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Section 44: Liquidation of Corporation.

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

(1) The Corporation shall not be placed in liquidation save by order of the Central Government and in such manner as that Government may direct.

(2) On the liquidation of the Corporation--

(a) the outstanding assets of the Corporation in so far as they relate to the Deposit Insurance Fund shall be distributed among the insured banks in such manner and in such proportion as may be determined by the Central Government having regard to the amounts of premium paid by them during any prescribed period or the deposits of the said banks as on the date of liquidation of the Corporation or other relevant circumstances;

(b) the remaining outstanding assets of the Corporation shall be transferred to the Reserve Bank.

Where this provision sits

ActThe Deposit Insurance and Credit Guarantee Corporation Act, 1961
Section44
Marginal noteLiquidation of Corporation.
JurisdictionCentral
StatusIn force as published by the source

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