(1) The Registrar shall ensure the implementation of regulatory prescription given by the Reserve Bank, including recommendation for supersession of the committee and winding up of the State Co-operative Bank and Central Co-operative Banks, within one month from the date of receipt of the advice from the Reserve Bank or within such time as may be permitted by the Reserve Bank.
(2) The Registrar shall, on being advised by the Reserve Bank for supersession or winding up, ensure that the administrator or the liquidator as the case may be, is appointed within one month from the date of receipt of the advice from the Reserve Bank or within such time as may be permitted by the Reserve Bank.
(3) If, in the opinion of the Reserve Bank or the National Bank, the chief executive officer of the State Co-operative Bank or a Central Co-operative bank does not fulfill eligibility criteria specified by the Reserve Bank, the Registrar shall direct compliance of the orders of the Reserve Bank or, as the case may be, the National Bank within two months of being so advised by the Reserve Bank or the National Bank.
(4) If in the opinion of the Reserve Bank or the National Bank, a person has been co-opted as a member of the committee of the State Cooperative Bank or a Central Cooperative Bank without having the requisite special knowledge or experience in such fields as may be stipulated by the Reserve Bank, the Registrar shall, on being advised by the Reserve Bank or the National Bank, direct compliance of the orders of the Reserve Bank or, as the case may be, the National Bank within two months of being so advised by the Reserve Bank or the National Bank.