(1) The Assam Cooperative Societies Act, 1949 (Act 1 of1950) in its application to the State of Manipur is hereby repealed ;
Provided that, the regeal shall not efl'ect the previous operation 9;the Act so repealed and anything done or action taken or deemeqJ ofhave been done or taken (including any appointment or deleétit/made, a publication or other document filed, certificate of registrationgranted,~ agreements executed, notification, order, direction or noticeissued, regulation. form or bye-laws framed mile made or deemed to bemade or proceeding instituted before apy Registrar, Arbitrator,Liquidator or Tribunal or other Officer, authority or person, by orunder the pgovisionsof that Act, shall, in so far as it is not inconsistentwith the provisiong ,of this Apt, be deemed to haVo been done ortaken under the corresponding provisions of this Act, and shall continuein force unless and, until superseded by anything done or any actiontaken under, the Act.
(2) Aeoordingly, all societies registered or deemed to be registeredunder_ the Act repealed the registration of which is in force at thecommencement of this Act shall on such commencement be deemed tobe registered under this Act and all proceedings pending immediatelybefore such eommenoement before any Registrar, Arbritator, Liquidatoror Tribunal or other officer, authority 01‘ person under the provisions ofthe repealed Act shall stand transferred, where necessary, to thoRegliystrartpArbitrator, Liquidator or Tribunal or other correspondingOfficeit, authority‘under this Act and if no such officer, authority orperson/exiStg 017 if there be a doubt as, to the corresponding officer,authority or persons to such officer, authority or person as the StateGovernment may designate and shall be continued and disposed ofbefore such officer, authority or person in accordance with theprovisionsof this Act.
(3) Any reference to the Act repealed or to any provisions thereofor toany officer, authority or person entrusted with any functionsthereunder, in any law for the time being in force or in any instrumentor document, shall be, construed where neoesary, as a reference tothis Act, or its relevant provisions under this Act, and the correspondingofficer, authority or person, as the case may he shall have and exercisethe functions under the repealed Act or under the instrument ordocument.
166. For the removal of doubt, it is hereby declared that theprovisions of the Companies Act, 1956 shall not apply to loeietiesregistered, or deemed to be registered under thieAet.
CHAPTER xv manner) COOPERATIVE BANKS 16-7; Notwithstanding anything contained in this Act, in the caseof an insured co-operative bank- “J? ~"" ~“' ,9“ a,
(i) an order for the winding up, or an 'brder sanctioning a Scheme of compromise or arrangement, or of amalgamation, or recenstructien (including division or reorganisation), of the‘ bank may be made only With the previous sanction in writing of the Reserve bank of India ;
(if) an order for the Winding up of the bank shall be made by the Registrar if so required by the Reserve Bank of India, in the circumstances referred to in 1[sect 13-D] of the 2[Deposit Insurance and Credit Guarantee t30rpomtion] Act, 1961;
iii) if so required by the Reserve Bank of India. in the public interest or for preventing the affairs of the bank being con— ducted in a. manner detrimental to the interests of the depositors or for securing the proper management of the bank, an order shall be made for supersession (removal) of the committee of management and the appointment of an Administrator therefor for such period or periods, not exceeding five years in the aggregate, as may from time to time be specified by the Reserve Bank of India, and the Administrator so appointed shall, after the expiry of his term of office, continue in office until the day immediately preceding the date of the first meeting of the new committee ;
(iv) no appeal, revision or review shall lie or be permissible against an order such as is referred to in clauses, (i), (ii) or (i) made with the previous sanction in writing or on the requisition of the Reserve Bank of India. and such order or sanction shall not be liable to be called in question in any manner ; and
(v) the liquidate: or the insured oo-operetive bank or transferee bank, as the case may be, shall be under an obligation to repay the ”[Deposit Insurance and Credit Guarantee Corpopetion] established under the ‘[Deposit Insurance and Credit Guarantee Corporation] Act, 1961, in the circumstances.
to the extent and in the manner referred to in section 21 of that Act.
Explanation :—For the purposes of this section “A Go-operative rank” means a. bank as has been defined in the 5[Deposit Insurance and Credit Guarantee Corporation] Act, 1961.
(ii) “Insured Co-operative Bank” means a. society which is an insured bank under the provisions of the 6[Depoeit Insurance and Credit Guarantee Corporation] Act, 1961.
(iii) “Trensferee Bank” in relation to an insured co-operative bank means a, co-operative bank,
(a) with which such insured oo-operative bank is amalgamated, or
(b) to which the assets and liabilities of such insured co-operetiva ‘ bank are transferred, or (G) into which such insured co-operative bank is divided or converted under the provisions of sections 17 and 18.
7f t / Amendment 1) The word. figures and letter were subetituted for the word and figures "sectionL; 130” by Man. Act12 of 1984, aeoton 15.
2, 3, 4, 5. 6 z— The Words “Deposit Insurance and Credit Guarantee Corporation”were substituted for the words "Deposit Insurance Corporation” by Man, Act 12 of 1984, sect. 15.