The Ministry of Finance vide notification dated 23.12.2020 has appointed the 1st day of April, 2021 as the date on which the provisions of section 4 of the Banking Regulation (Amendment) Act, 2020 shall come into force e for State Co-operative Banks and Central Co-operative Banks. Section 4 of the amendment makes the provisions of the act governing Banking companies applicable Mutatis Mutandis to other entities operating in Banking sector.
In case of Co-operative Banks, with effect from 1st April, 2021, the provisions of the principal act which refer to “memorandum of association” or “articles of association” shall be construed as references to bye-laws of Co-operative Bank. References to the provisions of the Companies Act, 1956, shall be construed as references to the corresponding provisions, if any, of the law under which a co-operative bank is registered. References to “Registrar” or “Registrar of Companies” shall be construed as references to “Central Registrar” or “Registrar of Co-operative Societies”, as the case may be, under the law under which a co-operative bank is registered.
