TSCOB Act 3

Section 3 · Formation of the Andhra Pradesh Co-operative Bank by amalgamation of the Andhra Co-operative Bank and the Hyderabad Co-operative Bank

(1)

As soon as may be after the commencement of this Act, the Registrar shall place separately before a meeting of the general body of the Andhra Co-operative Bank and a meeting of the general body of the Hyderabad Co-operative Bank, specially convened by him, a scheme prepared by him which shall contain proposals, for the amalgamation of those Banks to form a single bank called the Andhra Pradesh State Co-operative Bank, Limited, having as the area of its operation the entire territory comprised in the State and for such other matters as are in his opinion connected with, or incidental to, the amalgamation.

(2)

If the scheme prepared by the Registrar is approved by a resolution passed by a majority of the members present and voting at each of the said meetings, either without modifications or with modifications to which the Registrar agrees, he shall certify the scheme. Upon such certification, the scheme shall be final and binding on the Andhra Co-operative Bank and the Hyderabad Co-operative Bank as well as the shareholders, creditors, officers and employees of those Banks.

(3)

After the certification of the scheme under sub-section (2), the Registrar shall register the Andhra Pradesh Co-operative Bank and its bye-laws under the Co-operative Societies Act of 1932.

(4)

Where the certified scheme of the Registrar provides for the transfer of services of officers and employees of the Andhra Co-operative Bank and the Hyderabad Co-operative Bank to the Andhra Pradesh Cooperative Bank, such transfer shall not entitle any such officer or employee to any compensation under the Industrial Disputes Act, 1947, or any other law for the time being in force and no claim in respect thereof shall be entertained by any Court, tribunal or other authority.

(5)

After taking such action in terms of the certified scheme as may be necessary for the amalgamation of the Andhra Co-operative Bank and the Hyderabad Co-operative Bank, the Registrar shall notify to those Banks the date on which the working of the Andhra Pradesh Co-operative Bank shall commence, which date shall be deemed to be the date of formation of the Andhra Pradesh Co-operative Bank.

(6)

The scheme shall, as soon as may be after it is certified, be laid by the Government before each House of the State Legislature.

(7)

If the scheme prepared by the Registrar is not approved in the manner indicated in sub-section (2), the Government shall on an application from the Registrar, refer the scheme for settlement to a Judge of the High Court of Andhra Pradesh, nominated by the Chief Justice in this behalf. The scheme as settled by such Judge shall be final and shall be binding on the Andhra Co-operative Bank and the Hyderabad Co-operative Bank as well as the shareholders, creditors, officers and employees of those Banks in the same manner as if the scheme so settled were certified under sub-section (2) and the provisions of subsections (3) to (6) shall apply to such scheme.

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