The Nagaland Co-operative Societies (Amendment) Act, 2005

The Nagaland Co-operative Societies (Amendment) Act, 2005. (Act No. 1 of 2006) Received the assent of the Governor of Nagaland on 16/05/2006 and published in the Nagaland Gazette Extraordinary dated: 12" of June, 2006. To amend the Assam Cooperative societies Act, 1949 It is hereby enacted in the Fifty Seventh Year of the republic of India as follows: 1. Short title, extent and commencement: (1) This Act may be called the Nagaland Cooperative Societies (Amendment) Act, 2006 (2) It shall extend to the whole State of Nagaland. (3) It shall come into force on such date as the State Government may, by notification in the official Gazette appoint. 2. The following shall be inserted after ChapterXIV and Section 84 ofthe Assam Cooperative Societies Act, 1949 as applicable to the State of Nagaland. Chapter - XIVA Section 84A: Notwithstanding anything contained in the Assam Cooperative Societies Act, 1949, in the case of anhured Cooperative Bank, unless the context otherwise requires, (1) "Eligible co-opemtive bank" means a co-operative bank the law for the time being governing whichprovides that, @ An order for the winding up, or an order sanctioning a scheme of compromise or arrangement or of amalgamation orre-construction, of the bank may be only with the previous sanction in writing of the reserve Bank of India. (ii) An order for the winding up of the bank shall be made if so required by the Reserve Bankof India in the circumstances referred to in Section 13D of the Deposit Insurance and Credit Guarantee CorporationAct. 1961 (Act No 47 of 1961). ) 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 interest of the depositors or for securing the proper management of the bank. an order shall be made for su~ersession or - -- removal of the committee of management or other managing body, (by whatever name called) of the bank and the appointment of an - administrator therefore 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; (iv) An order for the winding up of the bank or an order sanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction or an order 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 therefore made with the previous sanction in writing or on the requisition of the Reserve Bank shall not be liable to be called in question in any manner; and (v) The liquidator or the insured cooperative bank or transferee bank, as the case may be, shall be under an obligation to repay the Deposit Insurance and credit Guarantee Corporation established under the Deposit Insurance and Credit Guarantee CorporationAct, 1961 (Central Act No. 47 of, 1961) in the circumstances to the extent and in the manner referred to in Section 21 of that Act. "Existing banking company" means a banking company carrying on the (i) (i) a, (ii) business of banking at the commencement of the Deposit Insurance and Credit Guarantee CorporationAct 1961 which either holds a license at such commencement under Section 22 of the Banking RegulationAct, 1949 or having applied for such license has not beeninformed by notice in writing by the Reserve Bank that a license cannot be granted to it and includes the State Bank and a subsidiary bank, but does not include a defunct banking company. "Existing co-operative bank" means a co-operative bank carrying on the business of banking at the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968, which either holds a license at such commencement under Section 22 of the banking Regulation Act, 1949, or having applied for such license has not beeninformed by notice in writing by the Reserve Bank that a license cannot be granted to it but does not include a defunct co-operative bank; "Financial institution" means any financial institution within the meaning of Clause (c) of Section 45 1 of the Resewe bank of India Act, 1934; "insured bank" means a corresponding new bank or a banking company or a Regional Rural Bank or an eligible co-operative bank for the time being registered under the provisions of the Deposit Insurance and Credit Guarantee Corporation Act 1961 and includes for the purposes of Sections 16, 17, 18 and 21 of that Act. a banking company referred to in clause (a) or clause (b) of sub-section (1) of Section 13 of that Act, or A corresponding new bank to which the provisions of Clause (a) of sub-section (1) of Section 13 that Act apply, or A co-operative bank referred to in clause (a) or clause (b) of Section 13C ofthat Act the registration whereof has been cancelled under Section 13 of that Act or as the case may be, under Section 13C of that Act. "Insured deposit" means the deposit or any portion thereof the repayment whereof is insured by the Corporation under the provisions ofthe Deposit Insurance and Credit Guarantee Corporation Act, 196 1. " New banking company" means a banking company which begins to transact the business of banking after the commencement of the Deposit Insurance and Credit Guarantee Corporative Act, 1961 under a license granted to it under Section 22 of the Banking Regulation Act, 1949, 'Wew co-operative bank" means a co-operative bank which begins to transactthe business of banking after the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968, under a license granted to it under Section 22 of the banking Regulations Act, 1949, and includes a primary credit society becoming a primary co-operative bank after such commencement; "Premium" means the sum payable by an insured bank under Section 15 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961. "Prescribed" means prescribed by regulations made under the Deposit Insurance and Credit Guarantee Corporative Act, 1961. "Regional Rural Ban!? means a Regional Rural Bank established under section 3 of the Regional Rural Banks Act, 1976; "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934; "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955; "Subsidiary bank" shall have the meaning assigned to it in Section 2 of the State Bank of India (Subsidiary Banks) Act, 1959; The expressions "Central co-operative bank", "co-operative society" and "State Co-operative Bank" shall have the meanings respectively assigned to them in the National Bank for Agriculture and Rural Development Act, 1981. The expressions "Primary co-operative bank" and ''Primary credit society" shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949. Sdl- Minister in-charge The Institute of Charaetered Financial Analysts of India University (h'agaland) ACT, 2006 (Act No 2 of 2006) Arrangement of clause Schedule -2 17- Chapter V Chapter VI 24. Proceedings not invalidated on account of vacancy 15 Statues and Rules 25. Statutes 15 26. Making of Statutes 16 27. Power to amend Statutes 16 28. Rules 16-17 29. Making of Rules 17 30. Power to amend Rules 17 Miscellaneous 3 1. Conditions of service of employees 17 32. Disciplines procedure 17 33. Right to appeal 17 34. Provident h d and pension 17 35. Disputes as to constitution of University authorities and bodies 17 36. Constitution of committee 17 37. Filling of casual vacancies 18 38. Protection of action taken in good faith 18 39. Transitional provisions 18 40. Endowment Fund 18 4 1. General Fund 18-20 42. Development Fund 20 43. Maintenance of Fund 20 44. Annual Report 20 45. Account and Audit 21 46. Mode of proof of University record 2 1 47. DissoIution of University 21-22 48. Expenditure of University during dissolution 22 49. Laying of Statutes and Rules 22 - 50. Removal of difficulties 22