Co-Operative Banks Act, 2007 (Act No. 40 of 2007)Chapter II : Registration, Constitution, Functions, Management and Auditor of Co-operative BankPart 1 : Application to register, name, and fit and proper requirement12. Repayment of deposits on de-registration or lapsing of registration |
| (1) | The Authority may on the de-registration of a co-operative bank direct such co-operative bank— |
| (a) | to repay any deposits, including interest thereon, held by that co-operative bank as at the date of de-registration within the period specified in the directive; and |
| (b) | to change its name and its constitution within the period and in the manner required by the Authority. |
| (2) | A directive referred to in subsection (1) may— |
| (a) | apply to all deposits generally; or |
| (b) | differentiate between different types, kinds and amounts of deposits. |
| (3) | A co-operative bank that fails to comply with a directive under subsection (1) is deemed not to be able to pay its debts. |