When an order of moratorium has been made by the Central Government under sub-section (2) of section 45 of the Banking Regulation Act, 1949 (10 of 1949), in respect of a co-operative bank, the Registrar, with the previous approval of the Reserve Bank in writing, may, during the period of moratorium, prepare a scheme—
(a)for the reorganisation of the co-operative bank; or
(b)for the amalgamation of the co-operative bank with any other co-operative bank.