- very co-operative bank, being a defunct co-operative bank at the commencement of the Deposit Insurance Corporation (Amendment) Act, 1968 (56 of 1968), by reason of sub-clause (vii) or sub-clause (viii) of clause (ff) of section 2 shall, unless it becomes a defunct co-operative bank under any other sub-clause of that clause, be registered by the Corporation as an insured bank as soon as may be after the termination of the order of moratorium, or as the case may be, the rejection or dismissal of the application for its winding up provided it is an eligible co-operative bank and it either holds a license granted under section 22 of the Banking Regulation Act, 1949 (10 of 1949), or having applied for such license in accordance with that section, has not been informed by notice in writing by the Reserve Bank that a license cannot be granted to it.