State Act

Kerala Co-operative Societies Act 1969

24a[14A.Provisions regarding transfer of assets and liabilities of District Co-operative Banks to the Kerala State Co-operative Bank. – (1) Notwithstanding anything contained in this Act or in any other law for time being in force, the District Co-operative Banks may by a resolution passed by a simple majority of the members present and voting at the special general body meeting of the members, transfer its assets and liabilities in whole to the Kerala State Co-operative Bank and such transfer shall take effect from the date on which the Registrar approves the resolution. (2) The resolution shall contain particulars of the assets and liabilities to be transferred. (3) When a District Co-operative Bank has passed any such resolution, under sub-section (1), it shall give notice thereof in a writing in all its members within 7 days from the date of resolution, notwithstanding anything contained in the provisions of section 24 or any Rules or any byelaws and sub-rules or any contract to the contrary, any member shall, within a period of 30 days from the date of issuance of the said notice, have the option of withdrawing his shares, deposits or closing loans, as the case may be: Provided that any other debtor or creditor shall be informed of such a resolution through publication of notice in two leading daily newspapers in vernacular language within 7 days from the date of resolution that they have the option to withdraw deposit, loans, as the case may be, within a period of thirty days from the date of publication of notice. (4) Any member or creditor or debtor who does not exercise his option within the period specified in sub-section (3) shall be deemed to have given his assent to the proposals contained in the resolution. (5) On and from the date of approval of transfer of assets and liabilities of each District Co-operative Bank by the Registrar, all the assets and liabilities as it stood immediately before the transfer shall without any further Act, instrument or deed, stand transferred to and vested in the Kerala State Co-operative Bank. (6) On and from the date of approval of transfer of assets and liabilities of each of the District Co-operative Bank by the Registrar, all pending suits or legal proceedings by or against such Banks shall be continued by the Kerala State Co-operative Bank.