Deposit Insurance and Credit Guarantee Corporation Act ,1961
Act No : 47
Section :
Cancellation of registration of co-operative banks.
13C. Cancellation of registration of co-operative banks. The registration of a co-operative bank as an insured bank shall stand cancelled on the occurrence of any of the following events, namely:-- (a) if it has been prohibited from accepting fresh deposits; or (b) if it has been informed by notice in writing by the Reserve Bank that its licence has been cancelled under section 22 of the Banking Regulation Act, 1949 (10 of 1949), or a licence under that section cannot be granted to it; or (c) if it has been ordered or directed to be wound up; or (d) if it has transferred all its deposit liabilities in India to any other institution; or (e) if it has ceased to be a co-operative bank within the meaning of sub-section (2) of section 36A of the Banking Regulation Act, 1949 (10 of 1949); or (f) if it has converted itself into a non-banking co- operative society; or (g) if in respect of it any scheme of compromise or arrangement or of reconstruction has been sanctioned by a competent authority and the said scheme does not permit the acceptance by it of fresh deposits; or (h) if it has been amalgamated with any other co-operative society; or (i) if it ceases to be an eligible co-operative bank, that is, if the law for the time being governing such co- operative bank does not provide for all or any of the matters referred to in clause (gg) of section 2.
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