https://www.taxtmi.com/caselaws?id=108342 A multi-state co-operative society could not obtain a banking licence unless it first satisfied the statutory definition of a co-operative bank under the Banking Regulation Act. The analysis states that a State declaration as a State co-operative bank under the National Bank for Agriculture and Rural Development Act was a necessary precondition, and the broader status of a multi-state co-operative society could not override that licensing framework. It further states that State recognition depended on the society being the principal co-operative society in the State and actually carrying on the requisite business there; mere registration or receipt of subscription funds was insufficient. Recognition in one State did not support banking operations in another State without a valid declaration there. en-us Wed, 29 Oct 2003 00:00:00 +0530 Mon, 19 Aug 2013 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108342 A multi-state co-operative society could not obtain a banking licence unless it first satisfied the statutory definition of a co-operative bank under the Banking Regulation Act. The analysis states that a State declaration as a State co-operative bank under the National Bank for Agriculture and Rural Development Act was a necessary precondition, and the broader status of a multi-state co-operative society could not override that licensing framework. It further states that State recognition depended on the society being the principal co-operative society in the State and actually carrying on the requisite business there; mere registration or receipt of subscription funds was insufficient. Recognition in one State did not support banking operations in another State without a valid declaration there. Case-Laws Companies Law Wed, 29 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108342