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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Interpretation of cooperative bank amalgamation, demerger and conversion rules clarifying asset, membership and share transfer effects</h1> For purposes of section 64 the text defines key terms governing co-operative bank restructuring: 'amalgamation' requires transfer of all assets and liabilities to the amalgamated bank, 75% member and shareholder continuity and results in the amalgamated bank becoming successor; 'demerger' requires transfer of undertakings on a going concern basis at book values, proportionate membership issuance and 75% shareholder continuity, with transfers subject to Central Government conditions and resulting banks becoming successors; 'conversion' denotes transition of a primary co-operative bank into a banking company and a 'converted banking company' is the successor. Definitions of predecessor, resulting and successor banks are specified.
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