Where a co-operative bank, being an insured bank within the meaning of The Deposit Insurance Corporation by liquidator of cooperative societies and Credit Guarantee Corporation Act, 1961 (47 of 1961), is wound up and the Deposit Insurance Corporation has become liable to the depositors of the insured bank under sub-section (1) of section 16 of that Act, the Deposit Insurance Corporation shall be reimbursed by the liquidator or such other person in the circumstances, to the extent and in the manner provided in section 21 of that Act. Provisions of Section 88 of the 2002 Act are same arid identical to Section 1984 Act. a cooperative bank, which is an insured bank within the meaning of posit Insurance and Credit Guarantee Corporation, Act, 1961, is wound Deposit Insurance Corporation becomes liable to the depositors of the bank. In such a case the Deposit Insurance Corporation hall be used by the liquidator or such other person him the circumstances, to the and the manner as provided in Section 21 of that Act. Where the Central Registrar has made an order under Section 86 - Winding Up of Cooperative Bank at the Direction of Reserve Bank of a multi state cooperative society, the Central Registrar point a liquidator for the purpose and fix his remuneration. A liquidator shall, on appointment, take into his custody or under troll all the property, effects and actionable claims to which the co-operative society is or appears to be entitled and shall take steps as he may deem necessary or expedient to prevent loss oration off or damage to, such property, effects and claims and he array on the business of the co-operative society so far as cue necessary with the previous approval of the Central Registrar.
The Central Registrar may appoint a liquidator where the order winding up of a multi state co-operative society has been made under the When a liability of credit cooperative society is appointed he shall take the custody and control of a properties vested in the society or the society is entitled to receive the pro The liquidator shall take the charge of the books of account or other dour of the society and all its assets.