Section 87
Winding up of co-operative bank at the direction of Reserve Bank.
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.
Notwithstanding
anything to the contrary contained elsewhere in this Act, the Central Registrar shall make an order for the
winding up of a co-operative bank, if so required by the Reserve Bank in the circumstances mentioned in
section 13D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961).