The Assam Co-operative Societies (Amendment) Act, 1989
**r*'** **•F’R** **Registered No. A-12**

I

# The Assam Gazette

## EXTRAORDINARY

### PUBLISHED Bi[7] AUTHORITY

2 affspsH, 6 'SfH^Ph 1990, 16 «n?> 1911 ([s]i^)

**Ne.** **_2_** **Diapur,** **Saturday, 6th January, 1990, 16th Pausa,**

**1911** **( S. E. )**

f . — —                      - r                      - — — ,                      -                      - ,                      - --                      - '■"                      - '

GOVERNMENT O f ASSAM

ORDERS BY THE GOVERNOR

LEGISLATIVE DEPARTMENT : LEGISLATIVE BRANCH

NOTIFICATION

The 6th January, 1990

No. LGL. 72/85/23-—The following Act of the Assam

Legislative Assembly which received the assent of the

Governor is hereby published for general information.


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4 1HE ASSAM GAZETTE. EXTRAORDINARY. **JAN. 6. 195*0**

ASSAM ACT NO. I OF 1990.

(Received the assent of the Governor on 3rd January, 1990)

THE ASSAM CO-OPERATIVE SOCIETIES

(AMENDMENT) ACT, 1989

An

Act

Preamble, further to amend the Assam Co-operative

Societies Act, 1949.

Whereas it is expedient further to

amend the Assam Co-operative Societies Act 1

Act, 1949 hereinafter called the principal [0]
Act in the manner hereinafter appearing.

It is hereby enacted in the Fortieth Year of

the Republic of India as follows          -

Short 1. (i) This Act may be called the Assam

**commence-** Co-operative Societies (Amendment) Act, 1989.
**meat.**

(ii) It shall have like extent as the principal

Act.

(iii) This shall come into force with imme­

diate effect.

insertion **of** 2. In the principal Act, after section 15

newjection fo y o w jn g n e w s e c tion shall be inserted, namely :—
**Assam Act 1**

**of 1950.**

“ 15-A Notwithstanding anything contained in

insured Coperative o- this Act, in the case of an Insured Co-operative Bank- ’ **r**

**Banks.**

(i) An order for the winding up, or an order

sanctioning a scheme of compromise or arrange­
ment or of amalgamation or reconstruction ( in­

cluding division or reorganisation), of the bank

may be made only with the previous sanction in
writing of the Reserve Bank of India ;


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**THE ASSAM GAZETTE. EXTRAORDINARY.** **JAN. 6, 1990** **5**

#### (ii) An order for the winding up of the bank
 shall be made by the Registrar if so required by
 the Reserve Bank of India in its circum­
 stances referred to in section 13-D of the Deposit Insurance And Credit Guarantee Corporation Act, 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 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 from time to time be
 specified by the Reserve Bank of India, and the administrator so appointed shall after expiry of his term of office, continue in office until the day immediately proceeding the date of the first meeting of the new committees;

 (iv) No appeal, revision or review shall lie
 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 requi­ sition of the Reserve Bank of India and such order or sanction shall not be liable to be called in question in any other 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 And Credit Guarantee Corporation esta­ blished under the Deposit Insurance And Credit Guarantee Corporation Act, 1961 in the circum­ stances, to the extent and in the manner referred to in section 21 of the that Act.

 explanation

 (i) For the purposes of this section “a Co­
 operative Bank” means a bankas has been defined
 in the Deposit Insurance And Credit Guarantee Corporation Act, 1961,


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6 THE ASSAM GAZETTE. EXTRAORDINARY .JAN. 6, 1990

#### (ii) “Insured Co-operative Bank’’ means a
 society which is an insured bank under the pro­ visions 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 provi­ sions of Assam Co-operative Societies Act,
 1949.”

 A- RAHMAN,
 Secretary to the Govt, of Assam,
 Legislative Department.

**GUWAHATI.—Printed and published by the Dy. Director (P), Directorate of Ptg. anp**

**Sty., Assam, Guwahaii—21, (Ex-Gezette) No, 3— 1,110-—300—6-1-1990**


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