Reconstitution of certain existing Co-operative Societies.
(1) Each of the following societies, that is to say, the
Hyderabad State Co-operative Bank Limited, and the
Hyderabad Central Co-operative Land Mortgage Bank
Limited (hereinafter in this Act referred to as “the existing
societies”), shall be reconstituted in the manner hereinafter
appearing.
(2) From the areas of operations of each of the existing
societies, the following territories shall be excluded, namely:-
(a) the territories comprised in the talukas of Bidar,
Humnabad, Bhalki and Santpur of Bidar district, the talukas
of Raichur, Manvi, Sindhnur, Gangawathi, Kopbal, Yelbarga,
Kushtagi, Lingsugur and Devdurg of Raichur district, and the
talukas of Gulbarga, Chitapur, Yadgir, Shahpur, Shorapur
Jiwargi, Afzalpur, Aland Chincholi and Sedam of Gulbarga district (hereinafter in this Act referred to as the Karnataka
area);
(b) the territories comprised in the districts of
Aurangabd, Parbhani, Nanded, excluding Kuber, Mudhol
and Bhainsa revenue circles of Mudhol taluka and Jukkal
and Bichkonda revenue circles of Deglur taluka of Nanded
district, Osmanabad and Bhir and the talukas of Nilanga,
Ahmedpur and Udgir of Bidar district, Islapur revenue circle
of Boath taluka and Kinwat and Rajura talukas of Adilabad
district (hereinafter referred to as the Marathwada area).
(3) The proposals for the reconstitution of the existing
societies under section 3 shall, inter alia, provide-
(a) In relation to the Karnataka area-
(i) for the disaffiliation from the existing societies of
the member-societies within that area;
(ii) for the affiliation of the said member societies to
the corresponding societies of the Mysore State, that is to
say, the Mysore State Co-operative Bank Limited or, as the
case may be, the Mysore Central Co-operative Land
Mortgage Bank Limited, registered under the Mysore
Co-operative Societies Act; and
(iii) for the transfer of the relative portion of the
assets and liabilities of the existing societies to the said
corresponding Mysore societies;
(b) In relation to the Marathwada area-
(i) for the disaffiliation from the existing societies of
the member-societies within that area;
(ii) either for the affiliation of the the member-societies to the corresponding societies of Co-Bombay
State, that is to say, the Bombay State Co-operative Bank
Limited, or as the case may be, the Bombay State
Co-operative Land Mortgage Bank Limited, registered under
the Bombay Co-operative Societies Act, or for the formation
and registration of a corresponding new society or societies
for that area with the societies disaffiliated under sub-clause
(i) as its or their members, as the Government may, by
notification in the Official Gazette, direct; and
(iii) for the transfer of the relative portion of the
assets and liabilities from the existing societies to the said
corresponding Bombay societies or, as the case may be, the
corresponding new society or societies.