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The Deposit Insurance and Credit Guarantee Corporation Act, 1961

Chapter III — REGISTRATION OF BANKING COMPANIES AND CO-OPERATIVE BANKS AS INSURED BANKS AND LIABILITY OF CORPORATION TO DEPOITORS

Section 13CCancellation of registration of co-operative banks

Read in the full Act
Section 13C: Cancellation of registration of co-operative banks

13C. Cancellation of registration of co-operative banks

13C. Cancellation of registration of co-operative banks.—The registration of a co-operative bank as an insured bank shall stand cancelled on the occurrence of any of the following events, namely:—

(a)

if it has been prohibited from accepting fresh deposits; or

(b)

if it has been informed by notice in writing by the Reserve Bank that its licence has been cancelled under section 22 of the Banking Regulation Act, 1949 (10 of 1949), or a licence under that section cannot be granted to it; or

(c)

if it has been ordered or directed to be wound up; or

(d)

if it has transferred all its deposit liabilities in India to any other institution; or

(e)

if it has ceased to be a co-operative bank within the meaning of sub-section (2) of section 36A of the Banking Regulation Act, 1949 (10 of 1949); or

(f)

if it has converted itself into a non-banking co-operative society; or

(g)

if in respect of it any scheme of compromise or arrangement or of reconstruction has been sanctioned by a competent authority and the said scheme does not permit the acceptance by it of fresh deposits; or

(h)

if it has been amalgamated with any other co-operative society; or

(i)

if it ceases to be an eligible co-operative bank, that is, if the law for the time being governing such co-operative bank does not provide for all or any of the matters referred to in clause (gg) of section 2.

Amendment notes (1)
  1. Ins w.e.f. 1-7-1971 . Ins. by Act 56 of 1968, s. 7 (w.e.f. 1-7-1971).