JUDGMENT :

1. The Repatriates Co-operative Finance and Development Bank shortly know as REPCO Bank is a Multi-State Co-operative Society (in short “MSCS”) registered in the year 1969 under the Multi State Co-operative Societies Act. Subsequently when Multi-State Co-operative Societies Act, 1942, repealed and replacing by Multi-State Co-operative Societies Act, 2002 (Act 39 of 2002), the bye-laws of the REPCO Bank were amended and duly registered with the Central Registrar of Co-operative Societies, New Delhi. The Central Government on the Recommendation of Reserve Bank of India, through its Ministry of Finance, issued G.O.No.626, dated 19/01/1972, wherein it was clarified, the prohibition for the Co-operative Society other than Co-operative Bank from using the word “BANK” as part of its name shall not apply to REPCO Bank, which is not a Co-operative Bank but a society authorised to accept deposits of money only from its members and not from public.

2. The bye-laws of the REPCO Bank categories its members as:

(i) Ordinary Members -A class members

(ii) Nominal/associate members -B cl