(1)

No co-operative bank shall be registered under this section unless it is an eligible co-operative bank.

(2)

Subject as aforesaid-

(a) the Corporation shall register every existing co-operative bank as an insured bank before the expiry of thirty days next following the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968);

(b) the Corporation shall register as an insured bank-

(iii) [ every co-operative bank which has come into existence after the commencement of Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968), as a result of the division of any other co-operative society carrying on business as a co-operative bank, or the amalgamation of two or more co-operative societies carrying on banking business, at the commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965 (28 of 1965), or at any time thereafter, within three months of its having made an application for a license under the said section.]