Section 87 of the Multi-State Co-operative Societies Act, 2002 – Winding up of co-operative bank at the direction of Reserve Bank

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Section 87: Winding up of co-operative bank at the direction of Reserve Bank

Notwithstanding anything to the contrary contained elsewhere in this Act, the Central Registrar shall make an order for the winding up of a co-operative bank, if so required by the Reserve Bank in the circumstances mentioned in section 13D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961).

Source: official text of The Multi-State Co-operative Societies Act, 2002 as published on India Code (PDF). All sections of the Multi-State Co-operative Societies Act, 2002.

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