Excelsior Correspondent
JAMMU, Sept 18: The State Government has taken over the control of Citizen’s Cooperative Bank Ltd (CCBL) Jammu and appointed an Administrator for looking after management affairs of the bank.
The Action has been taken under Section 29(4) of Jammu and Kashmir Cooperative Societies Act as the elected Board of Directors of the bank had completed its term of three years, official sources told the Excelsior.
According to a formal order, issued in this regard by the Registrar Cooperative Societies, J&K, Joint Registrar Banking and Finance, Inderjeet Bhagat, has been appointed as Administrator of CCBL for looking after working of the bank and making necessary arrangements for fresh elections of the Directors within stipulated timeframe as prescribed under the law.
When contacted, Inderjeet Bhagat confirmed that he took over as Administrator of the bank today following an order in this regard by the Office of Registrar Cooperative Societies, J&K.
Pertinent to mention that the outgoing Board of Directors was elected on September 17, 2012 for a term of three years and as per the Cooperative Societies Act, the incumbent management had to initiate process for fresh elections, two months prior to the completion of its tenure.
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