VISWANATHA IYER, J. :- Idikki District Co-operative Bank Ltd. is a Society registered under the Kerala Co-operative Societies Act, 1969. It has 14 branches and all the members of the Bank are primary societies. However the Bank receives deposits from individuals and also grants loans to individuals. The management of the Bank is vested in Board of Directors consisting of 11 elected members and 3 official members nominated by the Government. Of the 11 elected members three ceased to be Directors for one reason or another and so the remaining elected and non-elected members were managing the affairs of the Bank. The Board entered office on 1-7-1978, their term being three years, normally they would have had to go out on 30-6-1981.

2. This Bank is insured under the Deposit Insurance Corporation Act 1961 (Central Act). Chapter X-A of the Kerala Co-operative Societies Act contains additional provisions of law regarding such insured co-operative banks. The Banking Regulation Act 1949 (Central Act) applies to this Bank subject to certain modifications mentioned in Part 5 of the said Act. In 1974 the Reserve Bank issued license to this Bank to carry on banking business. The volume