Nagaland Co-Operative Societies (Amendment) Act, 2005

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PRS or any persons connected with it shall not be in any way responsible for any loss, damage, or distress to any person on account of any action taken or not taken on the basis of this document. The Nagaland Co-Operative Societies (Amendment) Act, 2005 Act 7 of 2006 Keyword(s): Eligible Co-Operative Bank, Existing Banking Company, Existing Co Operative Bank, Financial Institution, Insured Bank, Insured Deposit, New Banking Company, New Co-Operative Bank, Premium, Regional Rural Bank, Reserve Bank, State Bank, Subsidiary Bank, Ce THE N A O CO-OPERATIVE SOCIETIES (AMENDIMENTI ACT, 2005 (Act No. 7 of 2005 ) Received the assent of the Governor on 16S.2006 and published in the Nagaland Gazette Extraordinary dated 12.6.2006. An Act to amend the Assarn Cooperative societies Act, 1949 It is hereby enacted in the Fifty Seventh Year of the Republic of Indra as follows : I. Short title, extent and commencement : (I) ThisActmaykcdledtheNagalandCooperativeSocieties (Amendment) Act, 2006. (2) It shall extend to the whole State of Nagaland. (3) It shall come into f o ~ e on such date as the State Government may, by notification in the official Gazette appoint. 2. The fokwing shall be inserted after Chapter XIV and Section 84 of the Assam Cooperative Societies Act, 1949 as applicable to the State of Nagaland : Chapter XIV A Section 84 A : Not withstanding anything contained in the Assam Cooperative Societies Act, 1949, in the case of an Insured Cooperative Bank, unIess the context otherwise requires, (1) "Eligible co-operative ban k" means a co-operarive bank the law for the lime being governing whch provides that; (i) an order for the winding up, or an order sanc tioning a scheme of compromise or arrangement or of amalgamation or re construction, of the bank may be only wj th the previous sanction in writing of h e ReserveBank of India; (ii) an order for thc winding up of the bank shall be made if so required by the Reserve Bank of India in the circumstances refered to in Section 13D of the Deposit Insurance and Credit Guarantee Corporation Act. 1961 (Act No. 47 of 1961). (iii) T f so required by the Reserve Bank of India in the public intercst or for preventing the affairs of the bank being conducted in n manner detrimental to the interest of the depositors or far securing the proper management of the depositors or for securing the proper management of the bank, an order shalI be made for supersession or removal of the committee of management or other managing body (by whatever name called} of the bank and the appointment of an administrator therefor for such period orperiods, not exceeding five years In the aggregate, as may from me to time be specified by the Reserve Bank of India; (iv) an order fur the winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction or an order for the supersession of the committee of management or other managing body (by whatever name called) of the bank and the appoin trnent of an administrator therefor made with the previous sanction in writing or on the requisition of the ReserveBank shall not beliable to be called in question in any manner; and (v) the liquidaror or the insured coopemrive bank or transferee bank, as the case may be, shall be under an abligation to repay the Deposit Insurance and Credit Guarantee Corporation established under the Deposit Insurance and Credit Guarantee Corporation Act, 1961'(CentraI Act NO. 47 of, 1961) in the circumstances, to the extent and in the manner referred to in Section 21 of that Act. (2) " existing baking company means a banking company carrying on the business of banlung at the commencement of the Deposj t Insurance and Credit Gwirmtee Corporation Act 196 1 which either holds a licence at such commencemnt under section 22 of the Banking Regulation Act, 1949 or having applied for such 1 i cence has not been informed by notice in writing by the Reserve Bank &at a licence cannot be p t e d to it and includes the State Bank and a subsidiary bank, but does not include a defunct banking company; (3) " existing co-operative bank" means a co-operative bank carrying on the business of banking at the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968, which either holds a licence at such commencement under section 22 of tyhe Banking regulation Act, 1949, or having applied for such licence has not been informed by notice in writing by the Reserve Bank that a licence cannot be granted to it but does not include a defunct co-operative bank; (4) "financial institution"means any financial institution within the meaning of clause (c) of section 45 I of the Reserve Bank of India Act, 1934; (5) " i n s 4 bank" mems a corresponding new bank or a ban k ing company or a Regonal Rural Bank or an eligible co operative bank for the ti me being registered under the pro visions of h c Deposj t Insurance and Credit Guarantee Cor poration Act 196 1 and includes for the purposes of sec tinns 16, 17,18 and21 of that Act. (11 a banking company reffered to in clause (a) or clausc (b) of sub-section ( I ) of section 13 of that Act, or (ia) a corresponding new bank to which the provisions of clause (a) of sub-section (1) of section 13 that Act apply, or (i) a co-operative bank referred to in clause (a) or cIause (b) of section 13C of that Act the registrealion whereof has been cancelled under section 13 of that Act or as the case may be, under section 13C of that Act. (6) "insured deposit" means the dcpsit or any p~.tion thereof the repayment whereof is insured by &he Corporation under the provisions of the Dewit Tnsurance and Credit Guamntoe Corporation Act, 196 1. (7) "new banking company" means a banking company which begins to transact the bussiness of banking after the commencement of the Deposit Insurance and Credit Guarantee Corporation Act, 196 1 under a licence granted to it under section 22 of the Banking Regulation Act, 1949, (8) "new co-operative bank" means a cmoperative bank which begins to transact the business of banking after the commencement of the Deposit lnsurancc Corporation (Amendment) Act, 1968, undera hcencegranted toit under section 22 of the banking Regulation Act, 1949, and in cludes a primary credit society becoming a primary co-op emtive Bank after such commencemen t; (9) "premium" means the sum payable by an insured bank un der section 15 of the Deposit Insurance and Credit Guar antee Corporation Act, 1961. (10) "prescribed" means prescribed by regulations made under the Deposi 1 Insurance and Credit Guarantee Corporati on Act, 1961. (I 1) "Regional Rural Rank" means a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976; (12) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934; (13) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955; (14) "subsidiary bank" shall have the meaning assigned to it in section 2 of the State Bank of Indisa (Subsidiary Banks) Act, 1959; (1 5 ) the expressions "cenwal co-operative bank", L'co-operative society" and "State Co-operative bank" shall have the meanings respectively assigned to them in the National Bank for Agriculture and RuraI Development Act, 198 l. (1 6) the expmsions " primary co-operati ve bank" and "pri~naq credit swiety" shall have the meanings mpectively assigned to them in Part V of the Banking Regulation Act, 1949."