Section 7. S. 44B re-numbered as sub-section (1) thereof by Act 52 of 1953, s. 9 (w.e.f. 30-12-1953)

7. S. 44B re-numbered as sub-section (1) thereof by Act 52 of 1953, s. 9 (w.e.f. 30-12-1953). 8. Subs. by s. 4, ibid ., for "Court" (w.e.f. 30-12-1953). 7. Cls. (u) and (v) omitted by s. 4, ibid . (w.e.f. 1-4-2021). 8. Subs. by Act 1 of 1984, s. 42, for item (b) (w.e.f. 15-2-1984). "Provided that the Reserve Bank may, if it considers it necessary or expedient so to do, cause an inspection to be made of a primary co-operative bank under this subsection by one or more officers of a State co-operative bank in the State in which such primary co-operative bank is registered."]; (ii) in sub-section (4), clause (b) shall be omitted; 1[(iii) after sub-section (4), the following sub-section shall be inserted, namely:— "(4A) Without prejudice to the provisions of sub-section (4), the Reserve Bank may, if it considers it necessary or expedient so to do supply a copy of the report on any inspection or scrutiny to the State co-operative bank and the Registrar of co-operative societies of the State in which the bank which has been inspected or whose affairs have been scrutinised is registered."]; 2[(iv)] in sub-section (6), for the expressions "regional rural banks" and "regional rural bank", wherever they occur, the expressions "co-operative banks other than primary cooperative banks" and "co-operative bank other than a primary co-operative bank" shall, respectively be substituted;] 3 [(v)] the Explanation shall be omitted; 4* * * * * * 4* * * * * * 4* * * * * * 4* * * * * * 5 [(zaa) after section 36AA of the principal Act, the following sections shall be inserted, namely:— "36AAA.—Supersession of Board of directors of a[6] [co-operative bank].—(1) Where the Reserve Bank is satisfied that in the public interest or for preventing the affairs of a[6] [cooperative bank] being conducted in a manner detrimental to the interest of the depositors or of the[6] [co-operative bank] or for securing the proper management of the[6] [co-operative bank], it is necessary so to do, the Reserve Bank may, for reasons to be recorded in writing, by order, supersede the Board of directors of such[6] [co-operative bank] for a period not exceeding five years as may be specified in the order, which may be extended from time to time, so, however, that total period shall not exceed five years; 7[Provided that in the case of a co-operative bank registered with the Registrar of Co-operative Societies of a State, the Reserve Bank shall issue such order in consultation with the concerned State Government seeking its comments, if any, within such period as the Reserve Bank may specify.] (2) The Reserve Bank may, on supersession of the Board of directors of the[6] [co-operative bank] under sub-section (1) appoint an Administrator for such period as it may determine. (3) The Reserve Bank may issue such directions to the Administrator as it may deem appropriate and the Administrator shall be bound to follow such directions. (4) Upon making the order of supersession of the Board of directors of a[6] [co-operative bank],— 1. Ins. by Act 1 of 1984, s. 42 (w.e.f. 15-2-1984).