2[(1) There shall be a 3[State Co-operative Agriculture and Rural Multipurpose Development Bank], for the State of Maharashtra, if considered necessary by the State Government, in the 4[interest 1 These words were substituted for the words “Agriculture and Rural Development Banks” by Mah. 41 of 2005, s. 8.
2 Sub-section (1) was substituted by Mah. 43 of 1972, s. 3.
3 These words were substituted for the words “State Agriculture and Rural Development Bank” by Mah. 41 of 2005, s. 8.
4 These words were substituted for the words “public interest” by Mah. 16 of 2013, s. 68.
1961 : Mah. XXIV] The Maharashtra Co-operative Societies Act, 1960 93 of the society] or in the interest of the co-operative movement there may be one or more 1[District Cooperative Agriculture and Rural Multipurpose Development Banks] ; but nothing in this sub-section shall be taken to require the establishment or continuance of any 2[Primary Co-operative Agriculture and Rural Multipurpose Development Banks.]]
(2) A reference to Land Mortgage Bank 3[or to a Land Development Bank 4[or to an Agriculture and Rural Development Bank]] in any law, or instrument for the time being in force in the State, shall with effect from the commencement of this Act, be construed as a reference to a 5[Co-operative Agriculture and Rural Multipurpose Development Bank] within the meaning of this Chapter.
(3) With effect from the commencement of this Act, and until such time as the names of the Land Mortgage Banks 6[or of the Land Development Banks 7[or of the Agriculture and Rural Development Banks]] and societies functioning in the State at the commencement of this Act are changed into 8[Cooperative Agriculture and Rural Multipurpose Development Banks] all acts done by them or mortgages and other documents executed by them, or in their favour, and all suits and other proceedings filed by or against them shall be deemed to have been done, executed or filed, as the case may be, by or against them as 9[Co-operative Agriculture and Rural Multipurpose Development Banks.]