Winding up of cooperative bank under multi state cooperative societies Act, 2002 at the direction of Reserve Bank:
Notwithstanding anything to the contrary contained else where in the Multi State Cooperative Societies Act, 2002, the Central Registrar shall make an order for the winding up of multi state cooperative society is so required by the Reserve Bank in the circumstances mentioned in section 13 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961).Provisions of Section 87 of the 2002 Act are word to word same identical to Section 78 of the 1984 Act. The Central Registrar has been empowered under Section 87 to make order of winding up of a cooperative bank if society required by the Reserve in the circumstances mentioned in Section 130 of the Deposit Insurance; Credit Guarantee Corporation Act, 1961. Section 130 of the said Act the circumstances in which Reserve Bank may require winding up of a operative bank. A co-operative bank cannot be wound up without previous sanction of the Reserve Bank of India. Where the Reserve Bank of India, in circumstances mentioned in Section f the Deposit Insurance and Credit Guarantee Corporation Act, 1961 a cooperative bank to be wound up, the Central Registrar, on receipted requisition should make an order for the winding up of the cooperative Central Registrar issue order lord Winding up 01 a multi state cooperative society alter audit has been Conducted under Section 70 or special been Conducted under Section 77 or an inquiry has been held under or an inspection has been made under Section 79 Or ill the society, by passed by two-third majority members present and Voting in a eating decides for Winding up of that Society. "Ore passing the order Winding up the Central Register sha11 give rotundity to a, Society to make its representation. Must serve a the society for propose Winding up to be made. Wind up a multi state cooperative society (other Alan a cooperative society)' may be made by Central registrar on the consideration of the comparative/explanatory notes and case-law in multi state cooperative society. Either of his Own motion alter audit has been conducted under Section 70, or alter special audit has been Conducted under Section 77.