Co-operative Banks Act, 2007 (Act No. 40 of 2007)

Chapter XII : General Provisions

91. Transitional provisions
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(1)Any co-operative that meets the criteria set out in section 3(1) and is exempted from the provisions of the Banks Act at the commencement of this Act must apply for registration under this Act within one year of the commencement of this Act.

 

(2The Authority may initiate the winding-up of any co-operative that fails to comply with subsection (1).