Registration cancellation grounds expanded to include misrepresentation and restoration period; banking winding up governed by banking law, lenders' consent not required. The amendment broadens section 86 by linking section 79 and section 108 to cancellation powers, allowing cancellation where membership falls below prescribed minima with a six month restoration period, and adding cancellation for registration procured by misrepresentation, false or misleading information, suppression of material facts, or fraud. It also provides that winding up of multi State co operative banks is subject to the Banking Regulation Act, and removes the requirement for written 'no objection' from institutional lenders before winding up, defining institutional lenders to include banks, savings and loan associations, trust companies, insurance companies, real estate investment trusts, pension funds and the like.
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Registration cancellation grounds expanded to include misrepresentation and restoration period; banking winding up governed by banking law, lenders' consent not required.
The amendment broadens section 86 by linking section 79 and section 108 to cancellation powers, allowing cancellation where membership falls below prescribed minima with a six month restoration period, and adding cancellation for registration procured by misrepresentation, false or misleading information, suppression of material facts, or fraud. It also provides that winding up of multi State co operative banks is subject to the Banking Regulation Act, and removes the requirement for written "no objection" from institutional lenders before winding up, defining institutional lenders to include banks, savings and loan associations, trust companies, insurance companies, real estate investment trusts, pension funds and the like.
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