TaxTMI 
TaxTMI 
Interpretation for purposes of section 64
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....iabilities of the amalgamating co-operative bank or banks immediately before the merger (other than the assets transferred, by sale or distribution on winding up, to the amalgamated co-operative bank) become the assets and liabilities of the amalgamated co-operative bank; (ii) the members holding 75% or more voting rights in the amalgamating co-operative bank become members of the amalgam....
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....s; (d) "business reorganisation" means reorganisation of business involving the amalgamation or demerger of a co-operative bank or conversion of a primary co-operative bank; (e) "conversion" means transition of a primary co-operative bank to a banking company under the scheme of the Reserve Bank of India as may be notified vide its circular number DCBR. CO. LS. PCB. Cir. No. 5/07....
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....co-operative bank issues, in consideration of the transfer, its membership to the members of the demerged co-operative bank on a proportionate basis; (iv) the shareholders holding 75% or more in value of the shares in the demerged co-operative bank (other than shares already held by the resulting bank or its nominee or its subsidiary immediately before the transfer), become shareholders o....
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.... a result of conversion; (j) "primary co-operative bank" shall have the meaning assigned to it in clause (ccv) of ^1[section 56] of the Banking Regulation Act, 1949 (10 of 1949); (k) "resulting co-operative bank" means- (i) one or more co-operative banks to which the undertaking of the demerged co-operative bank is transferred in a demerger; or (ii) any co-....