Section 18
Central Registrar to prepare scheme of amalgamation or reorganisation of a co-operative bank in certain cases.
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.
When an order of moratorium has been made by the Central Government under
sub-section (2) of section 45 of the Banking Regulation Act, 1949 (10 of 1949) in respect of a cooperative
bank, the Central Registrar, with the previous approval of the Reserve Bank in writing, may,
during the period of moratorium prepare a scheme--
(a) for the amalgamation of the co-operative bank with any other co-operative bank; or
(b) for the reorganisation of the co-operative bank.
(a) for the amalgamation of the co-operative bank with any other co-operative bank; or
(b) for the reorganisation of the co-operative bank.