Section 120B
Application of Banking Regulation Act, 1949.
The Multi-State Co-operative Societies Act, 2002
About this Act
An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operative s as peoples institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto.
1[120B. Application of Banking Regulation Act, 1949.--The provisions of this Act shall apply to a
multi-State co-operative society in respect of matters relating to incorporation, regulation and winding up:
Provided that in case of a multi-State co-operative society carrying on the business of banking, the provisions of the Banking Regulation Act, 1949 (10 of 1949) shall also apply.]
Provided that in case of a multi-State co-operative society carrying on the business of banking, the provisions of the Banking Regulation Act, 1949 (10 of 1949) shall also apply.]
Notes
1. Ins. by s. 44, ibid. (w.e.f. 3-8-2023).