest of depositor or for securing the proper management of the bank 1[make an order]1 for supersession and removal of the Committee of the Management or other Managing Body, by whatever name called, of the co-operative bank and the appointment of an Administrator therefor 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 Administrator so appointed, shall after the expiry of his term, continue in his office until the day preceding the date of the first taking over by the new board of such bank. (2) In the case of co-operative bank which is an insured bank, the Federal Co-operative or the General body of a Co-operative bank shall not decide the winding up or sanctioning a scheme of compromise or arrangement or amalgamation or reconstruction of the bank or make an order for supersession of the committee of management or other managing body (by whatever name called) of the bank and the appointment of an Administrator therefor, unless previous sanction in writing from the Reserve Bank is obtained. (3) No appeal, revision or review shall lie against an order made under sub-sections (1) and (2) on the requisition or previous sanction granted by the Reserve Bank and such order or sanction shall not be liable to be called in question in any manner.