All three conditions of 5(1)(ccv) are to be satisfied cumulatively by a society for being termed as co-operative bank

Brief- In the case of The Quepem Urban Co-operative Credit Society Ltd vs. ACIT High Court of Bombay at Goa held that All three conditions of 5(1)(ccv) are to be satisfied cumulatively by a society for being termed as co-operative bank. Which are as follows :-(1) Its principal business or primary object should be business of Banking; (2) Its paid up share capital and reserves should not be less than rupees one lakh. (3)Its bye-laws do not permit admission of any other cooperative society as its member.

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