Acts Online
GT Shield

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

Chapter V : Amalgamation, Division, Conversion, Transfer, Judicial Management and Winding-Up of Co-operative Banks

27. Prohibited transactions

 

(1) A co-operative bank may not convert into any other form of corporate or unincorporated body.

 

(2) A co-operative bank may only amalgamate with another co-operative bank and transfer assets, rights, liabilities and obligations to another co-operative bank in accordance with section 57 of the Co-operatives Act.