(1) Notwithstanding anything contained in this Act, an order for winding up, constitution, supersession of committee is not to be made without consultation or requisition of Reserve Bank of India in the case of Insured Co-operative Bank.
(2) An order for the winding up, or an order sanctioning a scheme of compromise or arrangement, or of amalgamation, or reconstruction (including division or amalgamation) of the Bank may be made only with the previous sanction in writing of the Reserve Bank of India.
(3) 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 in section 13 D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961.
(4) 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 interest of the depositors or- for securing the proper management of the bank, an order shall be made by the Registrar in consultation with the Reserve Bank of India for the supersession or removal of the Committee or Board and the appointment of an Administrator therefore for such period or periods, not exceeding five years in the aggregate as may from time to time be specified by the Registrar of Cooperative Societies after consultation with 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.
(5) 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 amalgamation or an order for the supersession or removal of the committee or board and the appointment of an Administrator, therefore, made with the consent in writing or on the requisition of the Reserve bank of India shall not be liable to be called in question in any manner.
(6) 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 and Credit Guarantee Corporation Act, 1961 referred to in section 21 of that Act.
Explanation- (i) For the purpose of this section a cooperative bank means a bank as has been defined in the Deposit Insurance and Credit Guarantee Corporation Act 1961;
(ii) transferee Bank in relation to an insured Cooperative bank which is an insured Bank under the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 and in relation to a Cooperative Bank.
(a) with which such insured Co-operative Bank is amalgamated; or
(b) to which the assets and liabilities or such insured Co-operative Bank are transferred; or
(c) into which such insured Co-operative Bank is divided or amalgamated under the provision of section 15 of this Act.