Section 13C: Cancellation of registration of co-operative banks.

The Deposit Insurance and Credit Guarantee Corporation Act, 1961Central Act · Act 47 of 1961

[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

(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.]

Where this provision sits

Act	The Deposit Insurance and Credit Guarantee Corporation Act, 1961
Section	13C
Marginal note	Cancellation of registration of co-operative banks.
Jurisdiction	Central
Status	In force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

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

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