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Section 3: Establishment and incorporation of Deposit Insurance Corporation.

The Deposit Insurance and Credit Guarantee Corporation Act, 1961Central Act · Act 47 of 1961

(1) The Central Government shall, by notification in the Official Gazette, establish a Corporation by the name of the Deposit Insurance Corporation which shall be a body corporate having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold or dispose of property and to contract, and may, by the said name, sue or be sued.

[1A) Any reference in this Act to the Deposit Insurance Corporation shall, on and from the date on which Chapter II of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 (21 of 1978), comes into force, be construed as a reference to the Deposit Insurance and Credit Guarantee Corporation.]

(2) The head office of the Corporation shall be at Bombay, but it may, with the previous sanction of the Reserve Bank, establish branches or agencies in any other place in India.

Where this provision sits

ActThe Deposit Insurance and Credit Guarantee Corporation Act, 1961
Section3
Marginal noteEstablishment and incorporation of Deposit Insurance Corporation.
JurisdictionCentral
StatusIn force as published by the source
Judgments citing it2

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 21 of 1978. . Ins. by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978).

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