JUDGMENT - Padhye, J.

1. The petitioner is a Co-operative Society registered under the Maharashtra Co-operative Societies Act 1960 having its registered office at Nagpur. It does banking business and is known as a Central Co-operative Bank within the meaning of that expression used in the Reserve Bank of India Act, 1934. The primary object of this Society is to finance the other Co-operative Societies in the district and is now covered by the Banking Regulation Act, 1949 as amended by the. Banking Laws (Application to Co-operative Societies) Act, 1965 and has been granted a licence under the Reserve Bank of India Act, 1934. The sole business of the petitioner-Society is that of banking that is to accept deposits from the public and lend the money to the Co-operative Societies in the district and to invest the deposits in other spheres.

2. The petitioner Society has framed its bye-laws according to which the Board of Directors of the Society consists of not more than 23 members and is entrusted with the management of the business and affairs of the bank. The Board is elected by the share-holders of the bank and holds office for a period of 3 years. The present Board of Directors of t

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