THE MADHYA PRADESH CO-OPERATIVE SOCIETIES (AMENDMENT) ACT, 2016 [Received the assent of the Governor on the 6th September, 2016; assent first published in the “Madhya Pradesh Gazette (Extra-ordinary)”, dated the 12th September, 2016.] An Act further to amend the Madhya Pradesh Co-operative Societies Act, 1960 Be it enacted by the Madhya Pradesh Legislature in the sixty-seventh year of the Republic of India as follows:— Short title and commencement 1. (1) This Act may be called the Madhya Pradesh Co-operative Societies (Amendment) Act, 2016. (2) It shall come into force on the date of its publication in the Madhya Pradesh Gazette. Amendment of Section 16 2. In Section 16 of the Madhya Pradesh Co-operative Societies Act, 1960 (No. 17 of 1961) (hereinafter referred to as the principal Act), in sub-section (2), in the second proviso, for full stop, the colon shall be substituted and thereafter the following proviso shall be inserted, namely:— “Provided also that an order for the winding up or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction, of a Co-operative Bank shall be made only with the previous sanction in writing of the Reserve Bank.”. Substitution of Section 69-A 3. For Section 69-A of the principal Act, the following Section shall be substituted, namely:— Winding up of Co-operative Bank “69A. Notwithstanding anything to the contrary contained in this Act, the Registrar shall forthwith make an order for winding up of a Co-operative Bank, if so required by the Reserve Bank of India in the circumstances mentioned in Section 13-D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (No. 47 of 1961) or otherwise.”. Amendment of Section 69-B 4. In Section 69-B of the principal Act,— (i) in the marginal heading, for the words “insured bank”, the words “insured bank or transferee bank” shall be substituted; (ii) in the provision, for the words “insured bank” occurring twice, the words “insured bank or transferee bank” shall be substituted. |
