3[(1)] Notwithstanding anything contained in this Act, in the case of an insured Co-operative Bank—
(i) an order for the winding up, or an order sanctioning a scheme of compromise or arrangement, or of amalgamation, or reconstruction (including division or re-organisation), of the Bank may be made only with the previous sanction in writing of the Reserve Bank of India ;
(ii) an order for the winding up of the Bank shall be made 4[by the Registrar] if so required by the Reserve Bank of India in the circumstances referred to in section 13-D of the Deposit Insurance Corporation Act, 1961 (47 of 1961);
(iii) if so required by the Reserve Bank of India in the public interest or for preventing the affairs of the bank being conducted in a manner detrimental to the interests of the depositors or for securing the proper management of the bank an order shall be made 5[by the Registrar] 6[for suspension or supersession of the committee, as the case may be, and the appointment of an Administrator in its place for such period, not exceeding one year. In case of supersession, an Administrator so appointed shall, before the expiry of his term of office, arrange for holding election to constitute the new managing committee and handover the management to the newly constituted committee. In case of suspension of the committee, the Registrar with prior permission of the Reserve Bank of India, shall revoke the order of suspension and direct the Administrator to handover the management to the committee] ;
(iv) an order for the winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction (including division or re-organisation) or an order for the 7[suspension or supersession] of the committee and the appointment of an Administrator therefor made with the previous sanction in writing or on the requisition of the Reserve Bank of India shall not be liable to be called in question in any manner; and
(v) the Liquidator or the insured co-operative bank or the transferee bank, as the case may be, shall be under an obligation to repay the Deposit Insurance Corporation established under the Deposit Insurance Corporation Act, 1961 (47 of 1961), in the circumstances, to the extent and in the manner referred to in section 21 of that Act.
1 Chapter X-A was inserted by Mah. 54 of 1969, s. 2.
2 These words were inserted by Mah. 16 of 2013, s. 67(b).
3 Existing section 110A was re-numbered as sub-section (1) by Mah. 11 of 2008, s. 24.
4 These words were inserted by Mah. 36 of 1975, s. 9(a).
5 These words were inserted by Mah. 36 of 1975, s. 9(b).
6 This portion was substituted for the portion beginning with the words “for the supersession (removal) of the committee” and ending with the words “the first meeting of the new committee” by Mah. 16 of 2013, s. 67(a)(i).
7 These words were substituted for the words “supersession (removal)” by Mah. 16 of 2013, s. 67(a)(ii).
1961 : Mah. XXIV] The Maharashtra Co-operative Societies Act, 1960 91 1[Explanation.— In this section,—
(a) the expression “an insured co-operative bank” means a society which is an insured bank under the provisions of the Deposit Insurance Corporation Act, 1961 (47 of 1961);
(b) the expression “the transferee bank” has the same meaning as assigned to it in that Act.]
2[(2) Notwithstanding anything contained in this Act, in the case of the District Central Co-operative Bank and the State Co-operative Bank, the supersession of the Board and appointment of Liquidator shall be made by the Registrar, within one month of being so advised by the Reserve Bank of India.]]
CHAPTER XI 3[CO-OPERATIVE AGRICULTURE AND RURAL MULTIPURPOSE DEVELOPMENT BANKS] 4[111. Application of Chapter XI to 5[Co-operative Agriculture and Rural Multipurpose Development Banks].— This Chapter shall apply to—
(a) any co-operative bank or banks advancing loans other than short term loans, to or through the 6[Co-operative Agriculture and Rural Multipurpose Development Bank], for the purposes herein enumerated (hereinafter referred to as “the 7[Co-operative Agriculture and Rural Multipurpose Development Bank]”), namely :—
(i) agricultural or rural development ;
(ii) purchase of, or acquisition of title to, agricultural lands by tenants, occupants and assignees under any law for the time being in force ;
(iii) liquidation of Government, Institutional, and other secured debts to agriculturist ;
8[(iv) acquisition, construction, rebuilding or repairing of dwelling houses in rural area;]
(b) any other society permitted by the Registrar under section 142 to function as 9[a Co-operative Agriculture and Rural Multipurpose Development Bank.]
Explanation.— For the purposes of this section,— (I) the expression “short term loan” means a loan for a duration of less than 18 months ; and (II) the expression “agricultural or rural development” means any work, construction or activity pertaining to agricultural and rural development which includes the following, that is to say :—
(i) construction and repairs of wells (including tube wells), tanks and other works for storage, supply or distribution of water for the purpose of agriculture, or for the consumption of human beings and cattle employed in agriculture,
(ii) making agricultural lands fit for cultivation, improvements of lands including development of sources of irrigation,
(iii) renewal or reconstruction of any of the foregoing works, or alterations therein or additions thereto,
(iv) preparation of lands for irrigation including command area development, 1 This Explanation was substituted for the original by Mah. 36 of 1975, s. 9(c).
2 Sub-section (2) was inserted by Mah. 11 of 2008, s. 24.
3 These words were substituted for the words “Agriculture and Rural Development Banks” by Mah. 41 of 2005, s. 8.
4 This section was substituted for the original by Mah. 20 of 1986, s 55.
5 These words were substituted for the words “Agriculture and Rural Development Banks” and “Agriculture and Rural Development Banks” respectively by Mah. 41 of 2005, s. 8.
6 These words were substituted for the words “Agriculture and Rural Development Banks” and “Agriculture and Rural Development Banks” respectively by Mah. 41 of 2005, s. 8.
7 These words were substituted for the words “Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
8 Sub-clause (iv) was added by Mah. 5 of 1990, s. 3.
9 These words were substituted for the words “an Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
92 The Maharashtra Co-operative Societies Act, 1960 [1961 : Mah. XXIV
(v) drainage to, and reclamation from rivers or other waters, or protection from floods or erosion or other damage by water, of land,
(vi) bunding and similar improvements,
(vii) reclamation, clearance and enclosure or permanent improvement of land for agricultural purposes,
(viii) horticulture,
(ix) purchase of tools, implements, machinery including oil engines, pumping sets, electric motors for any of the purposes mentioned herein,
(x) purchase of tractors or power tillers or any other agricultural machinery,
(xi) increase in productive capacity of agricultural lands,
(xii) construction, rebuilding or repairing of farm houses, cattle-sheds and sheds for processing or repairing agricultural or cottage or village industrial products,
(xiii) purchase of machinery for processing of agricultural produce,
(xiv) purchase of lands for consolidation of holdings under the relevant law for the time being in force,
(xv) animal husbandry and dairy farming such as purchase of milch cattle, rearing of cross-breed female calves, cattle breeding, sheep and goat rearing, piggery, poultry farming and purchase of bullocks,
(xvi) plantation including tree crops,
(xvii) forestry,
(xviii) pisciculture including development of inland and marine fisheries, catching of fish and all activities connected therewith or incidental thereto,
(xix) sericulture or apiculture,
(xx) marketing, storage including rural warehouses, godowns, and cold storage and transport of agriculture, cottage and industrial products, acquisition of implements and machineries in connection with such activities including animal-driven carts,
(xxi) market yards for agricultural produce,
(xxii) bio-gas plants,
(xxiii) working capital or production credit to borrowers or investment credit,
(xxiv) setting up of cottage and village industries,
(xxv) purchase of shares in co-operative sugar factories or in any processing industry of agriculture produce,
(xxvi) social forestry,
(xxvii) such other purposes as the State Government may, from time to time, by notification in the Official Gazette, declare to be agricultural or rural development purposes, or
(xxviii) all activities incidental to, or ancillary to, the above mentioned purposes.]