Himachal Pradesh Co-operative Societies (Amendment) Act, 1981*
| [Himachal Pradesh Act No. 13 of 1981]1 | [19th July, 1981] |
An Act further to amend the Himachal Pradesh Co-operative Societies Act, 1968 (Act No. 3 of 1969).
Be it enacted by the Legislative Assembly of Himachal Pradesh in the Thirty-second Year of the Republic of India as follows:-
1. For the statement of Objects and Reason see R.H.P. Extra., dated 2-4-1981 Page 220.
* Received the assent of the Governor, Himachal Pradesh, on the 19th July, 1981 and was published in R.H.P. Extra., dated the 2nd May, 1981, at page 371-373
1. Short title and commencement.- (1) This Act may be called the Himachal Pradesh Co-operative Societies (Amendment) Act, 1981.
(2) It shall come into force at once.
2. Amendment of section 2.- In section 2 of the Himachal Pradesh Co-operative Societies Act, 1968 (3 of 1969) (hereinafter called the principal Act),-
(a) after clause (6), the Following new clause (6-A) shall be inserted, namely:-
"(6-A) "Deposit Insurance Corporation" means the Deposit Insurance and Credit Guarantee Corporation established under section 3 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961)"; and
(b) after clause (12), the following new clause (12-A) shall be inserted, namely:-
"(12-A) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (2 of 1934)".
3. Amendment of section 14.- For the existing sign occurring at the end of sub-section (1) of section 14 of the principal Act, the sign shall be substituted and thereafter the following proviso shall be inserted, namely:-
"Provided that in case of an insured co-operative bank, no resolution under this sub-section shall be passed without the prior approval in writing of the Reserve Bank of India"
4. Amendment of section 49.- In sub-section (2) of section 49 of the principal Act, for the words and figures "under section 73", the words, signs and figures "under section 69, 73 and 88," shall be substituted.
5. Amendment of section 69.- For the existing proviso to sub-section (1) of section 69 of the principal Act, the following proviso shall be substituted, namely:-
"Provided that no such inquiry shall be held after the expiry of six years from the date on which any act of commission or omission referred to in this sub-section comes to knowledge."
6. Amendment of section 72.- For the existing clause (a) of sub-section (2) of section 72 of the principal Act, the following clause (a) shall be substituted, namely:-
"(a) a claim by the society for any debt or demand due to it from a member or an employee, or the nominee, heir or legal representative of a deceased member or an employee, whether such debt or demand be admitted or not;".
7. Amendment of section 80.- At the end of existing section 80 of the principal Act, the following sub-section (3) shall be inserted, namely:-
"(3) Any private transfer or delivery of, or an encumbrance or charge on, property made or created after the order of the liquidator under this section shall be null and void as against the society under liquidation."
8. Amendment of section 94.- In section 94 of the principal Act,-
(a) for the sign occurring at the end of sub-section (2), the sign shall be substituted; and
(b) after the existing proviso to sub-section (2) so amended, the following new second proviso shall be inserted, namely:-
"Provided further that every application under sub-sections (1) and
(2) to the State Government or the Registrar, as the case may be shall be made within ninety days from the date of communication of the order sought to be reviewed or revised."
(9) Addition of Chapter XIII-A.- after Chapter XIII of the principal Act, the following new chapter XIII-A shall be added, namely:-
"CHAPTER XIII-A"
INSURED CO-OPERATIVE BANKS.
97-A. Winding up order of insured banks.- Notwithstanding anything contained in this Act, in the case of any insured co-operative bank-
(i) an order for the winding up, or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction (including division or re-organisation), of the bank may be made only with the previous sanction in writing of the Reserve Bank of India;
(ii) an order for the wind in up of the bank shall be made by the Registrar if so required by the Reserve Bank of India in the circumstances referred to in section 13-D of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961);
(iii) if so required by the Reserve Bank of India in the public interest or for preventing the affairs of the bank being conducted in a manner detrimental to the interests of the depositors or for securing the proper management of the bank, an order shall be made for the supersession (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 or periods, not exceeding five years in the aggregate, as may front time to time be specified by the Reserve Bank of India, and the Administrator so appointed shall, after the expiry of his term of office, continue in office until the day immediately preceding the date of the first meeting of the new committee of such bank;
(iv) no appeal, revision or review shall he or be permissible against an order such as is referred to in clauses (i), (ii) or (iii) made with the previous sanction in writing or on the requisition of the Reserve Bank of India and such order or sanction shall not be liable to be called in question in any manner;
(v) the liquidator or the insured co-operative bank or transferee bank, as the case may be, shall be under an obligation to repay the Deposit Insurance Corporation established under the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961) in the circumstances, to the extent and in the manner referred to in section 21 of that Act.
Explanation.-For the purpose of this section,-
(i) "a co-operative bank" means a bank as has been defined in the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961);
(ii) "insured co-operative bank" means a society which is an insured bank under the provisions of the Deposit Insurance and Credit Guarantee Corporation Act, 1961;
(iii) "transferee bank" in relation to an insured co-operative bank means a co-operative bank,-
(a) with which such insured co-operative bank is amalgamated, or
(b) to which the assets and liabilities of such insured co-operative bank are transferred, or
(c) into which such insured co-operative bank is divided or converted under the provisions of section 14,"