115A. Order for winding up, reconstruction, supersession of committee, etc. of insured co-operative bank not to be made without sanction or requisition of Reserve Bank of India.

{
    "act_title": "The Gujarat Co-Operative Societies Act, 1961",
    "act_slug": "the-gujarat-co-operative-societies-act-1961",
    "section_label": "Section",
    "section": {
        "number": "115A",
        "title": "115A. Order for winding up, reconstruction, supersession of committee, etc. of insured co-operative bank not to be made without sanction or requisition of Reserve Bank of India.",
        "chapter": null,
        "content": "(1) an order for winding up or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction (including division or reorganisation) of the bank may be made only with the previous sanction in writing of the Reserve Bank of India;\n(2) an order for the winding up of the bank shall be made by the Registrar if so required by Reserve Bank of India in the circumstances referred to in Section 13-D of the Deposit Insurance Corporation Act, 1961 (47 of 1961);\n(a) the expression \"insured co-operative bank\" means a society which is an insured bank under the provisions of the Deposit Insurance Corporation Act, 1961 (47 of 1961);\n(b) the expression \"transferee bank\" in relation to an insured co-operative bank means a co-operative bank-\n(i) with which such insured co-operative bank is amalgamated, or\n(ii) to which the assets and liabilities of such insured co- operative bank are transferred, or\n(iii) into which such insured co-operative bank is divided or converted, under sub-section (1) of Section 17.]\n[Chapter X-B]\nCertain Other Provisions Relating to Urban Co-Operative Banks",
        "footnote": "",
        "is_definition": false,
        "sort_order": 111
    },
    "prev_section": "115",
    "next_section": "115B"
}