[30-B. Transitory provision for revival of certain Cooperative Banks. –– (1)Notwithstanding anything contained in section 29 or section 30 or any other provisions of this Act,––
(a) the Government may constitute such Professional Boards, as may be necessary for managing the affairs of the Central Cooperative Banks including Anantnag Central Cooperative Bank Ltd, the Baramulla Central Cooperative Bank Ltd. and the Jammu Central Cooperative Bank Ltd. for implementation of the revival package(s) sanctioned by the Government of India or the Government of the Union territory of Jammu and Kashmir so as to enable these Central Cooperative Banks to achieve a Capital Risk Adequacy Ratio (CRAR) as may be required ;
(b) from the date of constitution of such Professional Boards under clause (a), the existing Board of Directors or Board of Management of the concerned Banks shall cease to exist ; and
(c) the Professional Boards constituted under clause (a) shall manage the affairs of these Banks for a period of two years or such other period as may be specified by the Government from time to time taking into consideration the impact of revival package and financial health of these Banks.
(2) Notwithstanding anything contained in section 32-A, for managing the affairs of the Cooperative Banks as mentioned in clause (a) of sub-section (1), the Government or Professional Boards as constituted under sub-section (1) may appoint Managing Director or such officers for such period and on such terms and conditions as may be determined by the Government or the Professional Board.]