The Bihar self- Supporting Co- operative societies (Amendment) ACT, 2008

Bihar · state statute
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 [Bihar Act 29, 2008] 
The Bihar self- Supporting Co- operative societies (Amendment) ACT, 2008 
AN 
ACT 
To AMEND THE BIHAR SELF- SUPPORTING CO-OPERATIVE SO CIETIES ACT, 1996(BIHAR Act 
2, 1997) 
Be it enacted by the Legislature of the State of Bi har in the Fifty Ninth Year of the Republic of Indi a as 
follows:- 
1. Short Title, Extent and Commencement:-  (1) This Act may be called the Bihar Self-
Supporting Co-operative Societies (Amendment) Act, 2008. 
 (2) It shall extend to the whole of the State of B ihar. 
 (3) It shall come into force at once. 
2. Addition of section.- 2(q) and (r) in the Bihar Sel f- Supporting Co-operative Societies 
Act, 1996 - The following shall be added after section -2(p) - 
 "(q) "Co-operative Bank" means a co-operative bank  as defined in the Banking Regulation 
Act, 1949. 
 (r) "Insured Bank" means a co-operative bank as de fined in the Deposit Insurance and Credit 
Guarantee Corporation Act, 1961." 
3. Addition of a new chapter VII-A after chapter VII o f the Bihar Self-Supporting Co-
operative  Societies Act, 1996.- 
 In the Bihar Self-Supporting Co-operative Societie s Act, 1996 the following Chapter VII-A 
shall be inserted after Chapter VII. 
"CHAPTER-VII-A 
Special Provision for Co-operative Banks 
38 A.  Application of the chapter to co-operative B anks- (1) The provisions of this chapter shall 
apply to a Co-operative Bank registered under this Act. In addition to the provisions 
contained in other parts of this Act, where any que stion of apparent or implied 
inconsistency arises, the provisions of this chapte r shall prevail over the provisions of the 
other parts of this Act. 
 (2) For the purposes of this chapter Deposit Insur ance Corporation means the Deposit 
Insurance and Credit Guarantee Corporation establis hed under the Deposit Insurance and 
credit Guarantee Corporation Act, 1961 (47 of 1961)  and Reserve Bank means the 
Reserve Bank of India established under the Reserve Bank of India Act, 1934 (2 of 1934) 
 
38 B. Certain orders to be passed by the Registrar if so required by the Reserve Bank- 
(1)  In the case of a co-operative bank which is an  insured bank, the Registrar shall have 
power- 
(i) if so required by the Reserve Bank, in the circ umstances mentioned in section-13D 
of the Deposit Insurance and Credit Guarantee Corpo ration Act, 1961, to make an 
order for winding up of a co-operative bank. 
(ii) where an order of moratorium has been made by the Central Government under sub 
section (2) of section-45 of the Banking Regulation  Act, 1949 (10, 1949) to make an 
order sanctioning a scheme of compromise or arrange ment or amalgamation or 
reconstruction including division or reorganisation of the co-operative bank. 
(iii) if so required by the Reserve Bank, in the pu blic interest, or for preventing the affairs 
of the Co-operative bank being conducted in a manne r detrimental to the interest of 
depositor or for securing the proper management of the bank an order for 
supersession and removal of the Committee of the Ma nagement or other Managing 
body, by whatever name called, of the Co-operative bank and the appointment of an 
Administrator thereof for such period or periods no t exceeding five years in the 
aggregate as may form time to time be specified by the Reserve Bank and the 
Administrator so appointed, shall after the expiry of his term, continue in his office 
until the day proceeding the date of the first taki ng over by the new board of such 
bank. The Administrator will have all powers of the  Managing Committee and will 
discharge its function under the general supervision and control of the Registrar. 
(2) In the case of co-operative bank which is an in sured bank, the General Body of a co-
operative bank shall not decide the sanctioning of a scheme of compromise or 
arrangement or amalgamation or reconstruction of su ch bank under section-11 of this 
Act, unless previous sanction in writing from the Reserve Bank is obtained. 
 5 
 
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(3)  The co-operative bank on its own motion shall not authorise its own dissolution under 
section-43 of this Act or the Co-operative Tribunal  constituted under this Act shall not 
order for dissolution or liquidation and dissolutio n of any co-operative bank under 
section-44 of this Act, unless previous sanction in  writing from the Reserve Bank is 
obtained. 
(4) No appeal, revision or review shall lie against  an order made under sub-section (1) (2) 
and (3) on the requisition or previous sanction gra nted by the Reserve Bank and such 
order or sanction shall not be liable to be called in question in any manner. 
 
38 C. Reimbursement to the Deposit Insurance Corpor ation by the Liquidators - 
 Where a Co-operative Bank being an insured bank is  wound up or taken into liquidation 
and the Deposit Insurance Corporation has become li able to pay the depositors of the 
insured bank under sub-section (1) of section-16 of  that Act, the Deposit Insurance 
Corporation shall be reimbursed by the Liquidator o r such other person in the 
circumstances, to the extent and in the manner prov ided in section-21 of the Deposit 
Insurance Corporation Act, 1961." 
  
 By Order of the Governor of Bihar, 
 RAJENDRA KUMAR MISHRA, 
 Secretary to the Government. 
 
 
———— 
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/g466/uni092C/uni0939/uni093E/uni0930ष/uni0917/uni091C/uni091Fषुअ/uni0938/uni093E/uni0927/uni093E/uni0930णवष583-571 +400-/uni0921/g5470/uni091F/g5470पी0/uni0964 
 
 
 

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